AIA Guaranteed Protect Plus

[boredboiboi]

Hi all, need some advice regarding the AIA Guaranteed Protect Plus (II) with Early Critical Protector Life (ECPL) (II). It’s a $50K policy for a mid fifties person. Pay about $2000 for 20 years.
Is this policy suitable for a person at this age? And is it worth to get if the person already has $50K savings in the bank?
Thanks.

50k with any multiplier?
2 options i would say
1) compare against other companies if really like wholelife plan
2) get a term plan will be cheaper.

And has the person upgraded the hospital plan?

 

[gdc2005]

50k with any multiplier?
2 options i would say
1) compare against other companies if really like wholelife plan
2) get a term plan will be cheaper.

And has the person upgraded the hospital plan?

It's stated AIA Guaranteed Protect Plus (II) Accumulator $25K, and AIA Guaranteed Protect Plus (II) Booster $25K
Does this mean the policy is actually $25K but there's a 2x multiplier to $50K up till year 20?

Hospital plan - do you mean the Healthshield? it covers up till private hospital

The idea was actually to get a critical illness plan as the person already has term and life policies.

Thanks.

 

[boredboiboi]

It's stated AIA Guaranteed Protect Plus (II) Accumulator $25K, and AIA Guaranteed Protect Plus (II) Booster $25K
Does this mean the policy is actually $25K but there's a 2x multiplier to $50K up till year 20?

Hospital plan - do you mean the Healthshield? it covers up till private hospital

The idea was actually to get a critical illness plan as the person already has term and life policies.

Thanks.

Booster depends on it ends at 65 or 75. There are 2 options.
Hospital plan yup correct.
Has the plan been bought?

 

[gdc2005]

Booster depends on it ends at 65 or 75. There are 2 options.
Hospital plan yup correct.
Has the plan been bought?

policy need to pay till age 75 only.

not yet bought, considering.

 

[boredboiboi]

policy need to pay till age 75 only.

not yet bought, considering.

Policy is pay till 75 but is the booster till 75?
Have you consider other company? I am able to quote for u for your comparison.

 

[gdc2005]

Policy is pay till 75 but is the booster till 75?
Have you consider other company? I am able to quote for u for your comparison.

Yes booster till 75.
What recommendations do you have? Saw Aviva MyMultipay CI plan, not cheap too.

 

[boredboiboi]

Yes booster till 75.
What recommendations do you have? Saw Aviva MyMultipay CI plan, not cheap too.

As in other wholelife plan too. Multipay got a few, not only aviva.
Aia only have booster till 65 and 75.
While other mostly is 70. And premium payment can choose 25 years which will also reduce premium but longer term. If really want till 75 booster. Aviva has it too but the base is 50k. And i rmb aia base is 50k also and not 25k, maybe change but cannot be

 

[gdc2005]

For a 55 year old or 60 year old who does not need income replacement, are critical illness plans necessary or wasting of money? esp for low coverage amount like $50K?

 

[boredboiboi]

For a 55 year old or 60 year old who does not need income replacement, are critical illness plans necessary or wasting of money? esp for low coverage amount like $50K?

If dont need income replace, then most likely dont need. Maybe look at wealth accumulation.

 

[a4973]

my aia term life is up for renewal & my agent has proposed AIA Guaranteed Protect Plus (II) comprising of :

WRPV AIA Guaranteed Protect Plus (II) Accumulator $1,476.25 12 years $25,000.00 45 years
LPPA AIA Guaranteed Protect Plus (II) Booster $210.75 10 years $25,000.00 10 years

Premium Terms are 12 years and 10 years respectively and Coverage Terms are 45 years and 10 years respectively

how / what should i consider to decide if this plan is suitable for me?
thanks

 

[boredboiboi]

my aia term life is up for renewal & my agent has proposed AIA Guaranteed Protect Plus (II) comprising of :
Premium Term Coverage Term
WRPV AIA Guaranteed Protect Plus (II) Accumulator 1,476.25 12 25,000.00 45
LPPA AIA Guaranteed Protect Plus (II) Booster 210.75 10 25,000.00 10

how / what should i consider to decide if this plan is suitable for me?
thanks

What your age?
This is a wholelife plan and u got ask why the agent ask u to get this instead now and not at the start? And There are better option from other company =)

 

[a4973]

What your age?
This is a wholelife plan and u got ask why the agent ask u to get this instead now and not at the start? And There are better option from other company =)

ANB 56

u got ask why the agent ask u to get this instead now and not at the start? Sorry! Not at the start means what?
thanks
i have actually been covered under secure term life but upon coming renewal the premium increase is 67% so my agent proposed this WL to continue cover with some returns.

