Is the Aviva MINDEF/SAF Group Insurance enough coverage for all my areas of concern?

Hi!

The Aviva MINDEF/MHA Group Insurance is a voluntary scheme that comprises of Group Term Life & Group Personal Accident.

Here is a summary of the policy:

Group Term Life

• Covers death and total permanent disability.
• Your spouse & children can be covered at the same premium rates as you.
• Covered up to age 70 at the same premium rate.

Group Personal Accident

• Offers 24/7 worldwide coverage.
• Covers accidental death and total permanent disability.
• Your spouse & children can be covered at the same premium rates as you.
• Covered up to age 70 at the same premium price.

With regards to your concern, YES you can use this policy to cover your spouse and dependents too!

There are also additional riders such as:

• Living Care: Covers 37 common critical illness
• Living Care Plus: Covers early critical illness
• Disability Income: Eligible for monthly payout if you become disabled
• Outpatient Medicare: Covers your family’s outpatient medical expenses

All these riders will not reduce the coverage of your Group Term Life & Group Personal Accident policies.

You can read more on the policy here: https://blog.seedly.sg/should-you-cancel-your-a...

Alternatively, you can refer to Aviva’s website: https://www.aviva.com.sg/en/mindef-and-mha/mind...

If you feel that your current coverage is insufficient, you can purchase additional coverage under the Aviva MINDEF/MHS Group Insurance. It is one of the most value for money in the market given its coverage.

Alternatively, you can also look at Whole Life or Term Life policies from other insurance providers.

Other factors you should consider before getting an insurance policy:

• Does the insurance coverage justify its premium cost?
• Is the product also bundled with cash value or investments?
• How fast does the insurance company process claims?

Hope this helps!

It's a good tool. But there are quite a few cons on relying just on a group insurance policy.

First and foremost, you don't own the policy. Terms and conditions can change at anytime.

Also, for the mindef term, the ECI rider is lacking. It doesn't cover barely enough conditions to make it worthwhile.

I'll probably only use half of all my coverage needs with a group policy if I'm budget concious.