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AVIVA MyWholeLifePlan

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AVIVA MyWholeLifePlan

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Early Critical Illness (ECI)

Critical Illness (CI)

AVIVA MyWholeLifePlan

Whole Life Insurance

Term Life Insurance

Disability Insurance

Insurance

Hi Anon, In regards to whether to do Whole Life or Term, personally I'm more pro-Whole Life because insurance coverage when it comes to death and CI should always protect one for the whole of our lifetime. I think in regards to term being more expensive, it isn't necessarily so, actually if you buy a term insurance at your age as compared to a Whole Life, the Term might actually be cheaper, but of course a Term policy's coverage is based on how long you have decided, it could be 20 or 30 years, or even longer. Also, Insurance Premiums are affected by the age at when you make the purchase, so meaning if you buy now, the premiums are fixed at that rate through out the payment term. TPD is usually included in policies as when one is TPD... you do need the lump sum benefit as your cost of living increases drastically. In regards to whether you should include ECI, I think it would be a good to have, as with medical advances, certain forms of ECI can actually be detected early and treated early. And usually after such treatments, recovery is very likely. Whether to do minimal coverage, I think it would be good to follow the guideline of; 10x your annual income for death coverage 5 - 7x your annual income for CI coverage 2 - 3x your annual income for ECI coverage But of course this is the most straight forward method. If you'd like another method, we can look into the expense method, which takes your monthly expenses and multiply them by X number of years as you need. My suggestion is, look at a Whole Life policy with limited pay (15-20 years payment term) to cover what you need, then get a term later to further boost your coverage as term is the cheapest form of insurance with the highest possible coverage in sum assured.
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Insurance

Whole Life Insurance

AVIVA MyWholeLifePlan

Critical Illness (CI)

Early Critical Illness (ECI)

Hi anon, It doesn't make sense to buy WLP3 with only the TPD riders and CI premium waiver. Your family will only see the monies upon your demise. To be honest, by the time we reach 75, our parents would likely be not around, and thus a more cost effective method of mitigating this risk is from a term plan to protect your income till your retirement (so, probably a term plan till 65 or 70 at most) About MultiPay: This is really a personal preference, although I advocate one to have a basic CI/ECI cover for life since you will need the monies as you'll be alive but unwell. Boosting your CI coverage can be through the multiplier of WLP3, or through MultiPay. Remember that it is not very likely (I won't say impossible) that you will be able to claim the full 6x cover of Multipay (there are T&Cs such as waiting period, etc, to consider), whereas a single diagnosis will pay out the full claimable amount of WLP3 if it is a late stage. Hence WLP3 has to be more pricey in that aspect. You might want to review the maths behind the numbers given to you so that you can see if alternatives might be possible; seek a second opinion for this if you want a fresh perspective. There are many permutations when it comes to this and you shouldn't stop searching until you find the right one for you, insurance is a long term commitment and you don't want to buy too little, or pay too much.
ūüĎć 4

