AIA Term Life Insurance Singapore
AIA Group Limited is a Hong Kong-based American multinational insurance company and its history dates back to 1919 when it was founded as American Asiatic Underwriters. Today, it is one of the biggest Asian insurance companies and operates in over 18 Asia-Pacific markets, including Singapore where it was founded in 1931.
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Why choose AIA?
AIA Secure Flexi Term is a term insurance plan which offers you a lump-sum payout in the event you're diagnosed with a terminal illness, cancer, or pass on.
The AIA Secure Flexi Term insurance plan is compatible with AIA Singapore's wellness programme, the AIA Vitality, which grants you a 15% discount off your premiums if you meet healthcare goals.
AIA Secure Flexi Term comes with 2 unique benefits – a longer term period until 100 years old, or a renewable term option until you are 101 years old.
AIA Term Insurance Plans
What Is AIA Secure Flexi Term?
AIA Secure Flexi Term is a term life insurance plan which pays you (or your family) a lump-sum in the event you are diagnosed with terminal illness, terminal cancer, or if you pass on. One unique benefit that sets the AIA Secure Flexi Term from other term life plans is its longer term period and the renewability option – while conventional term life plans only cover you until you turn 75 years old, the AIA Secure Flexi Term covers you up to 100 years old. If you chose a 5, 10, 20, or 30 year coverage and outlive your plan, you can choose to renew your plan until you turn 101 years old.
AIA Secure Flexi Term Benefits
Base Sum Assured
When you apply for your plan, you will need to choose your base sum assured – basically the lump-sum payout cheque that you will want to receive from this plan.Basic Coverage
The lump-sum payout will be issued to you or your family in the event you are diagnosed with terminal illness, terminal cancer, or when you pass on. Your plan will also terminate immediately upon payout.Guaranteed Premiums
Your premiums will not abruptly change and will remain the same as stated to you when you sign up for your AIA Secure Flexi Term insurance plan.Renewable Option
You will be able to choose to have your AIA Secure Flexi Term cover you for the next 5, 10, 20, or 30 years – after which, it will be terminated automatically.Maximum Renewal
In the event you outlive your AIA Secure Flexi Term life plan, you will be guaranteed the option to renew your plan up to 101 years old (regardless of your health condition).Term Option
If you don't need a renewable term life plan, then you can choose to have your AIA Secure Flexi Term cover you up to 65, 75, or 100 years old. Convert Your Plan
If your priorities change as you enter a different stage of life further down the road (before age 70), you will be able to convert your AIA Secure Flexi Term to an endowment, investment-linked plan (ILP), or whole life plan.AIA Secure Flexi Term Exclusions
Pre-Existing Conditions
A key exclusion will for the AIA Secure Flexi Term will be pre-existing conditions – meaning if you have a terminal illness or terminal cancer diagnosis, or pass away as a result of a medical condition that you may already have had prior to applying for this plan, you may not receive your lump-sum payout.
Waiting Period
The benefits listed in your AIA Secure Flexi Term plan may have different waiting periods – meaning you will need to have owned this plan for a certain number of weeks before the benefits can be utilised.
AIA Secure Flexi Term Summary
In a nutshell, AIA Secure Flexi Term is a very attractive term life insurance plan which is suitable for individuals who want a term insurance plan but are concerned about the traditionally short coverage period (usually only until 75 years old) – AIA Secure Flexi Term offers you coverage up to 100 or 101 years old. Its coverage is slightly unconventional as well – instead of covering you for the usual death and total and permanent disability (TPD), the AIA Secure Flexi Term covers you for death and terminal illnesses and cancer. However, the AIA Secure Flexi Term does not cover pre-existing conditions – so it's best if you purchase this plan while you're young or in your 20s.
All AIA Term Life Insurance Plans
AIA Secure Flexi Term
AIA Secure Flexi Term is AIA's flagship term life insurance plan today. If you're looking to purchase this plan, you will need to approach an AIA insurance agent, financial advisor, or online via insurance aggregators such as Moneysmart.Direct – AIA Term Cover
If you're someone who prefers to handle your own insurance plans independently without the help of an insurance agent, you can purchase the Direct AIA Term Cover directly from AIA. You will, however, have to understand the plan's coverage and handle all claims submission on your own.Compare Term Insurance Plans now
What types of insurance does AIA offer?
