To get you started, we’ve identified some main concerns you may have and the types of plans that could be suitable for your needs.
|If you are concerned about||You may want to consider||What does it do?||What Aviva offers|
|Debt management and providing for family when you die||Term plans or whole life plans||
Pays out a lump sum of money upon death. In addition, a whole life plan pays out any accumulated savings and bonuses.
Most insurers also offer add-ons called riders, which allow you to build on your protection plan to complement your coverage. This can include benefits such as critical illness, total & permanent disability cover (TPD), or premium waivers.
|Outstanding mortgage and large loans if you die||Reducing term plans||Pays out a lump sum of money upon death. The payout amount diminishes at your chosen rate over a set period of time, and is ideal for protection against reducing mortgages and large loans.||MyProtector-Decreasing|
|Cost of medical bills||Hospitalisation and surgical plans||
Reimburses the cost of hospitalisation, surgical bills, including pre- and post-hospitalisation treatment and catastrophic outpatient treatment like cancer and kidney dialysis.
In Singapore, Medisave-approved Integrated Shield plans are available to enhance your MediShield coverage. You may also want to find out about different levels of coverage, as well as co-insurance and deductibles; they determine what plan you need and how much of the bill is borne by you.
|The cost of care in case of disability||Long-term care plans||Provides a monthly payout to help offset the cost of long-term care. In Singapore, from age 40, Singaporeans and PRs become eligible for the national ElderShield scheme. Premiums can be paid from your Medisave and you can enhance your cover and payout with ElderShield supplements.|
|Living expenses and debts if you’re unable to work due to critical illness||Critical illness/ major illness plans||Pays out a lump sum of money if you’re diagnosed with a critical illness that’s covered under your plan. Note that different plans may cover different types of critical illnesses and at different stages.||
|Loss of income due to disability||Income protection plans||Provides a monthly payout to replace the income you’ve lost, if disabled or unable to work from accident or illness. The maximum amount you can insure yourself for is typically capped at 75% of your salary.salary.||IdealIncome|
Updated on March 2020