Saturday, December 26, 2015

Aviva MyCare policy

The Aviva MyCare policy is a life insurance policy that provides for long term care. The policyholder, age 43, pays a premium of $564 a year for the whole of life. 
When the policyholder becomes severely disabled, which is defined as the inability to carry out at least 3 activities of daily living, the policy pays a monthly benefit of $1,300 for up to 12 years. 
Is this policy worth buying? Here is my analysis.
Note - the MyCare policy is a supplement to the Eldershield policy, which can be bought with CPF Medisave savings. The coverage is similar to Eldershield, but the premuim and amount of benefit is different.

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