Aviva MyWholeLifePlan IV Review

MyWholeLifePlan IV is the newest whole life plan from Aviva with enhanced coverage and protection features.

Summary: Aviva MyWholeLifePlan IV provides comprehensive lifetime protection options to boost coverage when it really matters. Even better, accumulate cash value for future life goals or your retirement.

Aviva MyWholeLifePlan IV product details

Aviva MyWholeLifePlan IV is launched in July of 2021 and the previous Aviva MyWholeLifePlan III will be discontinued effective from 1 July 2021.

Aviva MyWholeLifePlan IV retains all the features and benefits of Aviva MyWholeLifePlan III with added benefits and options at competitive pricing. New features are highlighted in red.

Aviva MyWholeLifePlan IV Rating on InterestGuru.sg: 4.3 out of 5 stars (4.3 / 5)
Aviva MyWholeLifePlan IV Popularity on InterestGuru.sg: 4 out of 5 stars (4 / 5)

Read About3 Best Whole Life Plan in Singapore for Insurance Coverage (2021 Edition)

  • Life policy – Whole Life Policy
  • Insurance Coverage
    • Be covered against Death and Terminal Illness
    • Be covered against Total and Permanent Disability, Early Critical Illness, and Critical Illness with the available riders
  • Coverage Multiplier Benefit
    • You can choose to boost your coverage 2 to 4X of the Sum Assured to ensure you are well covered should the unexpected happen
    • You can choose for your multiplier coverage to last up till age 65, 70 or 75
  • Flexible Premium Term – New Feature
    • You can choose to pay premiums over 5, 10, 15, 20, 25 years or up till age 65
  • Guaranteed Extra Protection Option
    • Increase your coverage at key life events (eg. marriage, newborn child or graduation) without evidence of good health
  • Retrenchment Benefit
    • Premiums will be put on hold and interest waived for a year in the event you lose your job
  • Income Payout Option
    • Upon reaching age 65, you can choose to receive monthly income up to age 99
  • Special benefits (Up to 6 times) allows claims of an additional 20% of chosen Sum Assured for 24 medical conditions such as diabetic complications or autism)
  • Optional MultiPay CI Cover II rider for enhanced critical illness coverage.

Discontinued feature of Aviva MyWholeLifePlan IV

  • MultiPay CI Cover II Rider – A multi claims rider that pays out up to 5 times of Sum Assured across all stages of Critical Illness.

Get 20% of Sum Assured value for MultiPay CI Cover II if Life Assured did not make any claims before the policy anniversary provided that:

Life Assured is 65 ANB (for policy term that covers up to 70 ANB) or Life Assured is 70 ANB (for policy term that covers up to 85 ANB) without reducing the Sum Assured of MultiPay CI Cover II.

Features of Aviva MyWholeLifePlan IV at a glance

Refer to below for a simplified overview of Aviva MyWholeLifePlan IV:

Cash and Cash Withdrawal Benefits

  • Cash value: Yes
  • Cash withdrawal benefits: No

Health and Insurance Coverage

  • Death: Yes
  • Total Permanent Disability: Yes (With added riders)
  • Terminal Illness: Yes
  • Critical Illness: Yes (With added riders)
  • Early Critical Illness: Yes (With added riders)

Health and Insurance Coverage Multiplier

  • Death: Yes (With Multiplier rider)
  • Total Permanent Disability: Yes (With added riders)
  • Terminal Illness: Yes (With added riders)
  • Critical Illness: Yes (With added riders)
  • Early Critical Illness: Yes (With added riders)

Optional Add-on Riders

  • Total and Permanent Disability Advance Cover III
  • Critical Illness Advance Cover III
  • Early Critical Illness Advance Cover III
  • Critical Illness Premium Waiver
  • Payer Critical Illness Premium Waiver
  • Payer Premium Waiver Benefit

For further information and details, refer to Aviva website. Alternatively, fill-up the form below and let us advise accordingly.

