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Whole Life Plan Review – Why Aviva’s MyWholeLifePlan IV is One of the Best Coverage For Your Child
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Why Singlife with Aviva’s MyWholeLifePlan IV is One of the Best Coverage For Your Child (Review)

Last Updated on March 21, 2022 by Parentology

When getting a whole life insurance plan for your child, there are many factors that come into consideration. The insurer, protection elements, cash value as well as competitiveness of the plan all play a part.

Singlife with Aviva has a reasonable starting premium of $50, 000 which makes it a relatively good premium price point to start. It’s Critical Illness coverage features under the Early CI Rider pays additionally for many certain conditions that are actually not critical illness (tumour benefits, ICU benefits for eg). The plan also has an annuity payout option that gives you an option to receive payouts at retirement age. You also have the choice to choose the age of when the multiplier ends to age 75.

In the event of getting a whole life coverage for children, it is to protect the liabilities and potential loss of income for the parents in the event if the child is diagnosed with critical illness or if death & total permanent disability occurs.

There are also supplementary benefits (riders) where you can add on to customise to the concerns that you may have:
TPD (Total and Permanent Disability) – Pays out to assist for daily living expenses/ house restructural/ nursing care needed

Early to Advance Stage Critical illness (CI) – Income protection for parents to take a step down role to focus on giving care to children

Waiver of Premiums – To lighten the burden financially in the event of CI or TPD occurrence.

When considering a whole life plan, Aviva’s Whole Life plan is a competitive one, let’s have a clearer look:

 

Singlife with Aviva’s MyWholeLifePlan IV Product Features

Early Critical Illness Advance Cover Additional Features

Singlife with Aviva introduced the new Early Critical Illness Advance Cover rider includes new features and additional coverages:

  1. Intensive Care Benefit

There is a payout of additional 20% of Sum Assured, up to $25, 000 if the life assured is hospitalized and admitted to Intensive Care Unit (ICU) for at least 4 days. This will not affect the Sum Assured. It actually pays out alongside with the hospitalisation shield plan that covers for the treatment and ward stay. There is a 7 days survival period upon ICU admission, as well as only clamable once.

  1. Benign & Borderline Malignant Tumour Benefit

In the event if the Life Insured:

  • Completes a surgical excision of a benign tumour requiring surgical excision from any of the 22 specified organs listed below

Specified Organs

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. Nasopharyngeal
9. Conjunctiva 20. Oesophagus
10. Kidney 21. Oral Cavity
11. Nerve in cranium or spine 22. Gallbladder

source: Singlife with Aviva

OR

  • Diagnosis of a Borderline Malignant Tumour

There is a payout of additional 20% of Sum Assured, up to $25, 000 and will not reduce the Sum Assured.

This is a new feature from Singlife with Aviva and it actually pays out alongside with the hospitalisation shield plan that covers for the treatment and ward stay.

Multipliers

Choice of 2, 3, 4 and 5 times of your base sum assured. Have the choice of having a multiplier until the age of 65, 70 and also 75 years old.

Premium Term

Have the option to make premiums for 10, 15, 20 or 25 years and a new premium term of up to age 65. For children, it is advised to consider a short decent premium term.

Life Protection

While most insurers stop TPD (Total Permanent Disability) protection at age 70. Singlife with Aviva’e MyWholeLifePlan Iv covers for life. For Death and Terminal Illness coverage is for life as well.

Guaranteed Extra Protection (GEP)

Perhaps one of the most unspoken things about life plans is the option to increase coverage without having to go through medical underwriting at life’s key events.

As the child grows, there are certain milestones which you can consider to increase the coverage since concerns may now change.

Key Life Events:

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

Cash Value

Typically after the 25th to 30th year, the bonuses yielded will be accumulated. The bonus forms the “non-guaranteed” section in your policy illustration.

Income Payout Option

At the age of retirement, this feature has an annuity feature to receive a regular monthly payout up until age 99. Cash value continues to grow.

Lost of Job Waiver

This is useful to safeguard parents who are supplementing the premium payment for their children before they are financially independent. If the payor gets retrenched or unemployed against their will for a continuous 3 months, premiums can be put on hold for as long as 12 months, interest free. This allows the payor to look for a new job without the additional premium burden.

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.

 

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)

The 3rd party (payor) premium waiver benefits (upon death/TPD as well as major stage CI) is particularly useful as the life assured (child) will still be covered for with the premiums being waived.

