Advice on AXA Exentials vs Term

[derazor]

I was quoted the above vs Term.

I'm all for Buy Term Invest the rest but the AXA with the multiplication factor of 3O CI , Death and TPD till 70 years old entice me to this. Of course after 70 it will be reverted to 1x ( which is correct I think because a lot of bros here also said CI after 65 is a bit "useless" - quote me if I'm wrong ).

Besides this I will also get back guaranteed sum of almost 50% of total premium. I didn't include the non-guaranteed portion.

The insurance agent also did a comparison with term also. He used the amount from AXA and multiply by 2, time duration till I'm 65. ( i.e if AXA is 100k , the term he quoted me is 200k ). For Term, he also included TPD and CI of course.

Is this a correct comparison?

When I compare the premium between the two of them because the AXA provides a guaranteed sum, the difference btw term and AXA is ~$6,000.. Meaning I need to pay extra $6,000 for AXA

Pls advise if AXA or buy term invest the rest.

Thanks

 

[stjoe1]

Is the multiple factor for all (ci,death,tpd)? If yes then axa plan looks interesting. Ntuc vivocare the multiple factor only for death.

I found the answer, the multiple factor is not applicable for ci. So it may not apple to apple comparison with the quoted term.

 

[derazor]

Is the multiple factor for all (ci,death,tpd)? If yes then axa plan looks interesting. Ntuc vivocare the multiple factor only for death.

I found the answer, the multiple factor is not applicable for ci. So it may not apple to apple comparison with the quoted term.

It is for CI?

http://www.axalife.com.sg/assets/pdf/product_brochures/protection/axa_exentials.pdf

It states Death, TI & TPD

 

[stjoe1]

For axa exential, ci dont have multiple factor
For your term, i believe also cover ci so it is not apple to apple comparison.

Most costly component in insurance is usually ci.

It is for CI?

http://www.axalife.com.sg/assets/pdf/product_brochures/protection/axa_exentials.pdf

It states Death, TI & TPD

 

[simpledom]

The Multiplier effect is valid for:
1) Death
2) Terminal Illness
3) Total Permanent Disability ( Before 70 )
4) Critical Illness

According to policy wording, the other scenarios other than Death will: "Paid in a lump sum as an advancement of the Death Benefit,

Higher of
(a) Minimum Death Benefit; or
(b) Sum Assured of the Basic Policy plus accumulated bonus
less any outstanding Indebtedness"

CI is always a costly component in insurance, but different insurers will charge differently as well, to target certain market groups.

Sorry, stjoe1, do get your facts right before commenting.

 

[FP_IFA]

AXA Exential has the option to accelerate CI.

I don't understand the premium comparison though. Is derazor comparing annual premium or comparing total premium?

 

[derazor]

AXA Exential has the option to accelerate CI.

I don't understand the premium comparison though. Is derazor comparing annual premium or comparing total premium?

I'm sorry the premium i'm comparing is total premium and not annual.

Since for AXA I need to pay for 20 years and for the term is I pay till I'm 65 and since the AXA has a multiplication factor of 3. To compare fairly I need to increase my term till 3x of AXA?

I read in another thread the TM Legacy plus seems to be good with higher cash return. Not sure why it's not highlighted and also FP_IFA was also suggesting the AIA Guaranteed Protect hehe..

For term, am I ok to say the TM is good enough or is there another alternative.

If I were to buy term, say my AXA is 500 and my term is 200, I will need to invest myself the $300 ?

 

[stjoe1]

My apologies for the mistake ..

How is this AXA Exentials compared to NTUC VivoCare? Any inputs?

NTUC VivoCare multiplier 3x but only for Death & TI and only till age 65 yrs.

Seems AXA more attractive, given till multiplier till age 70, also for CI

The Multiplier effect is valid for:
1) Death
2) Terminal Illness
3) Total Permanent Disability ( Before 70 )
4) Critical Illness

According to policy wording, the other scenarios other than Death will: "Paid in a lump sum as an advancement of the Death Benefit,

Higher of
(a) Minimum Death Benefit; or
(b) Sum Assured of the Basic Policy plus accumulated bonus
less any outstanding Indebtedness"

CI is always a costly component in insurance, but different insurers will charge differently as well, to target certain market groups.

Sorry, stjoe1, do get your facts right before commenting.

 

[simpledom]

Its hard to compare apple to apple as vivo care covers early critical illnesses. If that is thrown into the picture, then the comparison will be even more tricky.

Anyway, if you're doing a comparison for whole life vs terms invest, you can do a semi apple to apple, by quoting AXA exentials premium term up to 65 and similarly TM Legacy plus premium term up to age 65. Then you can make a semi apple to apple comparison with a term to 65.

However, there is a factor that can't be calculated, that is, if you reach 65, you have a choice to hold on to the ife policy to wait for claims, e.g. If have minor issues like high blood high cholesterol, and kiasee, and if you bot a term to 65, then you can't do that liao... So that's the intangible and incomparable portion.

 

[stjoe1]

I read axa exential has option of accelerated ci in single package? If correct, then can add this option to make it more comparable with vivocare?

Its hard to compare apple to apple as vivo care covers early critical illnesses. If that is thrown into the picture, then the comparison will be even more tricky.

Anyway, if you're doing a comparison for whole life vs terms invest, you can do a semi apple to apple, by quoting AXA exentials premium term up to 65 and similarly TM Legacy plus premium term up to age 65. Then you can make a semi apple to apple comparison with a term to 65.

However, there is a factor that can't be calculated, that is, if you reach 65, you have a choice to hold on to the ife policy to wait for claims, e.g. If have minor issues like high blood high cholesterol, and kiasee, and if you bot a term to 65, then you can't do that liao... So that's the intangible and incomparable portion.