Term Life Insurance

Whole Life Insurance

AVIVA MyWholeLifePlan

Insurance

Hi Sylvia, Here are some pointers to guide you: Aviva MPTP - Term plan, hence only covers you for a specified term - Payout amount is flat regardless of when you claim - Premium payment term is for the duration of the plan - Multi Pay rider can be added on top. Claims from this rider does not impact the main plan's benefit - Multi Pay rider duration can be customized - Once the plan ends, if you didn't make a claim, there will be no cash value Aviva MWL3 - Limited Payment Life Plan - Payouts from main plan includes the credited reversionary bonuses on top of the multiplier amount - The MultiPay rider premium term will follow that of the main plan (it will be limited pay as well) - The MultiPay rider only covers till either age 70 or 85 (i.e. fixed term) - The MultiPay rider has a good health reward where by at age 65 or 70, you will get 20% of the Sum Assured of the Multipay Rider if you have not made a claim yet - Your coverage continues after your premium payment period ends - Coverage amount of the main plan increases over time due to the bonuses Now, to decide which plan might be better for you, you will have to know what is your purpose. It would seem that you are concerned about the possibility of having to claim multiple times, thus you can get yourself covered with a stand alone multi pay plan , or a multi pay rider added on to either the term plan or the life plan . You'll then have have to decide how long you want the coverage for. If you want the coverage to be in force beyond age 85, then probably only the standalone Multi Pay CI plan will suit you since it can cover till age 99. Thus this really depends on your requirements. When considering which plan you should ultimately take up, you will want to consider the long term cost of the various permutations. For example, if you wanted to be able to claim till age 85, here are some possibilities: - Term plan with multi pay till 85 - Whole Life with multi pay till 85 (bearing in mind that you will definitely get at least 20% of the Multipay sum assured back if you don't claim, and you still have coverage after age 85) - Standalone multi pay till 85 An advisor should work out the total costs of these for you in order for you to make an informed decision. Bearing in mind that you may have other coverage needs (e.g. you need death cover for liabilities, thus you would want to get a term plan anyway) Throw in the current perpetual discount on the MPTP (20% or 5%, depending on which rider you add) and the maths adds up. As you can see, it is not a simple decision to make. For me, I view CI coverage as something that I would like to have for life, thus a limited payment whole life plan will suit me if I do not have any form of CI cover yet. Then, a multipay plan (seperately) can be added on to boost my cover till before age 70/85 (as an example) if I want to. Again, the maths needs to be done to see if this makes sense, vs just adding a multi pay rider on the life plan. You'll want to sit down and discuss with an advisor at length. Purchasing CI cover is a long term commitment and you want to make sure you have considered as many factors before committing.
ūüĎć 1

SG Budget Babe

Insurance

AVIVA MyWholeLifePlan

Manulife Life Insurance

China Taiping

Hi Isabel, Your policies are protected the policy owner's protection scheme, so I would say you don't have to worry about the insurer not honouring their commitment. Yes, they are new to the WL market, but certain not new to insurance. And insurance companies re-insure the risk with bigger companies known as reinsurers, so I would say your policy will be safe. What's untested is their track record of their Participating fund. They are pretty swamped at the moment due to this new plan basically causing disruption in the whole life market. The claims process will be similar regardless of company. Upon submission of supporting documents for a claim, the insurer will do their own checks and request for more information if required, if not, they will make the payment to you. For insurers who have left the Singapore market (it does happen), the policies will continue to be in force and handled by another insurer. For example, John Hancock left Singapore and Manulife took over to continue honouring the contract. Remember, this is a contract between two parties, so it has to be honoured. Regarding BTIR on Term with ECI vs WL ECI, if you'd be able to provide your profile, I can do some sample dataset for you. ECI on term is horribly expensive, which is why sometimes, a Whole Life actually makes sense. But I'll let the numbers speak for themselves. Note that you should be comparing Manulife against CTP, because the payout structure of the plan is similar (i.e. higher of the bonuses + SA or multiplier amount). Aviva pays out bonuses on top of the multiplier amount. Some of my clients take Aviva due to this (and a very minimal premium difference)
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AVIVA MyWholeLifePlan

AMA Christopher Tan

CPF

Retirement

They are different plans actually. A closer fit to CPF SA would be Aviva MylifeIncome. But since you're so young, why not start investing instead? Monies topped up into CPF are irreversible and provides 0 liquidity until you're 55. You can definitely stomach some risk and try to achieve closer to double digit returns for the next 15 to 20 years before you hit your mid 40s which would then be a time where you look for more guarantees and less risk.
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About AVIVA

Aviva's purpose is to 'defy uncertainty', thereby instilling confidence in their customers in preparation for the future. In Singapore, Aviva is one of the biggest providers of employee benefits and healthcare. Aviva is the appointed provider for the Ministry of Home Affairs and main provider in protecting the Singapore Armed Forces servicemen since 1983.

