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Singlife with Aviva MyProtector-Term Plan II Review
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Singlife with Aviva MyProtector-Term Plan II Review

Last Updated on May 24, 2022 by Parentology

When it comes to insurer stability and plan features, Singlife with Aviva’s MyProtector Term Plan has always been one of the most competitive one in the market.

Singlife with Aviva’s range of term plans, whole life plans and stand alone critical illness plans (both Single payout and Multiple Payout) are consistent and have good coverage features that protects your family should you need it.

 

Singlife with Aviva MyProtector-Term Plan II Product Features

 

Wide Range of Premium Term

Choose 5 or 10 years for renewable term or a range of coverage years from 11 years onwards up to age 85 (level term). The number of years are flexible to choose (12, 17, 23 years etc..) for level term.

 

Renewable Term – 5 or 10 years

You can choose a 5 or 10 years renewable term insurance should you be uncertain of how long you (or your child) need the protection for. After the protection period of 5 or 10 years, should you want to continue the coverage (or for your child), you have the option to renew it for another 5 or 10 years term, without medical underwriting. Premiums will then be calculated based on the new older age now.

The renewable option is guaranteed automatically near the end of the policy term and you will have the option to renew. This is useful should you be unsure of the length of coverage you want at this moment in time, as well as coming at a lower premium.

 

Level and Convertible Term– from 11 years up to age 99

This option allows for flexible premium and coverage term of years, like 25 years, or 31 years, should you want your term insurance to cover specific liabilities like mortgage loan, or when your child turns 24 years old (boy after NS).

Also, the number of years of protection are flexible to choose (12, 17, 23 years etc..) and you can choose to have the coverage up to 99 years old.

 

Key Life Events

Upon reaching certain life milestones, needs change and will be different, choose to increase coverage (as life assured for yourself, or for your child), without medical underwriting:

  • Marriage or divorce
  • Parenthood (newborn or legally adopted child)
  • Graduation (Tertiary education)
  • New Home/ Property

 

Convertibility Option

Have the option to convert the MyProtector-Term II insurance into an Endowment or Whole Life insurance without medical underwriting.

Additional Supplementary Benefits (Riders) to Enhance Your Coverage

 

Covers for Life

  • Total and Permanent Disability
  • Advance Stage Critical Illness
  • Early Critical Illness Cover II – Covers from Early To Advance Stage Critical Illness (Single CI Payout)
  • MultiPay Critical Illness (CI) Cover IV – Pays out Early to Advance Stage CI multiple times up to 900%

 

Premium Waiver Riders (coverage during premium term)

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

 

How Singlife with Aviva MyProtector-Term Plan II Works

 

How Singlife with Aviva MyProtector-Term Plan II Works 1

How Singlife with Aviva MyProtector-Term Plan II Works 2
source: Singlife with Aviva

Illustration on Premium for Aviva MyProtector Term Plan II With Early CI (Single Pay) – Boys

Coverage till

Age 70

Death

$1,000,000

TPD

$1,000,000

Early CI

$250,000

1 Year Old

$2,247.85

5 Years old

$2,028.30

10 Years Old

$1,715.25

Source: Aviva

 

Illustration on Premium for Aviva MyProtector Term Plan II With Early CI (Single Pay) – Girls

Coverage till

Age 70

Death

$1,000,000

TPD

$1,000,000
Early CI

$250,000

1 Year Old

$1,404.20

5 Year Old

$1,643.70

10 Year Old

$1,874.95

Source: Singlife With Aviva

Why We Like The Singlife with Aviva MyProtector-Term Plan II

 

Competitive premium pricing for high coverage of Death, TPD, Terminal Illness, Critical Illness of all stages including Early to intermediate to advance stage. Ideal if you want a term protection for your child on a friendly budget.

  • 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.
  • Flexibility to convert this term insurance to a whole life or endowment plan
  • Choose to increase the sum assured for protection coverage upon important life milestones to meet your child’s coverage needs due to the change in lifestyle. All this without medical underwriting
  • Good range of supplementary benefits riders for parents to further enhance the comprehensive coverage in a practical way:
    • TPD Rider (Pays out in the event of Total and Permanent Disability)
    • Advance Stage Critical Illness
    • Early To Advance Stage Critical Illness (Single CI Payout) – Highly Recommended
    • MultiPay Critical Illness (CI) Cover III – Highly Recommended
    • Premium Waiver Riders (coverage during premium term)
      • Critical Illness Premium Waiver
      • Payer Critical Illness Premium Waiver – Very useful for parents getting for their young child. Rider waives future premium in the event of advance stage critical illness on the payer (parent)
      • Payer Premium Waiver Benefit – Very useful for parents getting for their young child. Rider waives future premium in the event of death of the payer (parent)

The Singlife with Aviva MyProtector-Term Plan II is less suitable if:

  • You are looking for a savings plan with cash value with guaranteed and non-guaranteed yield returns
  • You are looking for a protection plan with limited premium payment term

 

Conclusion for Singlife with Aviva MyProtector-Term Plan II Review

As parents, before we look at getting a term insurance, we want to know the practicality of it and whether term insurance coverage is suitable and only then will we know what we are looking for.

If you are a believer of BTIR (Buying Term Invest Rest) and would like to leave wealth growth aspect in other forms of instruments like investment and endowment, then Singlife with Aviva’s MyProtector – Term plan II is worth your considerations.

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. One strong feature is that the plan can actually include early CI rider (single payout for CI from early to advance stage) as well as multipay CI rider (which covers CI occurrences of more than not just once nor twice but up to 900%).

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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