 

[simpledom]

Hi stjoe1,
AXA Exential has accelerated CI, but it covers the 30 Advanced Stage Critical Illnesses.
For Vivocare, it covers not only Advanced Stage Critical Illnesses (which they term Dread Diseases), but Intermediate Stage and Early Stage Critical Illnesses as well, and not to mention 4 "special" dread diseases.

Therefore, you can't compare it exactly, because AXA Exentials doesn't cover Early Stage Critical Illnesses.

In fact, the only plans that could fall under an "apple to apple" comparison would be,
AXA Exentials, TM Legacy Plus, Manulife Ultimate Protector, AIA Guaranteed Protect & G.E. SupremeProtect.
Plans that can compare, but not apple to apple, NTUC Vivolife and Prulife Limited Pay.

 

[FP_IFA]

I'm sorry the premium i'm comparing is total premium and not annual.

Since for AXA I need to pay for 20 years and for the term is I pay till I'm 65 and since the AXA has a multiplication factor of 3. To compare fairly I need to increase my term till 3x of AXA?

I read in another thread the TM Legacy plus seems to be good with higher cash return. Not sure why it's not highlighted and also FP_IFA was also suggesting the AIA Guaranteed Protect hehe..

For term, am I ok to say the TM is good enough or is there another alternative.

If I were to buy term, say my AXA is 500 and my term is 200, I will need to invest myself the $300 ?

If you are comparing total premium, then the longer the period the more the term will cost. Comparing total premium this way is a bit unfair to the term plan. The life plan does cost less in total premium but it needs you to pay more in a shorter time.

TM, AXA, Aviva and Prudential all has good term plans.

Yes you have to invest the $300. If you going to $300 in a bank earning less than 1% return, you might as well get a life plan.

 

[stjoe1]

Thanks simpledom ..

The term they use "accelerated" could confuse people like me .. I thought accelerated means payment cover is given earlier i.e. like early cover CI NTUC Vivocare

Hi stjoe1,
AXA Exential has accelerated CI, but it covers the 30 Advanced Stage Critical Illnesses.
For Vivocare, it covers not only Advanced Stage Critical Illnesses (which they term Dread Diseases), but Intermediate Stage and Early Stage Critical Illnesses as well, and not to mention 4 "special" dread diseases.

Therefore, you can't compare it exactly, because AXA Exentials doesn't cover Early Stage Critical Illnesses.

In fact, the only plans that could fall under an "apple to apple" comparison would be,
AXA Exentials, TM Legacy Plus, Manulife Ultimate Protector, AIA Guaranteed Protect & G.E. SupremeProtect.
Plans that can compare, but not apple to apple, NTUC Vivolife and Prulife Limited Pay.

 

[teckgamer]

Aviva Term Plan, Global Protection. Any comments?
1. It does cover you until 99 years old? One of the few term plan that actually covers you all the way? Are there any other term plan that has such coverage? (I know Prudential does have 1 term plan that will cover you till 99 years old)
2. For a minimum sum assured of 1 million (death) there are 25% discount promotion on your premium. From what I have heard, the 25% throughout until the end of your term plan. So in a sense, it is one of the cheapest term plan available.

 

[voodooesmeralda]

Aviva Term Plan, Global Protection. Any comments?
1. It does cover you until 99 years old? One of the few term plan that actually covers you all the way? Are there any other term plan that has such coverage? (I know Prudential does have 1 term plan that will cover you till 99 years old)
2. For a minimum sum assured of 1 million (death) there are 25% discount promotion on your premium. From what I have heard, the 25% throughout until the end of your term plan. So in a sense, it is one of the cheapest term plan available.

For Aviva term policy, yes u can choose to cover up to 99 years old but that would be very ex so most pple do not choose such a long term.

Yes the current 25% discount for min $1m death coverage makes it the cheapest term plan available. The discount is throughout the term and also applicable to all attached riders even if the sum assured of the rider is less than $1m

 

[Panerex]

Is AXA a stable/ reputable life insurance company?

 

[lzydata]

Is AXA a stable/ reputable life insurance company?

AXA - Wikipedia, the free encyclopedia

 

[Panerex]

For AXA Life Exentials, if the insured dies from an ACCIDENT after 70 years old, while the Minimum Benefit of 3x is no longer there, will there still be at least a payout of 100% of the base SA?

 

[edmund123]

For AXA Life Exentials, if the insured dies from an ACCIDENT after 70 years old, while the Minimum Benefit of 3x is no longer there, will there still be at least a payout of 100% of the base SA?

If the insured dies from an accident after age 70, the payout will be based on the Sum Assured plus accumulated bonus.

 

[adidas168]

Hi stjoe1,
AXA Exential has accelerated CI, but it covers the 30 Advanced Stage Critical Illnesses.
For Vivocare, it covers not only Advanced Stage Critical Illnesses (which they term Dread Diseases), but Intermediate Stage and Early Stage Critical Illnesses as well, and not to mention 4 "special" dread diseases.

Therefore, you can't compare it exactly, because AXA Exentials doesn't cover Early Stage Critical Illnesses.

In fact, the only plans that could fall under an "apple to apple" comparison would be,
AXA Exentials, TM Legacy Plus, Manulife Ultimate Protector, AIA Guaranteed Protect & G.E. SupremeProtect.
Plans that can compare, but not apple to apple, NTUC Vivolife and Prulife Limited Pay.

Hi,

May I check why do you group the following:

1) AXA Exentials, TM Legacy Plus, Manulife Ultimate Protector, AIA Guaranteed Protect & G.E. SupremeProtect?

and

2) NTUC Vivolife and Prulife Limited Pay?

separately?

What are their similarities/differences?