There are 11 different categories of general and life AIA insurance plans for individuals and businesses, namely life, medical, hospitalisation, personal accident, critical illness insurance, and more. Below, a glimpse at what each category consists of:
11 Types Of AIA Insurance Plans
1
Life Insurance
You will find 2 types of life insurance at AIA Singapore – term life and whole life. AIA's signature term life insurance is the AIA Secure Flexi Term, while its flagship whole life insurance plan is the AIA Guaranteed Protect Plus II.2
Health Insurance
There are 4 hospital and surgery insurance plans at AIA Singapore, namely the AIA HealthShield Gold Max (an Integrated Shield Plan), the AIA Mum2Baby Choices maternity plan, the overseas AIA Platinum Health for frequent flyers, and the AIA Hospital Income.3
Personal Accident Insurance
AIA Singapore provides 4 types of personal accident plans, namely the AIA Solitaire PA (II), AIA Star Protector Plus for your children, AIA Prime Assured for global coverage, and the AIA Platinum AccidentCare.4
Savings Plan
There are 10 different types of savings plans at AIA Singapore – AIA Smart Wealth Builder, AIA Smart Flexi Rewards, AIA Wealth Pro Advantage, AIA Retirement Saver (III), AIA Guaranteed Protect Plus (II), AIA Smart Rewards Saver (II), AIA Smart Growth (II), AIA Smart Pro Saver, AIA Smart Lifetime Rewards, and AIA Prime Secure5
Disability Income
AIA offers one term disability income plan called the AIA Premier Disability Cover plan for individuals aged 16 to 60, offering lump-sum or monthly payouts, income top-ups and payback, and rehabilitation reimbursement in the event of a disability.6
Critical Illness (CI) Plan
AIA offers 6 different critical illness insurance plans, such as the AIA Power Critical Cover, AIA MultiStage Cancer Cover, AIA Beyond Critical Care, AIA Glow of Life, AIA Prime Critical Cover, and AIA Diabetes Care.7
Investment Linked Plans (ILPs)
There are 6 different types of investment plans at AIA Singapore – AIA Platinum Retirement Elite, AIA Platinum Wealth Elite, AIA Pro Achiever, AIA Pro Lifetime Protector (II), AIA Invest Easy, AIA Platinum Pro Secure.8
Travel Insurance
AIA offers 1 travel insurance plan that you can purchase for single or multi trips – the AIA Around The World Plus.9
Lifestyle Insurance
You'll also find a term mortgage plan called the AIA Mortgage Reducing Term Assurance, a pet insurance called the AIA Paw Safe, home insurance called AIA Elite Home Care, and maid insurance called AIA Domestic Help Cover Plus (II).Get your personalised Term Insurance Plan here →
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How to apply for your Term Life Insurance plan
Applying for a Term Life Insurance plan through MoneySmart
Step 1
Answer Some Questions
Don't have time to compare all the different life insurance plans in Singapore? Answer some questions and let our intelligent system find the best term life insurance plan for you.
Step 2
Speak To Our Insurance Specialists
After you submit your quiz, our expert insurance specialist team members may drop you a call to clarify your needs and explain your options to you. Seize this chance to ask our friendly colleagues the burning questions you may have about life insurance!
Step 3
Apply And Purchase Your Term Life Insurance
Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your term life insurance plan online through our portal.
Get your personalised Term Life Insurance Plan here →
AIA Term Life Insurance Claims
When you are filing an insurance claim, it basically means that you, the policyholder, is submitting a request to your insurance company to reimburse you for the medical bills you have paid for at the clinic or hospital. What sets a health insurance provider apart from another is the reliability, and convenience of the claims system.
How Do Claims Work?
You'll need to submit your claims form to your AIA insurance agent or directly to AIA via mail. After you submit a list of documents (which your agent should help you with), the insurance company will investigate your claims, and ask you to submit more documents if necessary, before finally paying you the assured sum.
AIA Claim Forms
Visit the AIA website, click on the menu button on the top left hand corner to view the entire drop down menu. Click on "Help and Support", followed by "Submit A Claim", and the relevant situation that you are claiming for such as death, critical illness, or terminal illness.
Frequently Asked Questions
What is the maximum term for term life insurance?
- A traditional term life insurance plan usually covers you up to 75 years old or for a 30-year-long period. However, newer and modern term life plans in the like of AIA Secure Flexi Term may offer you both the conventional and a newer version. For example, you can either choose from a 5, 10, 20, or 30 year coverage (with guaranteed renewals afterwards until you turn 101 years old) or choose to be covered until you're 65, 75, or 100 years old if you take on the AIA Secure Flexi Term insurance plan.
What is AIA Prime life?
- If you have an AIA Prime life insurance policy, chances are your parents or relatives bought it for you in the 1990s. AIA Prime Life is a whole life plan which covers you for death and total permanent disability, and offers you yearly (reversionary) cash value which accumulates and pays out together with your lump sum at the end of your life or upon a claim. It requires you to pay premiums all the way to the end of your policy term – also why some individuals have taken it online to share that they are considering surrendering this policy. Also, some policyholders have noticed the decrease in surrender value and have given up on this policy. This policy has been phased out and is no longer offered on AIA's current whole life menu for new applications.
What happens if I outlive my term life insurance?
- If you outlive your term life insurance, conventionally your term life plan will terminate automatically and you will not get anything in return. However, newer term insurance plans may offer you guaranteed renewals – meaning you can extend your coverage by paying a (often much higher) premium. So, do check your policy or call your insurance agent to check if you have the option.
Can I have 2 term insurance policies?
- Yes. You can buy multiple term life insurance plans to increase your coverage to meet you and your family's financial needs and status.
How to convert term to whole life AIA?
- If you hold an AIA Secure Flexi Term, you can convert your term plan to an endowment, investment-linked plan (ILP), or whole life plan before you turn 70 years old.
What is AIA Decreasing Term?
- The AIA Mortgage Reducing Term Assurance is a decreasing term plan. A decreasing term plan is similar to a term plan, although its coverage (and your premiums) reduce year on year as your dependants (such as children) grow to be increasingly financially independent – therefore you need lesser coverage to secure their lifestyles in the event you pass on or are diagnosed with a terminal illness.