My independent financial planner often sends me letters and emails to update me on some of the latest promotions on insurances and investments. Most of the time, I would just take a quick look before crumpling up the leaflets or hitting that “delete” button. After all, I presume myself to be already adequately covered and prefer to manage my own investments.
However, earlier last week, this juicy deal caught my eye when I sieved through my emails and I have decided to share it with you. Basically, Aviva’s offering a 25% discount on premiums for their My Protector Level Plus policy. Frankly speaking, that’s a pretty hefty discount on a basic term insurance policy. The attractive indicative premiums are attached below:
The catch here is that to qualify for this discount, the minimum coverage has to be $1 million dollars. Currently, the $510 I pay to Aviva for their “Global Protection” term insurance provides me with $150k of coverage for Death/Terminal Illness, Total and Permanent Disability and accelerated Critical Illness (similar to dreaded diseases) payout. If I were to adopt the illustration above, my premiums would increase by almost 3 times! Even after stripping the optional items, I would still have to pay roughly about $58.56 ($78.08 before 25% discount) every month for this $1 million insurance.
Ok, I guess it’s time to catch myself here and stop bashing this product, eh? Even though this product isn’t that suitable to me, it might be a godsend for many. (I also have to be honest and admit that I probably won’t even think twice about signing up if the promotion is valid for a $0.5 million coverage.) Afterall, it isn’t really that uncommon for a guy in his 30s to have young children and elderly parents (and even grandparents) as his dependents. Different strokes for different folks.
Therefore, If you are looking to buy a term insurance or increase your coverage, you should take a closer look at this policy. The promotion is valid till 31st October so there’s still 3 weeks to go!
Additional Disclaimer: I am just sharing on a product which I thought might be useful to you. Aviva definitely does not provide me with any incentives for writing this post.