Policy Illustration for Aviva MyWholeLifePlan IV, Yuki

Aviva MyWholeLifePlan IV Policy Illustration for Yuki

Yuki, age 25, purchases Aviva MyWholeLifePlan IV with a base Sum Assured of S$100,000 against Death and Terminal Illness, 3X multiplier coverage, and riders to cover herself against Total and Permanent Disability (TPD), Early Critical Illness (ECI), and Critical Illness (CI). She chooses to pay premiums over 15 years with a yearly premium of S$3,334.20.

At age 40, with a total of S$50,013 paid in premiums, Yuki finishes paying premiums and will continue to enjoy coverage for the rest of her life.

At age 70, Yuki’s Aviva MyWholeLifePlan IV multiplier coverage end. Her coverage amount reverts to the base sum assured of S$100,000 against Death, TPD, and Terminal Illness and S$30,000 against Early Critical Illness and Critical Illness.

At age 75, Yuki chooses to surrender her policy. She receives a projected surrender value of S$137,343 consisting of guaranteed cash value and non-guaranteed bonuses to spend as she wishes.

Policy Illustration for Aviva MyWholeLifePlan IV, Rose

Aviva MyWholeLifePlan IV Policy Illustration for Rose

Rose, age 25, purchases Aviva MyWholeLifePlan IV with a base Sum Assured of S$150,000 against Death and Terminal Illness, 3X multiplier coverage, and riders to cover herself against TPD, ECI and Critical Illness. She chooses to pay premiums over 15 years with a yearly premium of S$4,431.70.

At age 40, with a total of S$66,375.50 paid in premiums, Rose finishes paying premiums and will continue to enjoy coverage for the rest of her life.

At age 70, Rose’s Aviva MyWholeLifePlan IV multiplier coverage end. Her coverage amount reverts to the base sum assured of S$150,000 against Death and Terminal Illness, S$100,000 against TPD, and S$30,000 against Early Critical Illness and Critical Illness.

At age 75, Rose chooses to surrender her policy. She receives a projected surrender value of S$206,014 consisting of guaranteed cash value and non-guaranteed bonuses to spend as she wishes.

Key Difference in Yuki’s and Rose’s Aviva MyWholeLifePlan IV Journey

Yuki vs Rose Aviva MyWholeLifePlan IV Illustration Comparison

Rose pays a higher yearly premium with a higher base Sum Assured (SA) of S$150,000 against Death and Terminal Illness(base plan) whereas Yuki’s base SA is only S$100,000 for her base plan with the same coverage for TPD, ECI and CI as Rose.

Yuki pays a total of S$50,013 in premiums for her coverage and Rose pays a total of S$66,375.50 (S$16,362.50 more than Yuki) to enjoy her higher base coverage

At age 75, Yuki and Rose both surrender Aviva MyWholeLifePlan IV. However, Rose receives S$68,671 more than Yuki in the projected surrender value.

By increasing the base sum assured for the policy(not riders) we can see that Rose receives a more significant surrender amount compared to Yuki.

This is because only the premiums of the base policy its multiplier goes to work when it comes to accumulating cash value in a whole life policy.

In essence, Rose received S$68,671 more than Yuki by increasing her base coverage which only costed her an additional S$16,362.50.

Aviva MyWholeLifePlan IV may be suitable if you are looking for

Aviva MyWholeLifePlan IV may potentially be a good fit if the following matters to you:

  • Higher protection for Death and Terminal Illness coverage at an affordable premium.
  • Highest Early Critical Illness, Critical Illness, and Total Permanent Disability coverage in an Insurance Policy.
  • Health and Protection coverage due to a shortfall in your Insurance Portfolio.
  • Accumulating cash value in the policy for financial returns in the long term.
  • Paying premiums only for a limited number of years and enjoying coverage for a lifetime.

Read About: How much insurance coverage do you really need in Singapore *NEW*

In-depth Review: Term life vs Whole life – Which is better for you?

