AVIVA My Multipay Critical Illness vs AIA Triple Critical Cover (Critical Illness Coverage)

Last updated on August 2nd, 2018 at 05:37 pm

AVIVA My Multipay CI Plan III  (MPCI III) VS AIA Triple Critcal Cover LIFE (TCC Life)

In the last year, we have seen more than 10,000 views for this post (thank you)! Both these plans insure for the subject of critical illness comprehensively.

 

In April 2018, Aviva launched MPCI III and it allows you to

  1. Cover for multiple Early Critical Illness (ECI in short)
  2. Cover 300% of sum assured for critical illnesses
  3. Relapse cancer

 

Covering multiple Early Critical Illness (ECI) in my opinion is the most important coverage to you. ECI conditions include early stage cancer and early stage heart diseases. etc. With modern health screening, early onset of cancer conditions for example can be picked up with cancer market test and stools analysis test. Naturally, treatment can take place much earlier.   

Pure early critical illness term plans such as AVIVA MyEarly Critical Illness, GE Smart Early Critical Care, Pru Early Stage Crisis Cover, TM EarlyCover, AXA Earlystage criticare allow only 1 claim but do not cost much less.
Most prefer multi-cover CI plans once we show them the cost to benefit comparisons.

 

3 key advantages of AVIVA MPCI III over AIA TCCL

1) No waiting period between different early critical illnesses

The AVIVA MPCI III classifies illnesses into 3 “pots”. As long as condition is from a different pot, there will not be a waiting period.
What this means is that if you are concurrently diagnosed with carcinoma in-situ (pot1) and require cardiac pacemaker insertion (pot2), you will claim for both. 
While the AIA TCCL is more liberal in allowing claims for all other early critical condition, the waiting period is 1 year between claims (which is also known as the “reset button”).

 

2) AVIVA MyMultipay CI III pays 300% of sum assured. Useful if you are underinsured for critical illnesses.

The AVIVA MPCI III will pay 300% of sum assured if claims is for a critical illness.
Plan remain in-force and becomes free of charge as premiums are waived. 
AIA TCC Life only pays 1x of the sum assured even if it is for a critical illness claim.
 

3) AVIVA MyMultipay CI III pays for re-diagnosed cancer (up to an extra 300%)

The AVIVA MPCI III provides you with a further 2x 150% sum assured for re-diagnosis cancer. If you claim for cancer, then relapse after more than 2years, then relapse again after more than 2 more years, the total payable amount for cancer claims will be up to 300%+150%+150%= 600% of the sum assured value.
While the chances are extreme, this relapse coverage is a useful benefit. 

What about the premium for AVIVA MPCI3?

AVIVA still offers MPCI plan (the old version). The AVIVA MPCI III covers much more than MPCI but the premium is only slightly more expensive by 10% or less. For some age groups, premium difference is only 2-3%.

Premium for the AVIVA MPCI III

    • Female non smoker, age30, covering till age75 for sum assured of $100k, premium is $1,485/year
    • Male non smoker, age30, covering till age75 for sum assured of $100k, premium is $1,369/year

 

The key advantage of AIA TCCL over AVIVA MPCI III

1) Higher death benefit

The AIA TCCL pays out the sum assured + a $5,000 compassionate benefit.
The AVIVA MPCI III only pays $5,000 for death.

 

Why did you compare with the AIA Triple Critical Cover Life (TCC Life) and not Value Plan?

As shown in the diagram below, AIA TCC Life has a surrender value on or after age75. 75% of sum assured.

The Value Plan will expire at age75 with NO value as a normal term plan.

 

I will show you the benefits of using the TCC Life Plan

Image below is the actual Benefit Illustration for a male (non-smoker) of age 30 and covering for $100k sum assured.

Premiums are $2,263/year. By age75, total premiums paid will be $104,000 and plan comes with a guaranteed surrender value of $75,000 at age75 and after.

 

Comparatively, the premium for Value plan (which does not have cash value) is $1,651/y.

Yes, you would have saved $612/y choosing Value plan instead of the Life Plan.

But I have calculated that to get $75,000 by age75, you would have to invest that $612/y at a 4% return p.a.

 

Hence, buying the AIA Triple Critical Cover Life to me is like buying the VALUE plan with a guaranteed 4%p.a with AIA.

 

That sounds better.

Hence, I prefer the AIA Triple Critical Cover Life Plan to the Triple Critical Cover Value Plan.

Especially if you are looking to do something for your retirement also

 

What other coverage does both these plans provide that are important! 

Do you know that there are 5 commonly diagnosed conditions covered under “special benefits conditions”? 
This is the list

1. Diabetic Complications

2. Angioplasty & Other Invasive Treatment for Coronary Artery

3. Osteoporosis with Fractures

4. Severe Rheumatoid Arthritis

5. Mastectomy

Angioplasty is in lay-man terms heart ballooning and I’ve had at least 2 relatives with this condition. Both plans have an addition 20% payout (cap of $25k) for these “special benefits conditions”

 

PS: Here’s something that you will really like,

I’ve created a premium comparison for you to use online, FREE!

 

 

In addition, I’m extending my professional advice to you. With a simple click of a button below, we can get in touch to address your insurance requirements face-to-face.

I can get you EXTRA COVERAGE THAT YOU WANT in 15MINUTES without SPENDING HUNDREDS OF PREMIUM A MONTH.

 

 

In case you’re one of the people (like me) who skim to the P.S. before you read the page

  1. Aviva MyMultipay CI III has no waiting period between early CI claims
  2. AVIVA MyMultipay CI III pays 300% of sum assured. Especially useful if you are underinsured for critical illnesses.
  3. AVIVA MyMultipay CI III pays for re-diagnosed cancer (up to an extra 300%)
  4. AIA TCC Life has a death benefit and guaranteed surrender value. Especially useful if you want to plan for retirement.

 

Planning can be complex, there are so many details that I share with my clients that I can’t list here.

If you want to skip the hassle and save yourself time and worry, contact me with the WhatsApp button above to discuss further.

 

The views and opinions expressed in this article are those of the author and do not represent the views of any other organisation.

Image credits: Plan brochure from AIA and Aviva Life

 

Josh Tan Jian Liang (CHFC) Principal Author

REVIEWS: https://www.theastuteparent.com/josh-review/. COMPANY: Promiseland Independent Pte Ltd. EXPERIENCE: 11years.