AIA Guaranteed Protect Plus

[boredboiboi]

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

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

If is to leave behind money for ur family. Surrender value is useless. And its much cheaper for u now to go for term plan but $500+ for 50k coverage abit high but no choice.

 

[a4973]

If is to leave behind money for ur family. Surrender value is useless. And its much cheaper for u now to go for term plan but $500+ for 50k coverage abit high but no choice.

really sorry keep quoting wrong info. quoted wrong SA

verified correct current term policy info :

SA 70K
old premium S$318.50
new premium S$532.70

what is your opinion now?
thanks

 

[boredboiboi]

really sorry keep quoting wrong info. quoted wrong SA

verified correct current term policy info :

SA 70K
old premium S$318.50
new premium S$532.70

what is your opinion now?
thanks

Then all the more stick to term, but ask to check renewal can only be 5 years, see if can renewal at 10 ot 15 years for level premium. Wl after age 65, ur coverage is only 25k. Dont mind asking u previously hospitalized due to?

 

[winthony]

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

judging by this and what you have, wouldnt be a wise choice to for this!

A few ways to go about your situation

1) Understand you are on a renewable and convertible term, ask your adviser to give you a quotation on level term with a sum assured you are comfortable with and a term you feel is sufficient -- ie 100k from now till age 70. see the premium and decide if you want to continue on the rolling contract

2) continue on with what you have if you are comfortable with the amount

3) if you are healthy, you can look at other companies! Definitely lower in premium but provided you have no pre-existing. going by your age, i think i did up a few quotations that are relatively competitive in pricing

 

[Value.Matrix]

really sorry keep quoting wrong info. quoted wrong SA

verified correct current term policy info :

SA 70K
old premium S$318.50
new premium S$532.70

what is your opinion now?
thanks

Actually why you do 5 year renewable? If you do not need the coverage, then makes no sense to continue. If you need the coverage, just buy a level term till the required age. If you can't decide, then its worse because buying a whole life plan is not cost effective, especially limited pay kind. You are losing the leverage you wanted for term essentially.

In fact Mindef Aviva 1 is the cheapest top up (but since you mentioned you have claim on medical before, then you are stuck, though check the exclusion clause properly).

 

[a4973]

Hello, after thinking clearly would like to expand on my situation. My dependents do not need the 50k death benefits in event of my demise. However I would like to defend myself against TPD to myself. So what are your suggestions to defend myself against TPD? Renew term at higher premiums? Convert to the proposed WL? Drop insurance totally and go for careshield life? Thanks for your advice.

 

[boredboiboi]

Hello, after thinking clearly would like to expand on my situation. My dependents do not need the 50k death benefits in event of my demise. However I would like to defend myself against TPD to myself. So what are your suggestions to defend myself against TPD? Renew term at higher premiums? Convert to the proposed WL? Drop insurance totally and go for careshield life? Thanks for your advice.

Renew term and upgrade careshield life. Careshield life covers all the way and can be paid using medisave of up to $600

 

[winthony]

Hello, after thinking clearly would like to expand on my situation. My dependents do not need the 50k death benefits in event of my demise. However I would like to defend myself against TPD to myself. So what are your suggestions to defend myself against TPD? Renew term at higher premiums? Convert to the proposed WL? Drop insurance totally and go for careshield life? Thanks for your advice.

Hello!

If your renewed term has the TPD portion and you are satisfied with it, go for it.

Otherwise, seek alternative term products and adjust your TPD coverage accordingly if you are are eligible (no pre-existing illness)

Are you on existing Eldershield? If not, go on Careshield life + upgrade it to a desired monthly payout! 3 companies doing it now - NTUC, Aviva and GE. Aviva is running 20% perpetual discount till the end of this year

 

[a4973]

I am on the regular eldershield under GE. What are your views if I decide to drop the term policy and just go for the best careshield life policy? Thanks

 

[a4973]

I am on the regular eldershield under GE. What are your views if I decide to drop the term policy and just go for the best careshield life policy? Thanks

Upping for advice. Thanks

 

[boredboiboi]

Upping for advice. Thanks

We dont know what you actually need. Why drop in the first place? U can upgrade your eldershield/careshield with the medisave usage limit and keep the term ar.

