Aviva has a well suite of protection and coverage products, ranging from their term insurance to whole life plans, as well as the very comprehensive Multiple Payout Critical Illness Plan (My MultiPay CI) able to square off most insurers (check our review for that). Not to mention they have one of the most competitive premiums in the market as well.
There is another versions of Aviva’s MyProtector Term plan – called the Aviva MyProtector – Decreasing (for mortgage reducing term). The Aviva MyProtector Legacy (for whole life term insurance coverage with returns) has since been removed from the market.
Product Features and Benefits at a Glance
- High sum assured at a low premium cost for Death, Total Permanent Disability (TPD), Terminal Illness and Critical illness (CI) of all stages including Early CI and MultiPay CI.
- Very flexible – Wide range of premium term from a minimum of 5 or 10 for renewable term. Or 11 years onwards up to 85 years old with a year of interval in between (12, 13, 14 years etc..)
- Guaranteed Renewable Option (GRO) – For 5 and 10 years policy term, GRO renews your policy at the end of every 5 or 10 years automatically. No medical questions or health underwriting needed.
- At Key Life Events, have the option to increase coverage of your basic protection coverage without the need of medical underwriting nor providing any proof of insurability, guaranteed:
- Key Life Events:
- Change of marital status (Marries or divorces)
- Becomes a parent – newborn or legal adoption
- Graduates from Tertiary Education
- Purchases a property
- Key Life Events:
- Convert the MyProtector Term II insurance into an Endowment or Whole Life insurance without medical underwriting.
- Interim Accidental Death Benefit
Additional Supplementary Benefits (Riders) to Enhance Your Coverage
Covers for Life
- Total and Permanent Disability
- Advance Stage Critical Illness
- Early To Advance Stage Critical Illness (Single CI Payout)
- MultiPay Critical Illness (CI) Cover III
Premium Waiver Riders (coverage during premium term)
- Critical Illness Premium Waiver
- Payer Critical Illness Premium Waiver
- Payer Premium Waiver Benefit
Illustration on Premium for Aviva MyProtector Term Plan II
Male, Non-smoker, aged 35, premium is rounded up to nearest cent.
| Policy
Term |
Sum Assured | Daily Premium | |
| MyProtector-Term Plan II | 35 years | $1, 500, 000
|
$4.78 |
| Total Permanent Disability | 35 years | $1, 500, 000
|
$0.78 |
| Multipay Critical Illness | 35 years | $250, 000 | $8.25 |
| Total | $13.81/ day | ||
Source: Aviva
MyProtector-Decreasing
Aviva also has another version of their term insurance, and is catered to those who wants their insurance coverage to be a little more flexible as their commitments and liabilities get smaller each year.
We are talking about mortgage loan, car commitments or even children’s education fees. During this interim if you would like your coverage to reduce accordingly with a huge range of interest rate available, MyProtector – Decreasing plan may suit you.
Although our observation is that the premiums may not differ that much from the normal version and may make sense to get the normal level MyProtector Term instead.
This Plan:
- Has a sum assured that will decrease based on the calculated interest rate every year, over the whole policy term.
- Has Interest Rate Options ranging of: 1%, 2%, 3%, 4%, 5%, 7% or 9%
- Pays a reduced lump sum in the event of Death, TPD or Terminal Illness
- Has the option to cover from 10 years to up to 99 years old with a one year interval in between. Very flexible.
Illustration For Aviva MyProtector – Decreasing Term
Joint-Lives example of a male at 35 years old and female at 30 years old. Both are non-smokers and interest rate selected is 3%.
Premiums are also rounded up to the nearest cent.
| Policy
Term |
Sum Assured | Daily Premium | |
| MyProtector-Decreasing | 30 years | $350, 000
|
$1.55 |
| Total Permanent Disability | 30 years | $350, 000
|
$0.24 |
| Critical Illness Coverage (Advance Stage) | 30 years | $350, 000 | $2.97 |
| Total | $4.76/ day | ||
What We Like About the Aviva MyProtector Term II Plan
- Very affordable and competitive premium pricing in the market.
- Flexible coverage periods and renewable term.
- Wide range of comprehensive riders to FULLY customize your coverage.
- Perhaps the most important reason on Aviva’s term and whole life insurance – Early CI and MultiPay CI riders are available to add on to this term plan.
What We Don’t Like About Aviva MyProtector Term II Plan
- Maximum coverage is until age 85.
- MyProtector-Decreasing has no early critical illness (CI) nor Multipay CI riders available.
Aviva MyProtector Term Plan II is suitable for you if you would like:
- High Payout that covers Death, TPD, Terminal Illness, Critical Illness of all stages including Early to intermediate to advance stage for a low premium.
- Multiple Payout for CI across all stages including Early to intermediate to advance stage for a low premium.
- Comprehensive term insurance that covers you for a specific period of time, increasing the coverage protecting your prime working age when you need it the most.
It would however be less suitable if:
- You are looking for limited pay premium term and coverage for life.
- You would like cash value in a protection plan.
Conclusion For Aviva MyProtector Term Plan II Review
As with all term life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many term insurance plans in the market with many strong Insurers. Which one suits you the most?
To find the most suitable coverage, simply fill in the form below and our friendly licensed FA advisor will get in touch with you. Based on your needs, a custom made solution will be adjusted only addressing your concerns.
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