 

[oceanicmanta]

ANB 56

u got ask why the agent ask u to get this instead now and not at the start? Sorry! Not at the start means what?
thanks
i have actually been covered under secure term life but upon coming renewal the premium increase is 37% so my agent proposed this WL to continue cover with some returns.

i wld not start a WL at age 56 !

the WL sum assured is just 25K ? pay 12 yrs @ $1476 per year ?

agent attempt at churning ??!!

 

[a4973]

i wld not start a WL at age 56 !

the WL sum assured is just 25K ? pay 12 yrs @ $1476 per year ?

agent attempt at churning ??!!

thanks for responding.

genuine question : may i know why do you only look at "the WL sum assured is just 25K ? pay 12 yrs @ $1476 per year ?"

actually there is a 25k booster for the first 10 years.

i am uncertain how to decide whether to remain on the term life which will increase by 67%, go for the WL or drop.

i believe the main consideration should be do i need the coverage or not right?

 

[boredboiboi]

ANB 56

u got ask why the agent ask u to get this instead now and not at the start? Sorry! Not at the start means what?
thanks
i have actually been covered under secure term life but upon coming renewal the premium increase is 37% so my agent proposed this WL to continue cover with some returns.

Just like the previous guy mentioned, i will not get a wholelife plan at age 56. It will be more cost effective to get term or continue term at this age. U should ask the agent the actual reason for doing so actually.
How come 37% increase? U are getting the renewal term where premium will increase at every renewal period?
The returns is way better for ur age if u get a term and a endownment plan seperately.

 

[a4973]

Just like the previous guy mentioned, i will not get a wholelife plan at age 56. It will be more cost effective to get term or continue term at this age. U should ask the agent the actual reason for doing so actually.
How come 37% increase? U are getting the renewal term where premium will increase at every renewal period?
The returns is way better for ur age if u get a term and a endownment plan seperately.

the term policy is 5 year renewable term policy incepted in 2015.
sorry quoted wrongly its actually 67% increase in premium for the next 5 years term.

 

[oceanicmanta]

thanks for responding.

genuine question : may i know why do you only look at "the WL sum assured is just 25K ? pay 12 yrs @ $1476 per year ?"

actually there is a 25k booster for the first 10 years.

i am uncertain how to decide whether to remain on the term life which will increase by 37%, go for the WL or drop.

i believe the main consideration should be do i need the coverage or not right?

i dont know what is the WL Sum Assured, that's why I asked ... is it 25K ? pay 12 yrs @ $1476 per year ?

25k or 50k Sum Assured does not seem like a lot

yes, u need to be clear what you want to achieve ... protection ? how much ? for how long ? savings ? both ?

everyone's situation is different ... to me, starting a WL at 56 seems like a odd choice/proposal ... the returns r unlikely to be stellar even after 20 years, when at 76 ...

What is the premium of your Term Life if you were to extend for another 10 yrs ? 15 yrs ? what is the Sum Assured ?

A 30% increase may sound a lot, but the absolute increase is also relevant.

 

[boredboiboi]

the term policy is 5 year renewable term policy incepted in 2015.
sorry quoted wrongly its actually 67% increase in premium for the next 5 years term.

U might want to get a quote for term plan from all insurers to have a better option. And are you pink of health? If u r not, then sticking with the term or convert to wl is the only option. If pink of health, u got more options. If renewal every 5 years, i think the jump if 67% is way too high. How much is the term premium now and wholelife premium? And wholelife pay how many years? And the coverage as well.
Wholelife as what u mentioned is 25k x 2 till age 65.

 

[a4973]

U might want to get a quote for term plan from all insurers to have a better option. And are you pink of health? If u r not, then sticking with the term or convert to wl is the only option. If pink of health, u got more options. If renewal every 5 years, i think the jump if 67% is way too high. How much is the term premium now and wholelife premium? And wholelife pay how many years? And the coverage as well.
Wholelife as what u mentioned is 25k x 2 till age 65.

the trouble is not in pink of health as have some hospitalisation claims from same insurer.

term policy SA $50k
old premium S$318.50
new premium S$532.70

 

[a4973]

policy illustration for death benefit https://imgur.com/a/AeSW6UD

policy illustration for surrender
https://imgur.com/a/MoSZVLJ