 

[a4973]

We dont know what you actually need. Why drop in the first place? U can upgrade your eldershield/careshield with the medisave usage limit and keep the term ar.

Hi, my dependents don't need the death benefits in event of my demise. However I want to defend against TPD so basically I want TPD cover don't want death benefits cover. So my idea is drop all forms of life insurance and go for the best eldershield / careshield plan. Is this logical? Thanks

 

[boredboiboi]

Hi, my dependents don't need the death benefits in event of my demise. However I want to defend against TPD so basically I want TPD cover don't want death benefits cover. So my idea is drop all forms of life insurance and go for the best eldershield / careshield plan. Is this logical? Thanks

No right no wrong. Its up to individual.

 

[a4973]

No right no wrong. Its up to individual.

Or ask you another way. How would you advise your clients if they have this mindset?
Is there a way to quantify which gives better bang for a buck? Ie per $1.00 paid to term plan vs per $1.00 paid to careshield plan?
Eg $500 premium for a term plan give me $50k death and TPD cover vs $450 premium for careshield plan only give me TPD cover thus one can easily quantify as just pay $50 more per annum can also get death cover.

 

[boredboiboi]

Or ask you another way. How would you advise your clients if they have this mindset?
Is there a way to quantify which gives better bang for a buck? Ie per $1.00 paid to term plan vs per $1.00 paid to careshield plan?

Term payout lump sum, careshield payout monthly. The objective is different.

 

[soneat]

Or ask you another way. How would you advise your clients if they have this mindset?
Is there a way to quantify which gives better bang for a buck? Ie per $1.00 paid to term plan vs per $1.00 paid to careshield plan?
Eg $500 premium for a term plan give me $50k death and TPD cover vs $450 premium for careshield plan only give me TPD cover thus one can easily quantify as just pay $50 more per annum can also get death cover.

Hi,

You need to be aware that most life insurance plans do not cover TPD beyond 65yo or 70yo. Tokio Marine new plan covers for life whereas some GE plans provide presumptive TPD cover.

TPD and Careshield Life 3ADLs have essentially different "triggers" and therefore hard to say which one is more "value for money".

IMHO, TPD is more difficult to claim than 3ADL.

 

[a4973]

Hi,

You need to be aware that most life insurance plans do not cover TPD beyond 65yo or 70yo. Tokio Marine new plan covers for life whereas some GE plans provide presumptive TPD cover.

TPD and Careshield Life 3ADLs have essentially different "triggers" and therefore hard to say which one is more "value for money".

IMHO, TPD is more difficult to claim than 3ADL.

Hi thanks for your opinion. Hmm so far insurance agents have been telling me that TPD which only require 2 ADL is easier to claim vs careshield 3 ADL. So to defend against a common scenario like stroke or accident that results in paralysis and being bedridden which kind of cover TPD or careshield is more appropriate?

 

[boredboiboi]

Hi thanks for your opinion. Hmm so far insurance agents have been telling me that TPD which only require 2 ADL is easier to claim vs careshield 3 ADL. So to defend against a common scenario like stroke or accident that results in paralysis and being bedridden which kind of cover TPD or careshield is more appropriate?

Bed ridden or paralysis will clear both 2 or 3 adls. And tpd is 3 adls also.

 

[soneat]

Hi thanks for your opinion. Hmm so far insurance agents have been telling me that TPD which only require 2 ADL is easier to claim vs careshield 3 ADL. So to defend against a common scenario like stroke or accident that results in paralysis and being bedridden which kind of cover TPD or careshield is more appropriate?

Do validate what your agents have told you.

TPD definition is not standard - Different company, different plans covers different scenario and different duration.

CareShield and their supplement go by number of ADLs.

IMHO, both are quite "difficult" to claim. If you want something "value for money" or something that's "worth it":
i) Shield plans (to cover H&S)
ii) CI plans (for major illnesses)

You can go to MAS website and take a look at various insurers' returns. Most lose money on H&S. CI makes them lose money occasionally.