Group insurance rates

You can view the group insurance rates charged by Aviva for SAF members and dependents here. These rates can be used as a benchmark to compare the rates offered by other insurance companies for term life, critical illness and personal accident insurance.

The rates for term life (payable on death) and personal accident (payable on death or injury by accident) is the same regardless of age.

The rates for critical illness increase sharply after age 45. If you find them to be expensive, you do not need to have this insurance, if you already have sufficient savings by that time. You can draw down on your savings in the event of a critical illness.

Example
Assume that you are 30 years old, earn $3,000 a month and wish to insure for the following:
Term life $200,000 premium $25.60
Critical illness $100,000 premium $10.00
Personal accident $100,000 premium $4.17
Total premium $39.17

The premium is about 1.3% of your earnings. This rate will remain unchanged until you reach age 45. After that, you have to pay a higher premium for critical illness, but you can discontinue it at that time.