Review – Why Aviva’s MyWholeLifePlan III is One of the Best in the Market

Aviva mywholelife plan iii, whole life insurance singapore
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Last Updated on by Tree of Wealth

The Aviva MyWhole Life Plan III is a comprehensive and very competitive whole life participating policy in the market.

It is competitive not just because of the premium pricing or the premium term available, but of its flexibility and outstanding Critical Illness (CI) features. On top of that, Aviva’s multiple payout CI standalone plan exists as a rider here in the main plan, has no waiting period from early to early stage CI and early to advance stage CI. It also provides multiple payout for CI’s of all stages for up to 500%!

It also has an annuity payout option that gives policy holder an option to receive payouts at retirement age. Multiplier of sum assured is also lengthened.

Read on to learn more!

Aviva’s MyWholeLifePlan III Product Features & Technicalities

The Aviva MyWholeLife Plan III comprises of 2 main components: the basic plan, as well as the riders, or additional covers as they call it:

Aviva MyWholeLifePlan, whole life insurance singapore, early critical illness singapore
source: Aviva

MultiPay CI Cover II (Rider) – Why This is Important to Know

Perhaps one of the best reason to get this plan, the option itself to add the comprehensive MultiPay CI is a huge win on its own. Not only does this Multiple CI Payout rider not reduce the basic sum assured, it is additional and you can claim up to 500% of the sum assured of this rider (it has a separate sum assured aside from the basic plan’s main sum assured) – read more below about this special coverage.

However this is not available if single premium payment term is chosen.

The option to be able to add the MultiPay CI Cover II rider itself makes this plan a very competitive one. It protects against recurrent, relapse and persistence of critical illness – cancer, heart attack and stroke. This is categorized into different layers and paid out up to 5 payouts across early to intermediate to advance stage of CI, totaling 500% of your MultiPay CI Sum Assured.

Be assured and focus on getting well from CI and not worry about income and expenses.

The protection sum assured from this rider is additional and does not reduce the sum assured of the main plan of MyWholeLifePlan III. Life Assured will continue to be covered under Multipay Critical Illness Cover II even if the base plan is terminated due to the death benefit being fully accelerated.

This is important because it gives an added flexibility and control over your own coverage and protection which no other insurers are able to do so.

The range of Critical Illnesses (CIs) available are categorized into 3 main groups of Cancer- related, Heart- related and Nervous system & Systemic Condition- related illnesses.

Below we see how the multiple payouts work for different stages of CI. You are able to make 1 claim from each category and up to a total of 2 claims in the early or intermediate stage CI. There is no waiting period from these 2 claims.

Upon diagnosis of the following: (up to 85 ANB) Number of Lump Sum Payouts Payout Amount
Early or Intermediate Stage of CI Up to 2 times Up to 200% of Sum Assured
36 Severe Stage CI Once 300% of Sum Assured less claims made on the Early and Intermediate Stage
First-time CI: Major Cancers, Heart Attack, Stroke OR Re-diagnosed Cancer, Recurrent Heart Attack, Recurrent Stroke Once 100% of Sum Assured
First-time CI: Major Cancers, Heart Attack, Stroke OR Re-diagnosed Cancer, Recurrent Heart Attack, Recurrent Stroke Once 100% of Sum Assured
Total Payout: 5 times Payouts 500% of Sum Assured

Covers for Life

Basic plan of death and terminal illness coverage is for life. This means that no matter how old the person lives, the coverage for death and terminal illness is for life. The word “Life” is literally on the Policy Illustration (PI)

Wide Range of Multipliers

Go from x2, x3, x4 and x5 of your basic sum assured to enhance your protection until a certain age.

Wide and Longer Choice of Multipliers

Multipliers, or Additional Covers, offers higher coverage before a certain age. Most insurers will stop at age 70, but Aviva actually has an option for you to choose to the age of 65, 70, 75 and 80. It is considered very decent considering the basic sum assured will be multiplied until a very old age, maximum of 80 years old.

Very Flexible

Wide range of premium term from a one-time Single Premium term to 5, 10, 15, 20 or 25 years

Cash Value

Yield and interest bonuses are being accumulated with comprehensive coverage and protection.

Income Payout Option

During retirement age, choose to receive regular monthly payout income stream up to 99 years old anytime after turning 65 years old. Cash value bonus continues to grow

Guaranteed Extra Protection (GEP)

At Key Life Events, have the option to increase your protection coverage without the need of medical underwriting nor providing any proof of insurability.

Key Life Events:

  • Change of marital status
  • Becomes a parent – newborn or legal adoption
  • Graduates from Tertiary Education
  • Purchases a property

Lost of Job Waiver

In the event of retrenchment or unemployed and remains involuntarily unemployed for a continuous 3 months, enjoy interest waiver for premiums that are put on hold for up to 12 months.

This feature can be activated to let you focus on looking for a new job.

