Why You Need Life Insurance

My Protector Term Plan II
Source: Aviva

One of the major traumatic events one can face in life is having no financial coverage when an unexpected negative event happens. Accidents, sickness and emergency deaths are parts of life. What is worse is if they happen and you have no insurance coverage.  Without coverage you or your dependents experience financial stress. It does not have to be like this. There are various insurance coverage options you can take advantage of but one of the best is the Aviva My Protector Term Plan II.

This product was born out of Aviva’s belief that everyone deserves protection and that you can make your choices based on what your coverage needs are and the prices you can afford. There are various coverage plans available from different insurance companies. If you need a life plan that has flexible terms and a wide range of riders which protects you from negative unexpected life events then the MyProtector-Term Plan II is your best option.

Before buying this particular life insurance plan, you should have a glimpse of the track record of the company providing it- Aviva. Aviva is a Singapore- based insurance company. The company is a leading provider of health and life insurance as well as retirement and investment solutions.

MyProtector Term Plan II Overview

Aviva has designed some of the most comprehensive Insurance products for the coverage of important life events. The company has been in business for around three centuries and has millions of customers across the globe. With a 96.3% claims payment record, Aviva is an ideal provider of life coverage with a comprehensive suite of solutions to meet your needs.

Aviva also has a distinct edge over other providers because of innovations such as expedited and cashless medical payments, the use of the ClaimConnect App to handle paperless claims and the shift away from claim-once plans. If you sign on with Aviva, you also get access to various discounts and savings and priority access to medical personnel.

The Aviva MyProtector Term Plan II is basically a term life insurance product that is non- participating. This product is designed to provide interim cover against terminal illnesses and accidental death. It can be purchased as a single, joint or third party policy. You can purchase the single policy for yourself or for the co- insurance of two parties or you can purchase the third party policy if you are purchasing for another individual.

MyProtector Term Plan II Information

Illustration on Premium for Aviva MyProtector Term Plan II

Male, Non-smoker, aged 35, premium is rounded up to nearest cent.



Sum Assured Daily Premium
MyProtector-Term Plan II 35 years $1, 500, 000


Total Permanent Disability 35 years $1, 500, 000


Multipay Critical Illness 35 years $250, 000 $8.25
Total $13.81/ day

Source: Aviva

The MyProtector Term Plan II has a premium payment system that is leveled and guaranteed. Under this plan, the age limit for total permanent disability coverage is 85 years and the payout limit is $2,000,000. In terms of coverage, the minimum for death is $100,000.

The minimum and maximum coverage for critical illness are $50,000 and $3,000,000 while that of total or permanent disability are $100,000 and $6,000,000 respectively. Also, the premiums payable under this plan are computed on the basis of the premium rates as at the dates the benefits commence.

One of the main benefits of buying the Aviva MyProtector-Term Plan II is that aside from the interim cover, this product offers premium waivers and significant riders for additional coverage. These riders provide cover for critical illnesses and total and permanent disability. If any of these events occur, payment of additional premiums will be waived. These additional riders and waivers have made the Aviva MyProtector-Term Plan II one of the most demanded insurance cover packages.

Illustration For Aviva MyProtector – Decreasing Term

Joint-Lives example of a male at 35 years old and female at 30 years old. Both are non-smokers and interest rate selected is 3%.

Premiums are also rounded up to the nearest cent.



Sum Assured Daily Premium
MyProtector-Decreasing 30 years $350, 000


Total Permanent Disability 30 years $350, 000


Critical Illness Coverage (Advance Stage) 30 years $350, 000 $2.97
Total $4.76/ day

Source: Aviva

Before you buy the Aviva MyProtector-Term Plan II, you must be sure that it is a perfect fit for your needs. While this product is one of the best in the market, it is not for everybody. This plan is suitable for individuals who want insurance coverage for death, early critical illness, critical illness, numerous claims across the different stages of critical  or serious illness and for critical milestones or achievements in life.

The plan is also suitable if you want to supplement or enhance existing coverage in case of a shortfall or you want options to waive future premiums in case of critical illness or disabilities. You may also consider buying this plan if you are really interested in paying lower premiums at the start of premium payment, if you are looking to fill the shortfalls in your insurance portfolio or if you want to boost the level of insurance coverage.

This plan is not suitable for you if you want a coverage that does not require future payments but just one lump premium commitment. Also, you should not consider this plan if you want coverage that offers guaranteed issuance or investment returns. A drawback of this plan is that it does not offer regular cash payouts and the policy lacks a surrender value. You must know this before deciding to buy this plan.


This product also offers flexible coverage periods. As a customer, you have three coverage options. You can choose a five or ten years coverage plan with a guaranteed renewable option.

The other plans are the 11- 85 Age Next Birthday and the 99 Age Next Birthday. These plans are renewable at a yearly interval, however the latter is only available for single and third party policy holders only. The payment plans are also flexible. Aviva provides the buyers of this policy options to pay their premiums yearly, half- yearly, quarterly or monthly.

If you are insured for a minimum sum of $500,000, you will enjoy a 20% perpetual discount on the basic MyProtector-Term Plan II premium payments and selected riders.

These riders include Early Critical Illness Cover II, Critical Illness Advance Cover III and Total and Permanent Disability Advance Cover II.

Another feature of the Aviva MyProtector-Term Plan II which appeals to customers is the system of payments it offers. The plan offers a lump death benefit payment if the policy holder dies. The plan allows dependents to claim up to $500,000 or the sum of the claimable death benefits or whichever one is lower in the case of accidental death.

The plan also offers a lump sum of terminal illness benefit which counts towards the death benefit payment. In the case of total or permanent disability, you will be reimbursed the costs of treatment which are advanced against the death benefit. In this case, the payable premiums are both leveled and guaranteed. Total or permanent disability is deemed to have occurred when you are certified blind in both eyes, blind in one eye and unable to use one limb above the wrist or ankle, or if you are unable to use both hands or both feet.

Aviva also provides additional benefits such as Guaranteed Renewal Options (GRO), Guaranteed Issuance Options (GIO) and Guaranteed Convertibility Options (GCO). This makes the Aviva MyProtector-Term Plan II one of the most affordable life term plans. Even though there are terms and conditions guiding the use of these conversion options, using them means you get more value for your money.

The flexibility of this particular plan also extends to convertibility. Naturally, key life events such as marriage, becoming a parent, purchasing property or graduating from school will increase your financial exposure and require that you get more coverage. The MyProtector-Term Plan II makes this very easy.

The plan has a built-in option which allows you to increase your coverage at key life events. For example this plan can be converted into a whole life insurance or endowment. During this conversion, you are spared the costs of medical underwriting and you do not have to provide further proof of insurability. Your basic policy can also be reviewed every 5 or 10 years and you do not have to pay additional medical underwriting costs.

MyProtector Term Plan II Conclusion 

If you want a very comprehensive life insurance plan, buying the Aviva MyProtector-Term Plan II is one of the best decisions you can make. Although the maximum coverage is just until the age of 85, this plan has other great benefits like the multiple riders, renewable terms and flexible coverage periods, competitive premium pricing which is also affordable and the flexible coverage periods which makes it ideal.


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