Multi-pay Critical Illness Insurance Plans

[Ezylryb]

He seems to be referring to the Multipay CI II which is a new version tagged to a WholeLife plan, which prolly explains why he could limited payment to 25yrs.

N.B. i hasn't really study the new version of this plan and I'm generally unfamiliar with WLs.

Hello Bigoya,

Is it true that there is a slight change for Aviva Multi-pay policy that there will no be waiting period?

Regards,
Ezylryb

 

[Bigoya]

Hello Bigoya,

Is it true that there is a slight change for Aviva Multi-pay policy that there will no be waiting period?

Regards,
Ezylryb

There are some minor changes but i personally don't rmb about waiting periods being lifted.
I hasn't looked thouroughly into this new enhancment yet but I'm pretty positive that they can't remove all waiting periods entirely. Maybe just the 30days between ECIs, i guess

 

[Ezylryb]

There are some minor changes but i personally don't rmb about waiting periods being lifted.
I hasn't looked thouroughly into this new enhancment yet but I'm pretty positive that they can't remove all waiting periods entirely. Maybe just the 30days between ECIs, i guess

Cool~! Thanks for the information!

I will be waiting for my financial advisor to update me on this enhancement change ... See if she is doing her job anot~! Haha

 

[Bigoya]

Cool~! Thanks for the information!

I will be waiting for my financial advisor to update me on this enhancement change ... See if she is doing her job anot~! Haha

It prolly doesn't affect you, this is only applicable for new plans, which is in the form of a rider tagged to a WL policy.

 

[machoguy02]

Do u understand how the 5 layers actually works?
U seems to be taking it for granted.

He seems to be referring to the Multipay CI II which is a new version tagged to a WholeLife plan, which prolly explains why he could limited payment to 25yrs.

N.B. i hasn't really study the new version of this plan and I'm generally unfamiliar with WLs.

Yes, I m referring to the Multipay CI which is tagged to a WholeLife plan. Sorry for the confusion.

Death/TPD: 100k x2 till age 70
MCI: 100k x5layers till age 85

This is not an accelerated plan. pay $8,372/year for 15 years.

from my layman understanding, I do know that:
- first two layers: early CI (potential 200k payout)
- Third layer: if u were to be hit with late stage CI without early CI (it will be a 300k payout). If u kenna early CI previously then this would be a 200k payout.
- fourth and fifth layer: if u were to get a unrelated CI to the 3rd layer, u can get 200k

 

[thesoftwarekid]

Hmm anyone knows how the prenium for the Aviva multipay is calculated?

 

[Ezylryb]

Hmm anyone knows how the prenium for the Aviva multipay is calculated?

Is an application that calculate depending on your age, insured coverage periods and sum assured.

Finally also depends if you have any existing conditions, Aviva may increase your premium if there exist.

Only financial advisor or Aviva insurance agent would have access to the calculator.

Can look for Bigoya for more query. I believe he is an advisor that have knowledge in Aviva product

If anyone come across a Aviva calculator that public can use, pm me please. I would like to play with it myself..

I know AIA previous have this policy calculator thingy that my friend used to be insurance agent passed it to me

 

[thesoftwarekid]

Thank you so much, yes I cant find any information online.

I find it very hard to find out more if I cant read any information myself.

I bought the aviva SAF Term and PA policies recently and was interested in the CI riders when the agent introduced this to me.

I believe the agent tries to sell me the multi pay plan instead of the SAF CI riders

 

[Bigoya]

Thank you so much, yes I cant find any information online.

I find it very hard to find out more if I cant read any information myself.

I bought the aviva SAF Term and PA policies recently and was interested in the CI riders when the agent introduced this to me.

I believe the agent tries to sell me the multi pay plan instead of the SAF CI riders

The Multipay Ci is theoractically better than any GTL riders. Practicality on the other hand would be subjected to inividual's perspectives, i.e. u and the agent's.

There's another product that's technically better than the MCI now.
The only way to obtain quotes would be to engage an agent and work with him.

 

[Ezylryb]

The Multipay Ci is theoractically better than any GTL riders. Practicality on the other hand would be subjected to inividual's perspectives, i.e. u and the agent's.

There's another product that's technically better than the MCI now.
The only way to obtain quotes would be to engage an agent and work with him.

Can we know what is the product name that is better than MCI?

In term of Practicality, what do you mean? Can explain a bit further?

Regards,
Ezylryb

 

[Bigoya]

Can we know what is the product name that is better than MCI?

In term of Practicality, what do you mean? Can explain a bit further?

Regards,
Ezylryb

I was referring to TM's MultiCare.

