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Pros and Cons of NTUC VivoLife

NTUC VivoLife is a participating regular premium whole life plan that covers death, total & permanent disability, and dread diseases. It combines the best of insurance coverage and long-term financial planning. There are three options: VivoLife 125, VivoLife 180 and VivoLife 350.

VivoLife 350 is ideal for those seeking high insurance coverage and the benefit of regular savings. The multiplier for VivoLife 350 is 3.5 times for death, TPD and CI. However, the multiplier for accidental death is three times.

There are seven payment options: 5 years, 10 years, 15 years, 20 years, 25 years, until 64 age last birthday and until 85 age last birthday. It is important to know that NTUC use age last birthday (ALB) while most other insurers use age last birthday (ANB)

NTUC VivoLife

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The objective of this insurance is to protect one against life’s unpleasant surprises and misfortunes such as early Death/TPD and diagnose of critical illnesses such as cancer. This policy provides a  peace of mind in the unfortunate event and is suitable for the following group

  1. Young children (Age 1 to 19)
  2. Parents of young children
  3. Working adults (Age 20 to 45)

This plan is not appropriate for those who are looking for the following

  1. Short, medium and long-term return
  2. Person with high-risk appetite
  3. Funding for retirement

Pros of NTUC VivoLife

  1. Smokers pay the same premium rate as non-smokers for the advantage stage critical illnesses coverage!
  2. Annuity Option in which this plan can be converted to an immediate annuity after age 60. Based on the enhanced surrender value of the policy at the time of conversion. The surrender value will increase by an additional conversion bonus (currently set at 5% on the original surrender value). The annuity rates will be based on the prevailing rates at the time of conversion.
  3. Early Cancer Rider will waive future premiums (basic plan and other supplementary benefits covered by the waiver) for the remaining term of the policy if the insured is diagnosed with an early stage cancer.
  4. [New] Early Protect Accelerator rider will advance the death coverage if the insured is diagnosed with an early or intermediate stage of critical illness.
  5. [New] Restoration Benefit restores 50% of the Early Protect Accelerator rider coverage for stroke, major cancers and heart attack of specified severity.

Cons of NTUC VivoLife

  1. The accidental death benefits multiplier is different from the multiplier for death/TPD and CI, and this may cause some confusion
  2. This policy does not pay out the sum insured in the event of early stage critical illnesses
  3. The premium is generally more expensive compared to similar plan in the market
  4. Contact us here if you want to know the full list of cons for NTUC VivoLife

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Besides NTUC VivoLife, you may want to read up a similar plan from Aviva that provides additional early stage critical illness coverage.

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