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.
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 be 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, the loss of financial security will also hit them hard.
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.
MyProtector Term is Aviva’s term insurance plan that is specially designed to empower Singaporeans to personalise their protection needs.
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.
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.
*Example is based on a 35 year old male, non-smoker
For a sum assured of $1.5M (for death and TPD), you barely pay $6 a day. If you add on a critical illness coverage (which is typically more expensive), the cost of term insurance for you is only $14 a day. Across the whole industry, this is the lowest term insurance you can find. What’s more, adding on the rider will give you a discount to what is already the cheapest term insurance in the market.
Aviva term 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 III 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. If you don’t have any of those protection yet, getting Aviva term insurance is a smart move that will help you get all rounded protection without the trouble of underwriting and owning multiple insurance plans.
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 qualifies 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. This is unlike other insurance plans which typically only allow downgrades to be made, rather than upgrades.
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.
For basic financial protection, Aviva term insurance is most recommended for anyone below the age of 40. However, to take full advantage of all the features that Aviva term insurance has, it makes sense to buy one as early as your early 20s.
When you are in your early 20s, you do not have to undergo underwriting. This means no medical tests to check the state of your health before the Aviva decides whether to insure your life. 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.
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.
If you feel that Aviva term insurance is meant for you, there are multiple avenues for you to get it. You can either approach an Aviva agent or financial advisor that has tied up with Aviva. Over here at moneyline.sg we provide you a transparent heads up to the pricing of Aviva MyProtector Term.
Make an enquiry through our term insurance page and enjoy premium discount on your purchase!