Is the Mindef Aviva group insurance sufficient for an adult, if I decide to continue with it even after completing my NS as the premium is really affordable? What are the pros and cons?

Hi, I would suggest you keep the Mindef Aviva group insurance as it is one of the lowest premium in Singapore for life and accident. However, the coverage is not enough for an individual.

Cons:

Its a group Insurance so policyholder is not you, if governement withdraw, you will not be covered. Futhermore, you are no able to leave behind a sum of money for your family as beneficiaries.

Hello,

The pros are as follow:

1. Affordable - It cost in the range of $340 for a 300,000 coverage for CI, Accident and Term life

2. Spouse can join in - This is at a higher (but still affordable price)

So the pros would allow you to BTIR (Buy term, Invest the rest). Which for my personal protection, I plan to self-insure by 65 (when the policy's price sky-rocket). Hence, this insurance plan suits my needs really well - of course, you can complement your coverage with other policies.

Of course, the cons are:

1. Subjected to changes - as this is a group insurance.

2. Increasing cost - especially when you age.

For my personal approach, my insurance coverage will be mainly by this plan, with other policies by other providers for complementary coverage. My rationale is that the conditions of the policies would not change that much as MINDEF would have favorable bargaining power when they decide to change the provider. Hope I helped. :)​​​