Special Benefit Protection

Under MultiPay Critical Illness Cover II, this is a benefit that provides an additional amount of 20% of the main sum assured that pays out in the event of any of the 24 medical conditions such as diabetic complications or autism. This will not reduce the main death and terminal illness sum assured.

Good Health Reward

Get 20% of Sum Assured payable on the policy anniversary in which:

  1. the Life Assured is 65 years old (ANB) if the Life Assured has not made a claim before such Policy Anniversary and the Life Assured has chosen a policy term up to 70 years old (ANB); or
  2. the Life Assured is 70 years old (ANB) if the Life Assured has not made a claim before such Policy Anniversary and the Life Assured has chosen a policy term up to 85 years old (ANB).

 List of Advance Stage Critical Illness

1 Major Cancers 2 Heart Attack of Specified Severity
3 Stroke 4 Coronary Artery By-pass Surgery
5 Kidney Failure 6 Aplastic Anaemia
7 End Stage Lung Disease 8 End Stage Liver Failure
9 Coma 10 Deafness (Loss of Hearing)
11 Heart Valve Surgery 12 Loss of Speech
13 Major Burns 14 Major Organ / Bone Marrow Transplantation
15 Multiple Sclerosis 16 Muscular Dystrophy
17 Parkinson’s Disease 18 Surgery to Aorta
19 Alzheimer’s Disease / Severe Dementia 20 Fulminant Hepatitis
21 Motor Neurone Disease 22 Primary Pulmonary Hypertension
23 HIV Due to Blood Transfusion and Occupationally Acquired HIV 24 Benign Brain Tumour
25 Viral Encephalitis 26 Bacterial Meningitis
27 Blindness (Loss of Sight) 28 Major Head Trauma
29 Paralysis (Loss of Use of Limbs) 30 Progressive Scleroderma
31 Apallic Syndrome 32 Systemic Lupus Erythematosus with Lupus Nephritis
33 Other Serious Coronary Artery Disease 34 Poliomyelitis
35 Loss of Independent Existence 36 Terminal Illness

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)

Covers To Age 70 or 85

  • MultiPay Critical Illness (CI) Cover II

Premium Waiver Riders (coverage during premium term)

  • Critical Illness Premium Waiver
  • Payer Critical Illness Premium Waiver
  • Payer Premium Waiver Benefit

How The Aviva MyWholeLifePlan III Works

Aviva MyWholeLifePlan, whole life insurance singapore, early critical illness singapore
source: Aviva

What We Like About the Plan

  • Wide range of premium term – From Single Premium to 5, 10, 15, 20 and 25 years
  • The strong ability to add MultiPay CI as a rider.Life Assured will continue to be covered under Multipay Critical Illness Cover II even if the base plan is terminated due to the death benefit being fully accelerated.
  • Receive Monthly income anytime after 65 years old. This could reduce sum assured.
  • Early stage critical illness and Multipay CI II riders covers 105 medical conditions and 24 special conditions.
    • In the event of retrenchment or unemployed and remains involuntarily unemployed for a continuous 3 months, enjoy interest waiver for premiums that are put on hold for up to 12 months.
  • No longer the highest (because china taiping @ 86) but still has the most flexiblemultiplier term with option to choose till age 65/70/75/80
  • Wide range of Multipliers from x2, x3, x4 and x5
  • While most insurers have Total Permanent Disability (TPD) coverage until age 70 or 75 (some at an even shorter 65 years old!), Aviva’s TPD protection is for life.

What We Don’t Like About the Plan

  • Minimum Sum Assured starts from $50, 000 where as some insurers start at a lower $25, 000.
  • MultiPay CI rider pays out 500% where as the standalone and term plan rider version has it at 600%.
  • No option for x1 multiplier. Some people may prefer to have more cash value upon retirement and would not like any multipliers.

Aviva MyWholeLifePlan III may suit if you are looking for:

  • High amount of death, Terminal Illness and Total Permanent Disability Protection Sum assured at a competitive premium.
  • The choice of having flexible riders to further enhance your coverage, making it really comprehensive.
  • High early to intermediate to advance stage of Critical Illness with competitive premiums
  • A good Multiple Payout Critical Illness payout plan covering a wide range of stages from early to intermediate to advance stage WITHOUT reducing your basic sum assured.
  • Higher Early Critical Illness, Critical Illness and Total Permanent Disability coverage in an Insurance Policy.
  • Cash value that accumulates throughout the plan.
  • Steady stream of monthly income during retirement age.
  • A limited premium paying term and get coverage of death, TPD as well as early stage CI for life.

Aviva MyWholeLifePlan III Is Not Suitable If You Want:

  • A wealth growth instrument for retirement and savings purposes.
  • Frequent withdrawals and access of cash from the insurance coverage plan.
  • Short breakeven years and have high cash value early into the plan.

 

 Aviva MyWholeLifePlan III Review Conclusion

As with all whole life insurance plans, the suitability of this plan for you will largely depend on your needs and expectations. There are many whole life 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.

No obligations, no hidden fees. All advice are of no charges.

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