AVIVA MyWholeLifePlan Reviews and Comparison - Seedly
 

AVIVA MyWholeLifePlan

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AVIVA MyWholeLifePlan
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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)

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.

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 – 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 – S$250,000

Term Duration: 5 years, 10 years or 11 years to term up to 85 Years of Age (Age Next Birthday) – 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 – 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 – 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.