AIA Life Insurance coverage Singapore — Credit score Playing cards Evaluate 2021

With so many insurers on the market promoting a seemingly monumental mixture of merchandise, selecting the perfect life insurance coverage coverage to your wants can really feel like being a child in a sweet retailer who’s solely allowed to purchase one single candy. (Let’s ignore the truth that not like sweet, life insurance coverage gained’t provide you with diabetes, however can save your loved ones if you happen to die of it.)

Contemplating an AIA life insurance coverage coverage, amongst others? Earlier than assembly an agent, take a look at their fundamental insurance policy and their excessive/lowlights.

Why think about life insurance coverage from AIA Singapore?

AIA is an insurance coverage firm based by an American in Hong Kong, and is now one in all Asia’s largest insurers. They’ve been working in Singapore since 1931 and are at the moment thought of one of many high 5 main insurance coverage corporations right here.

Learn extra: A Newbie’s Information to Main Insurance coverage Firms in Singapore

AIA gives each time period life insurance coverage and entire life insurance coverage. All kinds of life insurance coverage supply payouts if you happen to die, nevertheless time period life insurance coverage provides you with this safety just for a specified time period or time period.

Complete life insurance coverage, then again, is supposed to guard you all of your life, or a minimum of till a ripe previous age. One other key distinction is that entire life insurance coverage helps you accumulate money worth over time, which you’ll unlock if you happen to determine to give up the plan sooner or later.

There are a lot of different variations between time period and entire life insurance coverage, which you’ll learn up on proper right here on the MoneySmart weblog.

Learn extra: Life Insurance coverage in Singapore — The Fundamentals of Complete Life and Time period Insurance coverage & Time period Life vs Complete Life Insurance coverage in Singapore — Which Is Higher for You?

Whereas AIA has a seeming plethora of life insurance coverage merchandise, we’ve recognized their fundamental time period life (AIA Safe Flexi Time period) and entire life (AIA Assured Defend Plus II) insurance policies on this article.

AIA Safe Flexi Time period (time period insurance coverage)

AIA Safe Flexi Time period is a life insurance coverage plan providing safety towards loss of life, terminal sickness and terminal most cancers. There’s a minimal sum assured of $500,000.

You possibly can select phrases starting from 5 to 30 years, or till the age of 65, 75 or 100. Observe that if you choose a time period that ends at age 100, you will have to have a minimal sum assured of a minimum of $1 million.

After your time period is over, you might be assured renewal of the plan as much as the age of 101 no matter well being situation, making this one of the vital safe time period insurance policy by way of age and renewability.

As is common with time period plans, your premiums keep the identical all through one protection time period, and are then revised after every renewal.

The plan can also be convertible must you determine to later change to an AIA entire life plan, endowment plan or investment-linked coverage with no additional medical underwriting wanted.

You possibly can improve your safety additional with these riders:

• Important Cowl rider – Lengthen your safety to 43 main vital diseases.
• Early Important Cowl rider – Lengthen your safety to 32 early and 29 intermediate vital diseases and 5 particular circumstances.
• Complete and Everlasting Incapacity rider – Protects you from whole and everlasting incapacity earlier than the age of 70.
• Premium Waiver rider – Excuses you from paying premiums if you happen to get a vital sickness or turn out to be disabled.

Pattern premium: $28.47 a month for 30-year-old non-smoking male with $500,000 sum assured for 20 years.

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Key Options

• The Month-to-month Premium proven is for illustration objective solely. It’s calculated based mostly on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Select from renewable protection phrases of 5, 10, 20, 30 years or degree phrases as much as age 65, 75 or 100

• Benefit from the flexibility to transform to an AIA endowment, investment-linked or entire life plan earlier than age 70 with out addition medical underwriting

• Renew your coverage as much as age 101

• A Terminal Most cancers Profit is included underneath the coverage

• Customise your coverage with the Complete Everlasting Incapacity (TPD) and Important Sickness protection riders

See all card particulars 

AIA Assured Defend Plus II (entire life insurance coverage)

Now let’s take a look at AIA’s signature entire life insurance coverage coverage, AIA Assured Defend Plus II.

The plan gives safety from loss of life or everlasting incapacity (the latter as much as the age of 70), with minimal protection of $50,000. To spice up your protection, you may go for a multiplier of as much as 5X your sum assured.

We like that this plan gives vital sickness cowl by way of riders, which makes your protection extra complete. There’s additionally an enhanced model of the plan, AIA Assured Defend Plus (II) Particular, which comes with extra vital sickness protection.

As is frequent with entire life plans, you do not need to pay lifelong premiums. In AIA’s case, you may select to pay premiums for 12 years, 20 years or till the age of 65 or 75. As soon as the premium cost time period is over you cease paying premiums however proceed to take pleasure in insurance coverage safety.

