Differences between aviva’s multipay CI vs other companies’ conventional CI riders? Is it worth it to get it? - Seedly
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Anonymous

Asked on 04 Aug 2020

Differences between aviva’s multipay CI vs other companies’ conventional CI riders? Is it worth it to get it?

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Hi anon,

I'd like to check what you mean by 'other companies conventional CI riders'?

If we're comparing multipay, then we should compare multipay plans between the insurers (although there really isn't any clear cut way, since all the payout structures are very different). And the riders for such plans, if any, would most likely be premium waiver riders.

Otherwise, are you referring to the multipay CI rider that can be added to MyWholeLifePlan 3? As far as I am aware, this is the only whole life plan where you can add a multipay rider that has a limited premium payment term. Other whole life plans from other companies are usually accelerated payout riders.

If you can provide a bit more details, I'll be able to give a more concise answer.

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Question Poster

07 Aug 2020

Conventional as in just adding in early CI/CI. Is it necessary to get multipay? As it is more expensive. And is aviva reliable?
Elijah Lee
Elijah Lee

08 Aug 2020

Hi, then you would be referring to CI/ECI riders on a typical term or whole life. It's pretty much necessary to add CI/ECI riders on a whole life as it would make more sense in terms of the numbers. However that's not to say that you can't add CI/ECI riders on a normal death/TPD term plan either. Multipay is expensive as the insurer has priced in the potential (no matter how low) of more than one claim. However we also need to look at our existing plans to see if we already have sufficient coverage, as well as our budget to see if we are overspending on insurance. While I won't say it is a must to get multipay, you can still get it if your budget allows for it. Aviva's reliability -> do you mean whether they will pay when needed? Or are you referring to the recent news where the new CEO hinted at pulling out of Asia?
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Hey there!

Aviva's premium waiver function works only for severe stage CI while some insurer eg. AIA's premium waiver rider doesnt have such a caveat.

Aviva's multipay CI plan works by having 3 categories for early and intermediate stages and you are only able to claim once from two categories, ie. you can only claim twice, and each from a different category. You will be unable to claim from the last category. Depending on how you see it, it may mean a restricted way of claiming. The good thing here is that there isn't a waiting period for early and intermediate stages claims. The same, however, cannot be said for relapsed cancer etc. Then again, many CI plans have a waiting period in general for relapses. Also, the severe stage CI claim will render you unable to claim for the early and intermediate stages. So just some perspective.

Different plans work differently, of course. AIA's multi-pay plan works by a maximum claim limit in dollars by stage. This mean it isnt limited to the restriction of claiming only from particular categories, and of course you are able to claim a maximum of five times for different CI occurrence.

You will have to see which are you most comfortable with in terms of comprehensiveness and budget. Do consult a licensed financial advisor to explore your options.

Financial planning is an integral part of life. You can reach me here to find out more.​​​

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Question Poster

07 Aug 2020

But the cons of aia’s plan is the waiting period right?
Oh Yi Ning
Oh Yi Ning

07 Aug 2020

Waiting period will apply in general for relapses across the board. Aviva and AIA's CI plan has a waiting period of two years for relapsable heart attack etc but Aviva's CI plan has a caveat whereby the heart attack cannot be of the same heart area whereas AIA doesn't have that caveat. The 1 year waiting period for different CI occurrences in AIA's CI plan comes with the ability to be able to claim relatively easily without the categorization of CI thats claimable for Aviva's. There are other caveats that you have to take note for Aviva's CI plan. Might need a more in depth chat with you to help you explore your options. Do reach out at www.facebook.com/agentkorkor if in need!
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Jonathan Soh
Jonathan Soh, Wealth Manager at Aviva Financial Advisers
Level 6. Master
Answered on 06 Aug 2020

Hi there. Aviva's Multipay CI is a standalone plan or it can be a rider attached to a life or term insurance.

As a standalone CI plan, it is one of the most value for money in the market. You can look at these independent comparisons to see why:

https://www.valuechampion.sg/best-cheap-critical-illness-insurance

https://treeofwealth.sg/early-stage-critical-illness/

Do reach out to me here if you like to find out more. I cover Aviva and 8 other major insurers.

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