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 Why do I need life insurance cover? |
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Life insurance will help to financially protect your loved ones against your death. You need it if you have family members who depend on your earnings for monthly expenses, especially if you have dependants who will need to make housing loan payments, to pay for their education or to cover any outstanding debts. The decision to buy life insurance depends on your responsibilities and your financial needs for the future.
Life Insurance Needs Calculator
Take a minute or two and let us calculate roughly how much insurance you should consider. |
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What's the difference between term and permanent life insurance? |
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A main difference between term and permanent life insurance is that term life insurance has an end date, for example at age 80, whereas permanent life insurance provides coverage for life.
Term life insurance is generally lower in cost because it provides a death benefit for a set period of time. The premium you pay goes towards protection only. Most term life insurance policies don't build any cash value.
Permanent life insurance can offer both protection and a cash value. Part of the premium in permanent life insurance goes towards the death benefit - the protection component - and part of it goes into a savings component to accumulate cash value. Permanent life insurance is designed to provide protection for your entire lifetime. |
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What is DirectProtect? |
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It is a non-participating, yearly renewable term life insurance plan. |
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What does DirectProtect cover? |
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It covers death and terminal illness for a one-year period and it automatically renews every year up to age 60 next birthday.
Coverage is up to age 61 next birthday. |
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What does yearly renewable means? |
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It means your DirectProtect policy is renewed every year at the end of the cover period. There is no need for you to renew the policy as it get renewed automatically as long as you continue to pay your premiums. |
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Is there cash value in DirectProtect? |
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There is no cash value in the DirectProtect plan, which is a non-participating term protection plan. It is meant to provide you with pure insurance protection, hence the lower cost. |
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How do I qualify? |
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You qualify if your next birthday is between 18 and 60 years of age and you are classified as standard life. |
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How do I pay? |
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The premiums for DirectProtect are payable monthly. You have 3 options to choose from to pay your initial premiums. You can either |
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Submit a cheque |
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Fill up a GIRO form we send you together with the application form or |
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Provide your credit card account number in the application form. |
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We will collect two months of premiums for the first initial payment. The next collection/ deduction of premium will be on the 3rd month.
Please note that credit card payment is allowed for the initial premium payment and for monthly mode payment only. Subsequent payment is not allowed through credit card payment. You can pay your subsequent months of premiums through GIRO. |
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Are my premiums guaranteed to be the same for the term of the policy? |
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Your premiums will not change during the year of cover. As the plan is yearly renewable, your premiums will increase as you enter the next age band. The renewal premiums are not guaranteed and may be adjusted on the anniversary of the insurance cover based on future experience. In the event of changes, you will be informed in writing at least 30 days prior to renewal date. |
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If I apply now, when can I be covered? |
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If your application is accepted and payment for the initial premium is received, you will be covered when we issue the policy. If payment is made via credit card, it will take about 2 weeks to issue the policy (from the time we received your application). |
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What happens if I want to cancel my DirectProtect policy? |
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There is a 14-day free-look period from the date of receipt of the policy for you to look through the policy and decide whether DirectProtect is appropriate for your needs. Should you wish to cancel the plan within the first 14 days, Aviva will give you back the premiums that you have already paid. If you cancel the policy at any time after that, you will not be refunded any of the money that you have paid in to the policy. All you need to do is notify Aviva in writing to terminate the plan. |
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How do my family or loved ones make a claim should something happen to me? |
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To make a claim under DirectProtect, simply call AvivaDirect's Customer Service team at Tel: 6222 8482
or Email:
claims_life@aviva-asia.com and they will assist your loved ones.
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How is the claim paid? |
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Upon completion of the administration of the claim, you (in the case of terminal illness) or your family members can choose to receive either:
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Monthly payments of S$1,000* for ten years; or
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A lump sum payment of S$100,000
* The amount may be adjusted at the time of renewal, and the regular amount will be determined upon a claim guaranteed throughout the ten-year payout period. |
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I'm a foreigner. Can I apply? |
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Only Singaporeans, Permanent Residents and Malaysians who are working in Singapore (in non-hazardous occupation), foreigners with employment pass (with validity dates of at least 6 months) can apply for the plan. |
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Why should I choose Aviva Direct? |
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As the world's 5th largest insurance group and the largest insurer in the UK, we are able to provide you with excellent health, protection and investment products. Through AvivaDirect, you can be assured that the products we select are not only simple and convenient to arrange, but most of all, value for money for excellent cover. |
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Important Notes
This webpage is intended as a general summary and does not constitute a contract for insurance. You should read the policy documentation relating to any specific product and carefully consider whether the product is suitable for you. You may wish to seek advice from a qualified financial advisor before purchasing. The standard terms and conditions of this plan are provided in the policy contract which will be sent to you upon acceptance of your application by Aviva Ltd. |
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