Last Updated on by Tree of Wealth
The Aviva MyWhole Life Plan IV 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. It also has an annuity payout option that gives policy holder an option to receive payouts at retirement age. Multiplier of sum assured can also be lengthened to age 75.
The idea of an insurance coverage usually is about leaving behind a sum of money should death occurs to the person. However you can also be protected and enjoy the coverage benefits while alive, and they are referred to as “Living Benefits”:
With the supplementary benefits (riders), you can customise and add on to the living benefits:
Total and permanent disability (TPD) protection to assist for daily living expenses.
Critical illness (CI) coverage (from early to advance stage) for income protection so you can focus on recovery.
Waiver of Premiums for your loved ones (3rd party) should CI or TPD occur.
Read on to learn more!
Aviva’s MyWholeLifePlan IV Product Features At a Glance
The Aviva MyWholeLife Plan IV comprises of 2 main components: the basic plan, as well as the riders, or additional covers as they are called:
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.
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 and75. It is considered very decent considering the basic sum assured will be multiplied until a very old age, maximum of 75 years old.
Wide range of premium term from a one-time Single Premium term to 10, 15, 20 or 25 years and a new premium term of up to age 65.
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
This 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:
- 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
- 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 Cover IV
- Critical Illness Advance Cover V
- Early Critical Illness Advance Cover V
Premium Waiver Riders (coverage during premium term)
- Critical Illness Premium Waiver II
- Payer Critical Illness Premium Waiver II (for 3rd party)
- Payer Premium Waiver Benefit (for 3rd party)
How The Aviva MyWholeLifePlan IV Works
The New Early Critical Illness Advance Cover
Following the change of Critical Illness (CI) definitions in August 2020, Aviva introduced the new Early Critical Illness Advance Cover rider that not only follows the updated framework, it also includes new features and additional coverages. Here are the list of benefits:
Benign and Borderline Malignant Tumour Benefit – 22 specified organs covered for Benign Tumour (suspected malignancy) requiring surgical excision
|1. Heart||12. Pituitary gland|
|2. Liver||13. Small intestine|
|3. Lung||14. Testis|
|4. Pancreas||15. Breast|
|5. Pericardium||16. Ovary|
|6. Ureter||17. Penis|
|7. Adrenal Gland||18. Uterus (cover endometrial polyps only)|
|8. Bone||19. Nasopharynx|
|9. Conjunctiva||20. Oesophagus|
|10. Kidney||21. Oral Cavity|
|11. Nerve in cranium or spine||22. Gallbladder|
Conditions covered under the Special Benefit
Coverage up to 85 ANB
Coverage up to 18 ANB
|1. Diabetic Complications||17. Severe Juvenile Rheumatoid Arthritis (Stills Disease)|
|2. Angioplasty & Other Invasive Treatment For Coronary Artery||18. Severe Haemophilia|
|3. Osteoporosis with Fractures||19. Rheumatic Fever with Valvular Impairment|
|4. Severe Rheumatoid Arthritis||20. Osteogenesis Imperfecta|
|5. Mastectomy||21. Insulin Dependent Diabetes Mellitus|
|6. Chronic Adrenal Insufficiency (Addison’s Disease)||22. Kawasaki Disease|
|7. Chronic Relapsing Pancreatitis||23. Glomerulonephritis with Nephrotic Syndrome|
|8. Hysterectomy due to Cancer||24. Type I Juvenile Spinal Amyotrophy|
|9. Dengue Haemorrhagic Fever||25. Autism of Specified Severity|
|10. Wilson’s Disease||26. Generalised Tetanus|
|11. Severe Crohn’s Disease||27. Rabies|
|12. Severe Ulcerative Colitis|
|14. Age-related Macular Degeneration with Visual Impairment|
|15. Severe Presbycusis (Age-related Hearing Loss)|
|16. Urinary Incontinence requiring Surgical Repair|
What We Like About the Plan
- Wide range of premium term – From 10, 15, 20 and 25 years
- 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.
- Flexible multiplier term with option to choose till age 65/70/75
- 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 IV 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
- 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 IV 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 IV 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.
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