Practically in the sense if someone should pay a premium to transfer the risk, or to self-insure. To pay lesser for MCI, or slightly more for TMMC. To be covered with GTL's riders which offers low cost upfront but snowballs along the way to larger cost, or to pay a level premium throughout. Etc.

 

[Ezylryb]

I was referring to TM's MultiCare.

Practically in the sense if someone should pay a premium to transfer the risk, or to self-insure. To pay lesser for MCI, or slightly more for TMMC. To be covered with GTL's riders which offers low cost upfront but snowballs along the way to larger cost, or to pay a level premium throughout. Etc.

Hello Bigoya,

GTL's riders are referring to Aviva SAF Group Term Life which premium keep increasing

While TM MC stay level premium

Am I understanding this correctly?


PS. If someone planning to transfer the policy in charge over to you, would you earn the commission for Aviva Multi pay CI for the rest of the term? In a way change agent to manage my insurance

 

[Bigoya]

Hello Bigoya,

GTL's are referring to Aviva SAF Group Term Life which premium keep increasing

While TM MC stay level premium

Am I understanding this correctly?


PS. If someone planning to transfer the policy in charge over to you, would you earn the commission for Aviva Multi pay CI for the rest of the term? In a way change agent to manage my insurance

GTL's riders, specifically that covers CIs refer to LivingCare and Living Care Plus.

The basic GTL policy that covers only death and TPD is perfectly fine, and unbeatable. However personally I don't think the LC/LCP riders make any good sense to most people (unless we're talking about people who're much older, smokers, etc) who ought to be buying policies at a young age rather than at a much older age.

TMMC does stays at a level premium.

Commissions are generally only payable up to 1st 6yrs upon plan's inception, they don't pay out comms for like 20+ or even 40+ years (except for plans like Shield and PAs).
For Change of Advisor - specifically an independent adviser, there is 0 commission payable regardless of when the policy was incepted, but I'd gladly take up any orphan policies that you are concerned about.

 

[machoguy02]

GTL's riders, specifically that covers CIs refer to LivingCare and Living Care Plus.

The basic GTL policy that covers only death and TPD is perfectly fine, and unbeatable. However personally I don't think the LC/LCP riders make any good sense to most people (unless we're talking about people who're much older, smokers, etc) who ought to be buying policies at a young age rather than at a much older age.

TMMC does stays at a level premium.

Commissions are generally only payable up to 1st 6yrs upon plan's inception, they don't pay out comms for like 20+ or even 40+ years (except for plans like Shield and PAs).
For Change of Advisor - specifically an independent adviser, there is 0 commission payable regardless of when the policy was incepted, but I'd gladly take up any orphan policies that you are concerned about.

Why do u think that LC/LCP riders are more attractive to older people/smokers?

I am thinking of buying LC.

 

[Bigoya]

Why do u think that LC/LCP riders are more attractive to older people/smokers?

I am thinking of buying LC.

What age do you intend to stay insurerd till?
Are u investing your monies deligently now?

 

[yiron]

The Multipay Ci is theoractically better than any GTL riders. Practicality on the other hand would be subjected to inividual's perspectives, i.e. u and the agent's.

There's another product that's technically better than the MCI now.
The only way to obtain quotes would be to engage an agent and work with him.

I was referring to TM's MultiCare.

Practically in the sense if someone should pay a premium to transfer the risk, or to self-insure. To pay lesser for MCI, or slightly more for TMMC. To be covered with GTL's riders which offers low cost upfront but snowballs along the way to larger cost, or to pay a level premium throughout. Etc.

Am looking to get Aviva Multipay CI (standalone) but saw this comment. Could you share why is TM MultiCare better?

 

[machoguy02]

What age do you intend to stay insurerd till?
Are u investing your monies deligently now?

Stay insured for CI till age 65.
Putting them into bonds, endowment.

 

[Bigoya]

Am looking to get Aviva Multipay CI (standalone) but saw this comment. Could you share why is TM MultiCare better?

Thankfully you came to the right place prior to penning down ur commitments, however I'm getting a little exhausted from typing long a*s replies on the forum only to trigger another chain of debates (this topic is potentially subjective).

Long story short, you pay a slightly higher premiums but get almost twice the cover. In other words, you could also potentially pay half the premiums for the same coverage with TMMC.

 

[Bigoya]

Stay insured for CI till age 65.
Putting them into bonds, endowment.

Sounds like a proper standalone CI plan would be more suitable for you.
You could hardly tar any huge financial risks with bonds and endowments (don't even mention the illiquidity) alone unless you have a huge load of wealth sitting in the bank.

 

[JuniorLion]

Stay insured for CI till age 65.
Putting them into bonds, endowment.

This is a good way to do things.