How does AIA Secure Flexi Term stand out from other term life insurance in the market? - Seedly
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Anonymous

Asked 2w ago

How does AIA Secure Flexi Term stand out from other term life insurance in the market?

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Hey there!

In general, it offers the standard form of coverage for death and TPD like every other Term plan out there. The default coverage goes from $500,000 onwards for death and TPD and you get to either purchase it in the form of coverage in number of years (5, 10, 20 or 30 years) or get it till a certain age eg. 65, 75 or 100 years old. The flexibility here of course allows you to decide when do you want to be covered up to.

You get to also convert it to a whole life plan at some point or renew it without any medical underwriting.

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2 comments

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Question Poster

2w ago

Considering that the secure flexi term offers the standard form of coverage, do you think that it is worth the slightly more expensive premium price (at the same age) compared to other term plans?
Oh Yi Ning
Oh Yi Ning

2w ago

There are many schools of thought here. Getting the cheapest plan is one thing but evaluating the financial position of the insurer will be important too. Reason being the financial position of the insurer does relate to the claims process too. Also, you can get the cheapest (or best) plan but have the worst agent servicing you too. A part of it also comes down to who is the agentr servicing you for the long term since the good advisor isnt just a salesman but as an advisor too.

If you are looking at pure death coverage, then I don't think there is any significant difference in the terms for coverage.

However, when we include Critical Illness coverage, AIA covers a total of 43 Critical Illness conditions while most other plans cover 36 or 37 medical conditions.

On the whole, we may integrate AIA Secure Flexi Term with AIA Vitality for up to 15% premium discount in the future. This could potentially mean huge savings over time.

I share quality content on estate planning and financial planning here.

2 comments

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Question Poster

2w ago

Considering that the secure flexi term offers the standard form of coverage, do you think that it is worth the slightly more expensive premium price (at the same age) compared to other term plans?
Pang Zhe Liang
Pang Zhe Liang

2w ago

Assuming that all the coverage terms are the same, then we may wish to consider the credit rating and financial position of the insurer. In addition to that, you may also wish to determine whether the plan or the insurer provides any other form of benefits. All these may help you to evaluate and justify whether the additional premium is worth the cost. What's more, working with an experienced consultant will ensure that you are getting the correct form of insurance coverage, and to assist you in your long-term planning and after sales services, e.g. claim. Accordingly, some of these factors may not be easily broken down into dollar and cents.