Aviva MyWholeLifePlan IV may not be suitable if you are looking for

Aviva MyWholeLifePlan IV may potentially be a bad fit if the following matters to you:

  • Liquidity or flexibility of withdrawal in your insurance policy.
  • Access to cash from your policy on a regular basis.
  • Insurance policy with a high surrender value in the early years of the policy.
  • Potentially higher financial returns compared to a pure investment product.

For pure insurance savings or investment plans, please refer to the following policy reviews:

In-depth Review: 3 Best Endowment Savings Plans in Singapore with Lifetime Wealth Accumulation (2021 Edition)

In-depth Review: 3 Best Investment Linked Policies in Singapore for Wealth Accumulation (2021 Edition)

Further considerations on Aviva MyWholeLifePlan IV

  • How is Aviva or Aviva MyWholeLifePlan IV investment returns based on historical performance?
  • How does Aviva MyWholeLifePlan IV compare with Whole Life Policies from other insurance companies?
  • Can Aviva MyWholeLifePlan IV fulfill my financial insurance, health, and protection needs?
  • How does the multiple claims rider for various stages of Critical Illnesses work?

The above information may not fully highlight all the product details and features on Aviva MyWholeLifePlan IV.

Talk to us or seek advice from a financial adviser before making any decision about Aviva MyWholeLifePlan IV.

Read AboutWhere do you start with financial planning?

Read About: 8 Commonly made financial mistakes by Singaporeans

Compare before you commit

Before committing to a whole life insurance policy, it certainly pays to make an effort to compare. Specific product features, benefits, and payouts will differ more than you think across insurance companies.

Why regret only years later, when you find out that you are not getting the best insurance policy available for the premium paid?

Even worse, to know you can compare whole life insurance plans here,  100% free of charges on the InterestGuru.sg platform.

INSTANT quotes for Whole Life Plans
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Whole Life Plans

Matching your profile…

Let’s start by filtering out the best whole life plans based on your age and gender. Your gender and age will affect the base premium payable.

Your current age is closest to:

Your gender is:

Male Female
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Whole Life Plans

Understanding your coverage needs…

You whole life plan can provide comprehensive coverage against all 37 major illness. Choose the level of protection you need for yourself and your family.

You require a critical illness (for late stage major illness) coverage of:

You require an early critical illness (for all stages of major illness) coverage of:

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Finding you the best whole life plans…

Your annual insurance premium will be lower if you choose to spread out your premium term over a longer period of time.

Your prefer to make payment (premium term) for this whole life plan over a period of:

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Is Aviva MyWholeLifePlan IV suitable for you?

Contact InterestGuru using the form below. Our panel of Independent financial planners will advise accordingly, based on your financial profile and protection needs.

All financial reviews and proposals provided are 100% free of charge. There will be no obligation to take up any proposed financial products or services in any way.

*For a limited time, get attractive incentives when you take up any products that is proposed by our team of financial planners.

We compare quotations head to head on all leading insurers in Singapore

Personalised whole life plans

Pay for what you need in a whole life plan!

3 easy steps for your customised whole life insurance plan
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Step 1: Getting to know you…

Let's start with a brief introduction of your personal profile. Please note that your current age and gender affects the insurance premium payable for your whole life plan.

Name:

Gender:

Birthdate:

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Step 2: Understanding your coverage needs…

Please select the amount (sum assured) and type of lifetime coverage that is required for this plan:

You need a death coverage (base coverage) amount of?

Do you required critical illness coverage in the event of a major illness (optional)?

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Step 3: Finding the best whole life plans for you!

InterestGuru.sg team of financial planners will compare and provide you with the best whole life insurance plans based on your inputs.

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Before you go...
Aviva MyWholeLifePlan IV may be a good fit towards your current financial goals. However, there could be way more plans out there with features and/ or benefits that could be more relevant to you at a lower cost.
Drop us a message and find out about customised options across multiple insurance companies. You deserve to get the best out of your hard-earned savings!

 

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