aviva: launch of my protector - level plus

today, we received an email notification from aviva on the change in their quotation software.

the upgraded software incorporates the launch of my protector - level plus from december 01, 2011 which is a repriced version of the current my protector - level term plan which has been withdrawn to make way for the new my protector - level plus term plan.

what is my protector - level plus?

this is a regular premium non-participating level term plan and offers protection against death and terminal illness.

aviva my protector - level plus plan is available for policy term of:

a. 5 years that is embedded with guaranteed renewable option or
b. 10 years to age 82 or up to age 99 next birthday, whichever is lower.

and the plan comes with a guaranteed issuance option for the following life stage events without evidence of health and they are:

a. any change of marital changes of the life assured, such as the life assured marries or divorces
b. the life assured becomes a parent or adopt a child
c. the life assured graduates from tertiary education.

then, the life assured can exercise this option to increase the sum assured of the basic policy if the basic policy has been fully underwritten and accept as standard terms without any sub-standard premium loadings, exclusions or counter-offers.

The Life Assured can exercise this Guaranteed Issuance Option:

a. up to maximum 2 times per life time.
b. before the Policy Anniversary when the Life Assured attains age 50 at next birthday.
c. if there are no previous admitted claims or currently applied for a claim on this Policy within the Policy term.
d. with the consent of the Policyholder if the Life Assured is not the Policyholder of this basic Policy.

The premiums are level and guaranteed throughout the policy term. Six currency options are available: SGD, USD, GBP, EUR, AUD and HKD.

my comments:

with longer life expectancy, many of our insurers have taken this factor into the repricing of term products and the latest to do so is aviva. this year, we have seen insurers like tokio marine life insurance (jan 2011), axa life (mar 2011)and aia (nov 2011) repricing their term rates.

with aviva my protector - level plus joing the band wagon, consumers are the real winners in terms of having to pay much, much lower premiums for plain vanilla term protection especially for life insureds up to the age bracket of 30 years.

this is important because our population remains grossly under-insured to the tune of more than $330,000 based on the latest aia survey some months ago and with term rates heading south, the bar on affordability has been lowered significantly.

for example, aviva my protector level plus pricing for the basic plan for a non-smoker male and non-smoker female, age 30 with a sum assured of $1,000,000 and term of 5 years is just $360.00 and $230.00 respectively which does not even equate to $1 per day. One caveat here because aviva has set a minimum entry level in the form of a minimum annual premium of $351.70 but other terms and conditions apply as well.
but pricing wise, younger insureds will have plenty to cheer because i believe term rates will continue to head south.

if u are the lengendary singaporean consumer already famous (with apologies to ms michelle chong) for sniffing out bargains, it will be worth your time to check out the repriced term products currently available from aia, aviva, axa life and tokio marine life insurance.