aviva mywholelifeplan

[Hellooo]

anyone signed the aviva MyWholeLifePlan instead of the rider of the SAF group insurance critical illness and early critical illness? is it better?

 

[pcmdan]

anyone signed the aviva MyWholeLifePlan instead of the rider of the SAF group insurance critical illness and early critical illness? is it better?

1. same coverage more expensive in the same age grp for Mywholelife plan vs saf

2. Pro for Mywholelife is that the premium is fixed for life

3. with limited term plan..u only pay for a certain number of years...whereas SAf u pay for life

4. if u add death into the equation, SAf is money throw down the drain whereas wholelife u definitely can get something back in the event u feel like terminating ur plan after 30 years (i am just giving a long range)

5. SAf in super big disaster or terrorist attacks where many dies, u only get a small fraction of the sum assured. Not the full sum

6. SAF u cant nominate who to take ur $$...

 

[dendii]

Both are for different purposes.

Group term is value for money till age 65 so regardless, you may still want to get it.

 

[Hellooo]

Thanks all for the comments.

Was quoted $2.7k/yr to pay for 15 years to cover 200k critical illness and 100k early critical illness (after multipler) till 70 years old.

After 70 years old , it will drop back to based sum assured + non-guaranteed cash.

So total amt paid is roughly the same as saf one when 70 years old because saf aviva ci and eci cost will shoot up after 46 years old.

 

[Panerex]

Thanks all for the comments.

Was quoted $2.7k/yr to pay for 15 years to cover 200k critical illness and 100k early critical illness (after multipler) till 70 years old.

After 70 years old , it will drop back to based sum assured + non-guaranteed cash.

So total amt paid is roughly the same as saf one when 70 years old because saf aviva ci and eci cost will shoot up after 46 years old.

May I know this is for how much base sum assured and age next birthday?

 

[Hellooo]

May I know this is for how much base sum assured and age next birthday?

50k death and tpd. 25k ci and eci
28 y.o

 

[akwl88]

50k death and tpd. 25k ci and eci
28 y.o

50k coverage for death and tpd is not even insurance lmao

 

[Hellooo]

50k coverage for death and tpd is not even insurance lmao

Dont understand this part. How much coverage then is considered insurance?

 

[akwl88]

Dont understand this part. How much coverage then is considered insurance?

1) u need to understand what is insurance first

2) think of the scenario when you uplorry the next day. are your dependents able to survive without you as the breadwinner or contributor to household income?

 

[planktonfull]

Dont understand this part. How much coverage then is considered insurance?

A basic guideline would be 10x annual income. But of course this differs on a case by case basis.

 

[Shion]

50k coverage for death and tpd is not even insurance lmao

This is when you turn 70 years old when the multipliers are dropped. Before that, the multipliers are still in force.

I don't see it as a big issue. By 70, your children have already grown up, no longer dependent on you...

 

[akwl88]

This is when you turn 70 years old when the multipliers are dropped. Before that, the multipliers are still in force.

I don't see it as a big issue. By 70, your children have already grown up, no longer dependent on you...

yup so u do not need insurance if you have no dependent liao

will the premiums drop drastically too if the multipliers are dropped?

 

[Shion]

yup so u do not need insurance if you have no dependent liao

will the premiums drop drastically too if the multipliers are dropped?

15 years limited pay, by then do you need to pay

Low premiums high coverage, look at term instead

 

[akwl88]

15 years limited pay, by then do you need to pay

Low premiums high coverage, look at term instead

Oh pay upfront first ah?

Shld be very ex premiums for these 15 yrs. Alr factored in the premiums for those unpaid years

 

[dongo88]

50k death and tpd. 25k ci and eci
28 y.o

I would suggest you get a termlife + a early CI plan

for instance a term life based on male 28 non smoker, cover to age 70
of the coverage of 200k for Death/ TPD/ CI
only 764/ yr for 15 years

plus a multiple ECI plan cover to age 70,
of the coverage of 100k
only 1025/ yr but is regular la.

 

[Shion]

Oh pay upfront first ah?

Shld be very ex premiums for these 15 yrs. Alr factored in the premiums for those unpaid years

Roughly 2000+ per year if you are 20+ year old

 

[akwl88]

Roughly 2000+ per year if you are 20+ year old

 

[Shion]

That is for limited pay, depending on your coverage amount.

It is not cheap.

 

[Hellooo]

I would suggest you get a termlife + a early CI plan

for instance a term life based on male 28 non smoker, cover to age 70
of the coverage of 200k for Death/ TPD/ CI
only 764/ yr for 15 years

plus a multiple ECI plan cover to age 70,
of the coverage of 100k
only 1025/ yr but is regular la.

didnt know have limited term insurance that pay 15 years to cover till age 70. what plan name is that?

the eci plan to cover to age 70 means from age 28 pay $1025/yr till age 70 to get cover?

 

[soneat]

didnt know have limited term insurance that pay 15 years to cover till age 70. what plan name is that?

the eci plan to cover to age 70 means from age 28 pay $1025/yr till age 70 to get cover?

Limited pay term plan is not uncommon. I recall GE and AXA has something like that...