Wednesday, April 25, 2007

Term insurance - Income & Aviva

If you are male 20 years and you wish to insure $100,000 for 20 years:

NTUC Income: monthly premium of $13.40 fixed for 20 years. Total: $3,216

Aviva: monthly premium of $20 for first 10 years, and $30 for next 10 years. Total $$6600

Conclusion: the premium payable to Aviva is 2 times of NTUC Income. It is better to buy the term insurance from NTUC Income.
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3 comments:

  1. AnonymousApril 26, 2007 1:51 AM

    Hi Mr. Tan,

    Thanks for your great and informative blog. I’ve learnt quite a lot from the regular reading of your blog…

    Btw, I have some queries which I hope you could advise.

    1) For the Aviva term insurance you mentioned, may I know are you referring to the SAF Group Term Insurance by Aviva? Or is it another term insurance for the general public (coz I can't find any info on term insurance from the Aviva (S'pore) website, other than the info on the SAF Group Term Insurance).

    2) Fyi, I've bought the SAF Group Term Insurance by Aviva (at that time it's by ICS) during my NS days and had gradually increased the sum assured from $20K to $150K over the years. Recently I’m thinking of increasing it to $200K. If the term insurance from NTUC Income is cheaper, I might consider canceling it and take up a $200K term insurance with NTUC Income instead.

    3) Btw, the SAF Group Term Insurance by Aviva covers both death and TPD. It also comes with a (optional) rider that covers the 30 major illnesses (which I had also took up for a sum assured of $150K). May I know whether does the NTUC Income term insurance come along with a rider that covers the 30 major illnessed as well? If so, is it cheaper compared to the SAF Group Term Insurance when considering both the main term insurance and the rider as a whole?

    Thanks in advance for your time and advice.

    Regards
    Terence

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  2. KelvinJanuary 20, 2009 2:22 PM

    Please refer to the following link:

    http://www.aviva.com.sg/pdf/57660_SAF%20Brochure.pdf

    Aviva's rates are level til 65. Sum Assured of $100,000 will cost $12.80 per month.

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  3. UnknownOctober 23, 2010 3:00 AM

    If you need insurance information about insurance life, then you should check out http://www.life.realinsurance.com.au/Life-Insurance.aspx.
    You can find information about other types of insurance while you're there.

    ReplyDelete