Just for information, term insurance has the following features:
1. Cheap in premiums compared to whole life policies and investment linked plans (ILPs)
2. High Coverage.
3. Pay and Throw Away. You don't get any returns from it. It is a pure protection plan.
4. Provides coverage only for a term (usually up to age 70) compared to 99 yrs for whole life and ILPs.
Aviva SAF Group Term Life
I have not really done any comparisons but I am pretty sure that this must be one of the cheapest term insurance.
For my case, I pay $51.72 per month for $100,000 coverage for death, total permanent disability, critical illness and personal accident for both me and my wife.
In addition, I just got a letter 2 days ago that says a rebate has been given. This rebate is worth around $106 and will be credited back into my bank account. This rebate is calculated annually and is based on the actual claims experience of the insurance company for the group policy.
So with the rebate factored in, the term insurance only costs me $250 per pax per year for $100,000 coverage. That is really cheap and works out to be around $20 per month for each person.
Do you know of any cheaper term insurance than the SAF Aviva Group Insurance?
For those who are interested, do check out the following interesting articles
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The Road to Financial Freedom:
- #1 - The Greatest Mistake
- #2 - Protect What You Cannot Afford to Lose
- #3 - Spend Less Than You Earn
- #4 - Spend Less Or Earn More
- #5 - Buy Assets Not Liabilities
- #6 - Read and Learn More
- #7 - The Magic of Part Time
- #8 - Health Equals Wealth
- #9 - It's a Marathon, Not a Sprint
- #10 - Congrats! You have Achieved it!