Critical Illness coverage (CI)

[bjornng]

The key thing to note is at the moment, Aviva's term is good for value until age 65. So you risk not being covered after that, or having to pay exponentially higher premiums after.

I will recommend getting a separate term life from another insurer to enhance your overall protection.

You may also want to consider increasing your Aviva term coverage amount since it is still very good value for Death/TPD until 65, and very affordable as well.

thanks and sorry for the late reply.

what about just add in the living /living plus rider in aviva?

basically right now im conflicted if i should just do all in my aviva, or have another separate term just for my CI.

Im already covered for 100k (death/tpd/ci) from 1 of my WL policy, and my GTL is only 100k (death/tpd).

thanks in advice for your patience and kind advice

 

[dendii]

You can add those on. But because their critical illnesss riders are not leveled premium terms, you may want to consider another insurer's term plan instead.

I will highly recommend a mix of Aviva group insurance along with a separate term for your insurance portfolio.

If you all in on Aviva, you are essentially ready to forgo coverage after 65, or pay high premiums after 65, which doesnt make sense to me either way unless you do not have any dependents at all (Wife, children).

When i talk about coverage, it is also on critical illness whereby extra money is needed when you are not working, or when you need extra money to pay for additional expenses die to being ill (Not referring to hospital since it is mostly covered).

thanks and sorry for the late reply.

what about just add in the living /living plus rider in aviva?

basically right now im conflicted if i should just do all in my aviva, or have another separate term just for my CI.

Im already covered for 100k (death/tpd/ci) from 1 of my WL policy, and my GTL is only 100k (death/tpd).

thanks in advice for your patience and kind advice

 

[getsourmuffins]

Based on akwl88 and JK1688's reply, what they are suggesting you is a Term Life plan, while what the AIA agent has given you could be a whole life plan that purely covers death, CI and Early CI? Or it could be a whole life plan that also includes TPD (which will bring the complexity of this plan up a new level).

Whole life plan quoted to you is probably a limited premium term of 20 years (i'm assuming you are 25/26, hence you pay till age 46) and covers you whole life for death, CI and Early CI.

On the other hand, Term Life plan DO NOT cover you for Early CI, hence if that is a concern, you might need to get a seperate coverage for it. Term Life plan also allows you to limit premium payment term to say, 15 years, 20 years or as long as you are covered for (depends on each insurer).

Assuming that you are a male, Age 25 (but I guess you're 26 now?) non-smoker, Term Life coverage to age 65 covering $500k for Death and TPD, and $200k payout for CI would cost you $861/yr (~$72/mth) until you are age 65. After age 65, your coverage cease (unless you opt for coverage to above age 65).

For 20 years limited pay option, you would be paying $1,374.50/year ($115/mth) till age 45. Coverage cease after age 65.

Below is a rough comparison for both male and female Term plan premium, non-moker, for $1mil coverage on Death and TPD till age 70 across the different insurrers, for your reference.

The premium comparison table is accurate as at 2nd Nov 2016.

I believe i was quoted whole life plan with TPD.. It's called Guaranteed Protect Plus 20. Hmm why does it bring the complexity of the plan to another level?

So the difference between whole life plan and term life plan is just the early CI coverage yeah? And probably the age I'm being covered since the whole life plan covers me as long as I'm alive.

Will I be paying too much then? Or can I purchase a term life plan now and cover myself with a early CI plan in future?

Also read that this early CI plan is relatively new. Hmm, thinking if this is actually necessary since I've got the hospitalization plan already.

 

[preakshox]

Your based sum assured is 50k? I would suggest not to go for multiplier for whole life plan. Get a based sum assured of whole life plan and enhanced it with a term plan.

Any particular reason for avoiding the multiplier?
Due to the fall in SA when hit a certain age above 65?

 

[preakshox]

Cheers, you are one straight-talking financial advisor.

 

[akwl88]

not to mention the coverage amt differs very large btw term and whole life plan for the same premiums

 

[CrimsonP]

just got myself covered with aviva . 25% discount .

took up term ( 1 million ) / early critical ( 100k ) / enhanced early critical ( 300k ) and disability( 1 million )

im 27 , will be paying 160 per month for the above

 

[EastSider]

just got myself covered with aviva . 25% discount .

took up term ( 1 million ) / early critical ( 100k ) / enhanced early critical ( 300k ) and disability( 1 million )

im 27 , will be paying 160 per month for the above

the name of the plan?

and how to qualify for the 25%?

 

[wintersonata1234]

just got myself covered with aviva . 25% discount .

took up term ( 1 million ) / early critical ( 100k ) / enhanced early critical ( 300k ) and disability( 1 million )

im 27 , will be paying 160 per month for the above

Hi, all above from Avivia? tks

 

[Bigoya]

just got myself covered with aviva . 25% discount .

took up term ( 1 million ) / early critical ( 100k ) / enhanced early critical ( 300k ) and disability( 1 million )

im 27 , will be paying 160 per month for the above

More info on this plan please?

 

[MikeZhang]

More info on this plan please?

It is a term plan and AVIVA gave promotion of 25% discount in premium perpetual. But the promotion has already ended. Let see if they gonna have another round of promotion this year.

 

[windwaver]

just got myself covered with aviva . 25% discount .

took up term ( 1 million ) / early critical ( 100k ) / enhanced early critical ( 300k ) and disability( 1 million )

im 27 , will be paying 160 per month for the above

Until what age?

 

[preakshox]

what do u guyes think this plan? Aviva whole life plan, totoal sum assured 200K, 100k for early stage, 100k for late stage or TPB or death. monthly premium about SGD 170 for 25 years. i have a separate H&S plan btw, 27 yo male.

Not sure if too late, you might want to compare the CI or ECI medical coverage among the various companies. Some CI plans may be cheap but are just 'bubble wrap' for the main plan. What I heard is GE CI and ECI plans are quite wholesome, some of the guys here can help to verify this. : )

 

[Bigoya]

Not sure if too late, you might want to compare the CI or ECI medical coverage among the various companies. Some CI plans may be cheap but are just 'bubble wrap' for the main plan. What I heard is GE CI and ECI plans are quite wholesome, some of the guys here can help to verify this. : )

bro you have any details of coverage for the GE plan?

 

[shau61]

Hi,

I was quoted more than $5k (pay for 15years) for Prulife Multiplier flex (400k) with early CL.

What is the premium for a term insurance with early CL (400k) for a 30 year old non smoker. Thanks for advise.

 

[mata_hippo]

How is aia's complete critical cover?

Dun pm me pls, jus say here

 

[Bigoya]

Hi,

I was quoted more than $5k (pay for 15years) for Prulife Multiplier flex (400k) with early CL.

What is the premium for a term insurance with early CL (400k) for a 30 year old non smoker. Thanks for advise.

$1,500 pay for 40 years.

 

[Bigoya]

How is aia's complete critical cover?

Dun pm me pls, jus say here

It's an old plan. Got BI and Pdt summary?

 

[eboy]

How is aia's complete critical cover?

Dun pm me pls, jus say here

Phased out, replaced by Triple critical cover

 

[shau61]

$1,500 pay for 40 years.

That is very close to Prulife quotation. I thought term will be at least 30% cheaper. Thank you.