While Aviva's Direct-Term Life plan is not as affordable compared to the average of similar DPI term life plans for most adults, it actually ends up being competitive for young adults under 30. Aviva also has a variety of other insurance products ranging from a traditional term life policy to a distinctive investment-linked whole life policy for consumers who are interested in life insurance policies with adjustable investment benefits
Table of Contents
|Summary of Aviva Life Insurance|
|DIRECT-term life policy is priced competitively for young adults, but is not as competitive of older adults|
|Unable to purchase DIRECT-whole life policy online|
|Current credit rating: A-|
Aviva Direct-Term Life Insurance Plan
Aviva's Direct-Term Life plan offers the DPI standard death, terminal illness and total and permanent disability coverage of S$50,000-S$400,000 and can be a suitable plan for consumers looking for term life insurance they can purchase online. In terms of pricing, we found it to be neither the cheapest nor the most expensive. However, one notable exception was that premiums for 25-year old consumers are 15-20% below average, making Aviva's Direct-Term quite competitive for younger adults. This plan can be purchased as a 5-year renewable option, a 20-year term option or until the year you turn 65. You can also purchase a critical illness rider if you need additional coverage.
Average Monthly Premiums for Term Life DPI (Male, Non-Smoker)
|Death & TPD Coverage||Plan Tenure||Age 25||Age 35||Age 45|
|Premiums are for non-smoking males and do not include the Critical Illness rider. Prices are subject to change. Last updated 09/2018|
Aviva Direct-Whole Life Insurance Plan
Aviva's Direct-Whole Life Insurance plan is its DPI whole life policy offering between S$50,000 and S$200,000 of lifetime death, terminal illness and total and permanent disability coverage. Because you don't have to go through a financial advisor to purchase this plan, it can be a suitable alternative for those who want a low-coverage but easily accessible whole life insurance policy. It is currently unavailable for purchase online, which means you can purchase by dropping off your application at their Customer Service Hall. In terms of plan tenures, you can pay premiums until you turn 75 or 85. This plan will also accumulate cash value and offers a non-guaranteed bonus. Lastly, you can purchase Aviva's DPI critical illness rider if you want critical illness coverage.
Aviva's MyLifeChoice plan is a whole life policy offering consumers the ability to get whole life protection against death and terminal illness while also providing a savings option. In terms of coverage, MyLifeChoice offers up to 275% of your sum assured based on your entry age. For example, if the life assured is between 1 and 12 when the policy was purchased, they'll receive 275% of the sum assured. However, if the life assured was between 40-60 when the policy was purchased, they receive 150% of the sum assured. Because of this coverage scheme, it may be suitable for parents who want to get protection for their children. You can choose to pay for this plan over 15, 20, or 25 years or until the year you turn 80 and the premium payments will remain level throughout your term.
This plan also offers a few other additional benefits that could be useful to the insured. For instance, you can purchase a premium waiver rider that lets you stop paying premiums for a year if you lose your job. There is also the option to increase your insurance protection when you reach key milestones in life. Lastly, you can top up your coverage with a critical illness or total and permanent disability rider.
Aviva MyWholeLife Plan II
Aviva's MyWholeLife II plan is a whole life policy offering lifetime coverage for death and terminal illness along with a cash value and non-guaranteed bonus. Due to its coverage multiplier, monthly income and premium waiver, it may be suitable for consumers looking for whole life insurance plans providing comprehensive income protection. For instance, you have option to receive a monthly payout from your policy when you turn 65 (or the end of the premium term) until you turn 99. Furthermore, if you lose your job, your premiums will be put on hold and the interest waived for a one full year provided you have the cash value to cover the outstanding premiums.
You can also get up to 4 times your sum assured until age 70 with the ability to increase your protection after key life events. If you want to top up your coverage, you can choose to add the Total and Permanent Disability Advance Cover II rider, the Critical Illness Advance Cover II and the Early Critical Illness Advance Cover II. You can also get the premium waiver rider if you want the ability to stop paying premiums when you fall critically ill.
Aviva's MyProtector Term plan may be a suitable option for those looking for a traditional term life insurance policy that provides flexible coverage for death and terminal illness. You can purchase this plan with coverage terms of 5 years, 10 years, 11 years or with coverage until the year you turn 99. You have several options to customise this your coverage, ranging from increasing it at key life events to converting the entire policy to an endowment or whole life policy without further medical underwriting. Furthermore, you can purchase any of Aviva's 7 optional riders which include total and permanent disability coverage, critical illness coverage and premium waiver benefits.
MyLifeInvest is Aviva's investment-linked whole life policy providing lifetime coverage for death, terminal illness and total and permanent disability. For consumers who are interested in a whole life policy that also provides an investment opportunity, you may find this policy's flexibility appealing. For example, you can freely adjust your protection and investment mix, and even reduce your coverage to zero to maximise investment returns. Furthermore, you can make unlimited withdrawals as long as your policy has cash value and you can increase your coverage during major life events (marriage, childbirth, property purchase). Last, after you've kept the policy for 10 years, you will be eligible to receive a premium reward of 5% of your premium every 5 years (if you have been paying consistently). If you need to add more protection, you can purchase Aviva's optional critical illness, premium waiver and level term cover riders. However, you should note that the plan's total and permanent disability coverage ends in the year that you turn 70.
Critical Illness Riders
Aviva offers a critical illness rider for both of its Direct-Term Life and Direct-Whole Life plans. It covers the standard 30 critical illnesses (listed below). Similar to Aviva's Direct-Term plan, the cost to add these riders middles somewhere below the average, but is neither overly expensive nor the cheapest.
|Critical Illnesses Covered by DPI Rider|
Aviva also offers a plethora of other critical illness riders including an early critical illness protection plan that provides coverage against major critical illnesses at various stages and a MultiPay critical illness plan that lets you claim up to 5 times for critical illnesses. You can add them to any of Aviva's non-DPI whole life or term life policy.
Aviva's Direct-Term Life and Direct-Whole Life plans don't cover suicide, attempted suicide or intentional self-harm during the first policy year. There is also a 90-day waiting period for Aviva's DPI critical illness rider for claims against heart attacks, major cancers, bypass surgery and any other invasive coronary artery treatments. Furthermore, the critical illness rider does not cover pre-existing medical conditions. However, these are just some of the exclusions and Aviva may impose more depending on your particulars. Policy exclusions for Aviva's non-DPI plans can be found in your policy contract. It is important to read and understand them carefully to understand what is included in your coverage.
Claims & Contact Information
To file a life insurance claim with Aviva, you should download, fill out and send out the appropriate forms along with any required supporting documentation. You can either call, submit the claim via post or stop by their customer service centre.
|Customer Service Hotline||+65 6827 7988|
|Life Insurance Enquiries/Claims Hotline||+65 6827 9933|
|Financial Advisor Hotline||+65 6827 9923|
|Customer Service Email||[email protected]|
|Customer Service Centre||4 Shenton Way, SGX Centre 2 #01-01, Singapore 068807|
|Filing Claims||Claims Page|
|Estimate Your Insurance Coverage||CPF Board Insurance Calculator|
Aviva Life Insurance Summary
Aviva offers a comprehensive variety of life insurance options ranging from simple and easy to purchase DPI plans to more complex investment-linked whole life policies. However, it is important to look beyond the price and reflect on your financial needs and required protection. Thus, you should always compare plans before settling on a policy, especially because life insurance is a long-term commitment. If you would like to compare Aviva's policies to other plans on the market, we've prepared a comprehensive guide to life insurance policies in Singapore.