Aviva Term Insurance (MyProtector Term II) a 5 minutes guide
Did you know that 1 in 3 people do not own a life insurance? This is despite 57% of people admitting that they will not have sufficient funds for their dependents’ needs if the breadwinner of the family passes on.
Huge Risk Of Not Owning Life Insurance Is Not Worth Taking
Such alarming statistics is a warning for many of us that we are not financially prepared to protect our loved ones. Yet, despite such a stern warning, some of us continue to live life without putting in place the right plan for our loved ones. The reality of life is that life is not only fragile, but it can also be very heartless. Should anything unexpected happen to you, your loved ones might have to lower their standard of living or face financial insecurity at worse. Not only will they have to deal with the emotional loss, but the loss of financial security will also hit them hard.
5 Things You Should Know About Aviva MyProtecter Term II
Owning a life insurance plan is almost a given, especially if you are married and have dependents to care for, be it whether it is your parents or your kids. One of the most affordable and value for money term insurance in the market right now is Aviva’s term insurance: MyProtector Term II.
MyProtector Term II is Aviva’s flagship term insurance plan that is specially designed to empower Singaporeans to personalise their protection needs.
Term Insurance 101 Recap: How Does It Work?
Term insurance is a plain vanilla kind of insurance that isn’t hard to understand. Upon death of the insured life, your family will receive a lump sum of money as pay out. Another scenario that the lump sum will be paid out is when the insured life is diagnosed with terminal illness.
What Is So Good About Aviva MYProtector Term II Insurance That It Is Worth Mentioning?
One of the Most Value For Money Term Insurance In The Market
When it comes to insurance, one of the key ways to tell whether it is a bargain or not is by looking at its value-for-money factor. A good insurance plan like Aviva’s term insurance comes with high sum assured at a low cost factor.
The Aviva MyProtector Term II can also be structured to cover you till age 99 with more control over your wealth. A Universal life may lock in a bulk of your wealth for similar coverage term.
*Example is based on a 35 year old male, non-smoker
In this scenario, if Sam passes away at 88 ANB, he would have paid S$340,618.50 and his loved ones would receive S$1,000,000 in payout. A similar UL plan may have cost around $200,000+ but Sam do not have to pay that amount upfront in exchange for the 1,000,000 coverage and sam gets to enjoy accelerated 500,000 CI coverage which a UL is unable to provide.
Options To Add Riders For All Rounded Protection
Aviva MyProtector Term II insurance comes with a multitude of riders that you can add on for better protection. The option to add various riders like early CI, TPD, Multipay CI IV makes this a one size fits all plan. You don’t have to go through the trouble of owning multiple insurance plans for the same extent of protection. Here are the list of extensive riders you can add on to your protection needs.
– TPD Advance Cover Plus II
– CI Advance Cover Plus III
– MultiPay Critical Illness Cover IV
– Early Critical Illness Cover II
– Critical Illness Premium Waiver II
– Payer Critical Illness Premium Waiver II
– Payer Premium Waiver Benefit
You Get To Upgrade Your Insurance When You Enter A New Life Stage
One feature that stands out for Aviva term insurance is that it also comes with a guaranteed issuance option. Here’s a non-technical explanation of what guaranteed issuance option means. You get to increase coverage on your Aviva term insurance for up to $500,000 when you move on to a new life stage.
There are 4 life stages that qualify you for the guaranteed issuance option: Graduation from university, marriage, getting your first home and becoming a parent. Upon any of these key life events, Aviva term insurance lets you enhance your insured amount so that you and your loved ones get to enjoy the right financial protection.
Who is Aviva My Protector Term most suitable for?
The good news is that this product is suitable for almost anyone. Aviva term insurance comes with a flexible term coverage from 5 years till you are aged 99.
When Is The Best Age To Get Aviva Term Insurance?
For sound financial planning, the earlier you buy the cheaper it will cost. However, different people has different needs across different stages of their life.
When you are in your early 20s, you are typically healthy and will be easier to get insured. Once you have gotten your basic insurance, you can then upgrade your term insurance whenever you cross a new life stage where you will need greater financial protection for your loved ones.
I Already Own A Term/Life Insurance. Should I Still Get Aviva Term Insurance?
Some of us might already have bought another term or life insurance (either from Aviva or other life insurers). Should you still consider getting Aviva term insurance then? This depends on whether you have gotten enough financial coverage through your current insurance plans.
One way to determine whether you still need Aviva term insurance is to check whether you are spending the right amount on insurance. You can check out Moneyline’s guide on “How Much Should I Spend On Insurance Per Month?”. If you find that you are not spending enough on insurance, you should definitely consider Aviva term insurance.
Get Aviva MyProtector Term Quote Here!
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