Term Life Investment Plans

1.¬†¬†¬†¬†¬†¬† MyProtector ‚Äď Legacy

Term Duration: Up to 99 years of age (Age Next Birthday)

Premium Payment Term: Up to 65 or 75 years of age (Age Next Birthday)

Rider: Total and Permanent Disability (TPD) Advance Cover Plus II, Critical Illness Advance Cover Plus II, MultiPay Critical Illness Cover III, Early Critical Illness Cover, Critical Illness Premium Waiver, Payer Critical Illness Premium Waiver, Payer Premium Waiver Benefit

 

2.       My Protector-Term Plan II

Sum Assured: S$50,000 ‚Äď S$250,000

Term Duration: 5 years, 10 years or 11 years to term up to 85 Years of Age (Age Next Birthday) ‚Äď Guaranteed Renewal Option (GRO)

Rider: Total and Permanent Disability (TPD) Advance Cover Plus II, Critical Illness Advance Cover Plus II, MultiPay Critical Illness Cover III, Early Critical Illness Cover, Critical Illness Premium Waiver, Payer Critical Illness Premium Waiver, Payer Premium Waiver Benefit

 

3.       MyFamilyCover

You have the option to choose your monthly income, cover term and insurance coverage to best suit your needs.

The coverage of each plan includes:

Plan 1: Death, Terminal Illness (TI), Total and Permanent Disability (TPD) and Critical Illness (CI)

Plan 2: Death, Terminal Illness (TI) and Total and Permanent Disability (TPD)

Plan 3: Death and Terminal Illness (TI)

Plan 4: Total and Permanent Disability (TPD) and Critical Illness (CI)

In case of any unfortunate incident to you, based on the plan chosen, your family will receive a monthly income stream for the remaining cover term or for a guaranteed period of 10 years (whichever is longer)

Rider: Critical Illness Premium Waiver, Payer Critical Illness Premium Waiver and Payer Premium Waiver Benefit

4.       MyMaternityPlan

Term Duration: 3 years

Eligibility: 18 to 45 years of age (Age Next Birthday) and is within 13 to 36 weeks of pregnancy at the time of application

Premium: One time premium of S$638   famil

Benefits:

-          Financial Assistance in time of hospitalisation due to pregnancy complications

-          Financial Assistance for new born’s hospitalisation and treatment expenses

-          Multiple claims in an event of several conditions that the mum and child may have

Whole Life Insurance Plans

1.       MyWholeLifePlan III

Sum Assured: S$100,000 ‚Äď S$400,000

Term Duration: Up to 65, 70, 75, 80 Years of Age (Age Next Birthday)

Premium Payment Term:

(a)    Single Premium

(b)    Regular Premiums: 5, 10, 15, 20 or 25 years

Rider: Total and Permanent Disability (TPD) Advance Cover Plus III, Critical Illness Advance Cover Plus III, Early Critical Illness Advance Cover III, Multipay Critical Illness Cover II (Coverage up to 85 years of age) and Critical Illness Premium Waiver, Payer Critical Illness Premium Waiver, Payer Premium Waiver Benefit (Only during the premium term)

Benefit Options:

-          Income Payout Option

-          Guaranteed Extra Protection (GEP) Option

-          Interest Waiver Option

 

2.       MyLifeChoice (Endowment)

With MyLifeChoice, your monthly premiums will be converted into savings that is easily accessible to you. In an event of retrenchment, your premiums would be put on hold for a year whilst still continuing the coverage. You can add on an additional Guaranteed Extra Protection that helps you to increase your insurance protection when you reach key milestones in life.

Sum Assured: S$100,000 ‚Äď S$275,000

Term Duration: Lifetime

Premium Payment Term: 5, 20 or 25 years or until 80 years of age (Age Next Birthday)

Rider: Total and Permanent Disability (TPD), Critical Illness

 

3.       MyLifeInvest (Investment Linked)

With MyLifeInvest, your monthly premiums will be put into Investments that in which you can earn additional potential returns. You have the flexibility to alter your coverage if you like to maximise your returns for investment purposes or if you like to withdraw any amounts of money. You can add on an additional Guaranteed Extra Protection that helps you to increase your insurance protection when you reach key milestones in life. You can earn premium rewards of additional 5% every 5 years from the 10th year of the policy term.

Term Duration: Lifetime for Death and Terminal Illness, Coverage for Total and Permanent Disability up to 70 years of age

Rider: Total and Permanent Disability (TPD), Early Critical Illness Cover, Critical Illness Additional Cover, Critical Illness Accelerated Cover, Level Term Critical Illness Accelerated Cover, Level Term Cover, Payer Critical Illness Premium Waiver Benefit, Payer Premium Waiver Benefit, Critical Illness Waiver.