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Singlife with Aviva Life Insurance: What Does It Offer?

Singlife with Aviva Life Insurance: What Does It Offer?

4.0/5.0

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Pros

  • Affordable premiums for high coverage
  • Renewable up to 86 years old

While Singlife with 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. Singlife with 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 Singlife with Aviva Life Insurance
Singlife with Aviva MySimpleTerm Plan is priced competitively for young adults, but is not as competitive for older adults
Current credit rating: A-

Singlife with Aviva Direct-Term Life Insurance Plan

Singlife with Aviva's MySimpleTerm plan offers the DPI standard death, terminal illness and total and permanent disability coverage of S$150,000-S$500,000 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 Singlife with Aviva's MySimpleTerm plan quite competitive for younger adults. The premium of the plan depends on the age of the applicant, which you can refer to the table below for:

Average Monthly Premiums for Term Life DPI (Male, Non-Smoker)

Death & TPD CoverageS$150,000S$250,000S$500,000
Age Between 1 and 25S$67.50S$106.90S$180
Age between 26 and 35S$85.50S$135.40S$228
Age between 36 and 45S$217.50S$344.40S$580
Age between 46 and 55S$525S$831.25S$1400
Age between 56 and 64S$802.50S$1270.65S$2,140
Premiums are for non-smoking males and do not include the Critical Illness and Personal Accident rider. Prices are subject to change. Last updated 02/2022

MyWholeLife Plan IV

Aviva's MyWholeLife IV 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 until you turn 99 years old. 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 65, 70 and 75 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 IV rider, the Critical Illness Advance Cover V and the Early Critical Illness Advance Cover V. You can also get the premium waiver rider if you want the ability to stop paying premiums when you fall critically ill.

MyProtector-Term Plan II

Aviva's MyProtector Term Plan II 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, any yearly intervals from 11 years until you're 85 years old, 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 Singlife with Aviva's riders which include total and permanent disability coverage, critical illness coverage and premium waiver riders.

Critical Illness Riders

Singlife with 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
  • Alzheimer's/Severe Dementia
  • Angioplasty & Other Invasive Treatments
  • Aplastic Anaemia
  • Bacterial Meningitis
  • Benign Brain Tumour
  • Blindness
  • Coma
  • Coronary Artery By-pass Surgery
  • Deafness
  • End Stage Liver Failure
  • End Stage Lung Disease
  • Fulminant Hepatitis
  • Heart Attack of Specified Severity
  • Heart Valve Surgery
  • Viral Encephalitis
  • Kidney Failure
  • Loss of Speech
  • Major Burns
  • Major Cancers
  • Major Head Trauma
  • Major Organ/Bone Marrow Transplant
  • Motor Neurone Disease
  • Multiple Sclerosis
  • Muscular Dystrophy
  • Paralysis
  • Parkinson's Disease
  • Primary Pulmonary Hypertension
  • Stroke
  • Surgery to Aorta
  • Occupationally Acquired HIV Due or due to Blood Transfusion

Singlife with 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.

Policy Exclusions

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.

Contact information
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 Centre4 Shenton Way, SGX Centre 2 #01-01, Singapore 068807
Filing ClaimsClaims Page
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Singlife with Aviva Life Insurance Summary

Singlife with 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 Singlife with Aviva's policies to other plans on the market, we've prepared a comprehensive guide to life insurance policies in Singapore.

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Anastassia Evlanova

Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.

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