 

How The Singlife with Aviva MyWholeLifePlan IV Works

MyWholeLifePlan IV How it Works
source: Aviva

Benign and Borderline Malignant Tumour Benefit – 22 specified organs covered for Benign Tumour (suspected malignancy) requiring surgical excision

Specified Organs
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

Source: Singlife with Aviva

 

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
13. Pheochromocytoma
14. Age-related Macular Degeneration with Visual Impairment
15. Severe Presbycusis (Age-related Hearing Loss)
16. Urinary Incontinence requiring Surgical Repair

Source: Singlife with Aviva

Premium Comparison

Lets have a look at the premium comparison with the following criteria:

Basic Sum Assured – Death, TPD*, TI* $125,000
Multiplier 2 times
Multiplier Ends at 70
Early Critical to Advance Stage Illness Sum Assured $125,000

*TPD – Total Permanent Disability

*TI – Terminal Illness

 

Male, Aged 35

Early Critical to Advance Stage Illness Sum Assured $125,000
Cash Value at age 65 (based on 4.25% illustrated projection) $102,478
Cash Value at age 70 (based on 4.25% illustrated projection) $127,316
Cash Value at age 75 (based on 4.25% illustrated projection) $158,476
Cash Value at age 80 (based on 4.25% illustrated projection) $189,634
Annual Premium $4,477.50

 

Female, Aged 35

Cash Value at age 65 (based on 4.25% illustrated projection) $96,870
Cash Value at age 70 (based on 4.25% illustrated projection) $121,052
Cash Value at age 75 (based on 4.25% illustrated projection) $152,089
Cash Value at age 80 (based on 4.25% illustrated projection) $183,244
Annual Premium $4,543.75

 

Why Singlife with Aviva’s MyWholeLifePlan IV is One of the Best Coverage For Your Child

  • Intensive Care Benefit of additional 20% of sum assured, up to $25, 000 if admitted to Intensive Care Unit (ICU) for more than 4 days
  • Benign & Borderline Malignant Tumour Benefit pays out additional 20% of sum assured, up to $25, 000 in the event of a surgical excision of benign tumour from the 22 specified organs.
  • Premium payor waiver rider waives off premiums protects life assured (child) in the event payor is diagnosed of major stage CI or death.
  • Total Permanent Disability (TPD) coverage can be until 70 or 75 years old while this plan has it for Life.
  • Flexible premium term of 10, 15, 20 and 25 years as well as pay up to age 65
  • Have the option to receive annuity payout after 65 years old, with the choice to choose when you want.
  • Good range of multiplier of 2, 3 4 and 5 times for you choose for your child, to the age of 65/70/75

 

What We Don’t Like About the Plan

  • No option for Early CI waiver for Life Assured and Payor (only Advance CI Waiver). Will be very helpful for parents.
  • Minimum Sum Assured starts from $50, 000 whereas some insurers start at a lower $25, 000.
  • No option for x1 multiplier. Some people may prefer to have more cash value upon retirement and would not like any multipliers.

 

Singlife with Aviva MyWholeLifePlan IV may suit if you are looking for:

  • Competitive Premium across ages
  • Good coverage for Death, Terminal Illness and TPD (Total Permanent Disability) Protection Sum assured at a competitive premium.
  • The wide range of multipliers ( 2 to 5 times) as well as the choice of multiplier till age 65, 70 and 75 offers more options to parents to enhance the coverage of the child further.
  • Comprehensive amount of Early to Advance Stage CI along with very competitive premiums
  • Higher Early Critical Illness, Critical Illness and Total Permanent Disability coverage in an Insurance Policy.
  • Cash value that accumulates throughout the plan.
  • Option to choose a steady stream of income during retirement age.
  • A limited premium paying term and get coverage of death, TPD as well as early stage CI for life.

 

Singlife with Aviva MyWholeLifePlan IV Is Not Suitable If You Want:

  • A savings plan for children’s education purposes
  • Frequent withdrawals and access of cash from the insurance coverage plan.
  • Short breakeven years and have high cash value early into the plan.

 

Is Singlife with Aviva’s MyWholeLifePlan IV For You & Your Child?

Singlife with Aviva has been one of the more competitive insurer when it comes to whole life and term insurance, along with critical illness coverage and multiple pay CI plans. When it comes to the suitability of coverage for you and your child, it is always advised to have a look around and compare across the different competitive insurers.

To find the most suitably plan based on your concerns and needs, simply fill in the form below and our friendly partnered licensed FA advisor will get in touch with you.

Based on your needs, a custom made solution will be adjusted only addressing your concern with no obligations nor hidden fees.

Find the most suitable coverage for you and your child today!

     

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