Aviva is introducing MyLifeChoice, a new participating whole life insurance policy that features a Minimum Protection Value (MPV) and Guaranteed Extra Protection (GEP) option amongst other new features. Aviva MyLifeChoice replaces IdealLiving, Aviva’s previous whole life offering, and marks the extinction of guaranteed premium rates for critical illness coverage in the market.
MPV has been a feature offered by notably Manulife, Tokio Marine and NTUC Income, Aviva enters the fray with an MPV of up to 275% (depending on age) of the sum assured. Whole life insurance are typically quite expensive per dollar of sum assured which MPV seeks to alleviate, somewhat like having a term policy on top of your whole life policy only that it is integrated into the latter itself. If you have purchased a sum assured of $100,000 and have an MPV of 200%, the coverage payout will be $200,000 if a claim is admitted during......