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Pros and Cons of Aviva MyWholeLifePlan

Aviva MyWholeLifePlan is a limited payment participating whole life insurance plan that provides coverage for death, total permanent disability and different stages of critical illnesses (early, intermediate and advanced stages).  It is also a multiplier plan that the policyholder can enjoy a multiplier coverage of 3X or 4X upon the commencement of the coverage. The multiplier expires at age 70 of the policyholder.

At age 65, the policyholder can exercise the “Flexible Income Payout Option” to enjoy a monthly income stream up to age 99 to supplement his retirement income.

There are three payment term options:

  1. Limited payment term of 10 years.
  2. Limited payment term of 15 years.
  3. Limited payment term of 25 years.

Aviva MyWholeLifePlan

Image is taken from aviva.com.sg

Pros of Aviva MyWholeLifePlan

  1. A high multiplier of 4 times for death, total permanent disability and different stages of Critical Illnesses coverage (early, intermediate & advance)
  2. Flexible combination coverage for various stages of Critical Illnesses coverage
  3. Flexible income benefit option that converts some of the policy guaranteed cash value (up to 80%) into retirement monthly income stream (payable via bank transfer) till age 99. Do note that after this conversion, the coverage and surrender cash value will decrease.
  4. Option to increase insurance protection upon key life milestone event with no medical underwriting
  5. Delay of paying the insurance premium and waiver of interest if the policyholder is retrenched. Do that the policyholder will have to pay back the overdue premiums. (terms and conditions apply)

Cons of Aviva MyWholeLifePlan

  1. Absent of 20 years payment option that some policy holder (mostly in their 20s or sometime early 30s) would prefer
  2. The past decade historical participating fund performance is slightly below 4.75% per annum. Hence, there is a possibility that Aviva is unable to honour the 4.75% projection in the benefit illustration.
  3. Contact us here if you want to know the full list of cons for Aviva MyWholeLifePlan

To know if Aviva MyWholeLifePlan can honour the projected return base on historical performance.

To know how Aviva MyWholeLifePlan compares with other insurers’ protection solutions.

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Besides Aviva MyWholeLifePlan, you may want to read up on other insurance plans at our homepage.

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