You possibly can add the next riders to beef up your safety:

• Early Important Cowl Additional or Early Important Protecter Life (II) – Provides safety from 104 multi-stage vital diseases and particular circumstances. For youngsters, this rider robotically comes with Baby Important Cowl which protects towards 16 baby vital diseases and 9 baby particular circumstances.
• Important Cowl Additional or Important Protector Life (II) – Provides safety from 43 main stage vital diseases until age 100.
• Important Protector Waiver or Early Important Protector Waiver – Waives your premiums in case you are recognized with a vital sickness.

Pattern premium: $205.58 per 30 days for 30-year-old male non-smoker with $100,000 sum assured, 20 yr premium cost interval and X2 multiplier

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Key Options

• Provides you protection for whole everlasting incapacity (as much as 70 years previous), and loss of life (as much as 100 years previous)

• Possibility so that you can add a 2X, 3X or 5X multiplier as much as 65 or 75 years previous to extend your whole protection for a hard and fast time period

• Possibility so that you can pay your premiums for a hard and fast time period of 12 or 20 years, or till you might be 65 or 75 years previous – however your plan will proceed overlaying you as much as 100 years previous for loss of life

• In case you outlive your plan (stay past 100 years previous), your plan accumulates money worth and non-guaranteed bonuses over time so you may reclaim some a reimbursement on the finish

• Possibility so as to add 4 riders, particularly the Important Protector Life (II), Early Important Protector Life (II), Important Cowl Additional, and Early Important Cowl Additional to cowl 42 main or 103 multi-stage vital diseases

See all card particulars 

Which AIA life insurance coverage coverage is finest?

Each AIA life insurance coverage merchandise are fascinating choices in case you are searching for “entire life” protection, i.e. the reassurance of a payout even if you happen to stay as much as the ripe previous age of 100.

Particularly, AIA Safe Flexi Time period is among the only a few time period insurance coverage insurance policies that may cowl you as much as age 101. That means that you can get the lifelong protection of a complete life insurance coverage plan, however at a a lot lower cost level.

Though there’s no money worth, your loved ones will nearly definitely get a payout (because it’s very doubtless you’ll move on by age 101).

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Key Options

• The Month-to-month Premium proven is for illustration objective solely. It’s calculated based mostly on an annual premium for a 30-year-old, male, non-smoker with a coverage time period of 20 years and S$500,000 sum assured.

• Select from renewable protection phrases of 5, 10, 20, 30 years or degree phrases as much as age 65, 75 or 100

• Benefit from the flexibility to transform to an AIA endowment, investment-linked or entire life plan earlier than age 70 with out addition medical underwriting

• Renew your coverage as much as age 101

• A Terminal Most cancers Profit is included underneath the coverage

• Customise your coverage with the Complete Everlasting Incapacity (TPD) and Important Sickness protection riders

See all card particulars 

Nonetheless, as a result of the sum assured begins at $500,000, it’s not as low cost as another “finances” time period insurance coverage insurance policies. In case you’re searching for one thing low cost and no-frills as a result of you do not want such a excessive sum assured, there are time period insurance policy that begin from $100,000.

Learn extra: 7 Finest Time period Insurance coverage Insurance policies in Singapore for Reasonably priced Safety

In the meantime, if you happen to’re prepared to spend extra on premiums and are have an interest within the wealth accumulation element, the AIA Assured Defend Plus II plan offers you the choice of unlocking money worth if you happen to give up the plan sooner or later.

Although premiums are a lot larger, it’s fairly a complete possibility if you happen to both add a vital sickness safety rider or go for the Particular iteration of the plan.

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Key Options

• Provides you protection for whole everlasting incapacity (as much as 70 years previous), and loss of life (as much as 100 years previous)

• Possibility so that you can add a 2X, 3X or 5X multiplier as much as 65 or 75 years previous to extend your whole protection for a hard and fast time period

• Possibility so that you can pay your premiums for a hard and fast time period of 12 or 20 years, or till you might be 65 or 75 years previous – however your plan will proceed overlaying you as much as 100 years previous for loss of life

• In case you outlive your plan (stay past 100 years previous), your plan accumulates money worth and non-guaranteed bonuses over time so you may reclaim some a reimbursement on the finish

• Possibility so as to add 4 riders, particularly the Important Protector Life (II), Early Important Protector Life (II), Important Cowl Additional, and Early Important Cowl Additional to cowl 42 main or 103 multi-stage vital diseases

See all card particulars 

In comparison with different insurers, AIA’s life insurance coverage choices are on the expensive however extra complete facet. So, they’re appropriate for individuals who prioritise safety and are prepared to pay for it. As a bonus, the plans above are eligible for AIA Vitality, a wholesome residing rewards programme that’s chock stuffed with perks.

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