What is Life Insurance?
Life Insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
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Know your Insurance Policy
Insurance Policy is a contract (generally a standard form contract) between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
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Term Insurance
This type of insurance is cheaper than others however from the name itself “term” it has a specified number of years. For example, a death benefit will be paid if the policyholder departs this life during the period of the active policy.
Here at Sun Life, these are the available Term Life Insurance that we offer:
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Sun Safer Life is a renewable life insurance for 5 years. This insurance provides life protection that is equal to twice the face amount (the sum of money of the policy coverage) until age 75. This can be automatically renewed after 5 years.
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The same as the Sun Safer Life, Sun Life Assure is renewable life insurance for 5 years. The difference is this pays the total face amount value when the death of the insured or when one of Critical Illness is acquired. This can be renewed until 59 years of age.
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Sun Maiden is also renewable for 5 years. This is tailored fit especially for women which give financial assistance or a certain percentage of the face amount when diagnosed due to any of the female-specific critical illnesses such as Ovarian Cancer and others.
Whole Life Insurance
The Whole Life Insurance is one of the best choices you can make if you don’t want to make an investment with VUL (insurance + investment) Plans. As we all know, the market can be unpredictable and if you are not confident about its changes, the Whole Life Insurance is the one to go to.
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Sun Fit and Well is a policy that provides a combined benefit of savings and comprehensive health protection until age 100. It also offers you benefits that help you live a healthier life.
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On the other hand, Sun Smarter Classic and Elite is more special because it provides equal to twice the face amount of the policyholder. It also covers you with savings and comprehensive health protection until age 100.
Endowment Insurance
This type of insurance has its unique features compared to Term Insurance, which gives you a certain term or period of time. Like Whole Life Insurance, this type of insurance builds capital as you put in more in the policy but the difference is after the term of maturity, it continues to build capital for you. Good news is the face value is withdrawable to the policyholder after a certain number of years.
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Sun Dream Achiever is a perfect insurance for your child’s education needs. It provides protection while you save for your child’s future education expenses payable in 4 installments which start at your chosen year between 12 to 17 years from the date of issue. This helps your child education savings easier.
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Sun Start Up provides protection for at least 10 years and gives back a portion of your total payment if you outlive the 10-year coverage period. It’s simple, affordable and hassle free in applying insurance for beginners.
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Sun First Aid Plus also gives back the portion of your total payment if you outlived the protection period. What makes this different is that it provides a regular income benefit which may help you lessen your lost income or savings during hospitalization due to illness or injury.
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Sun Acceler8 is the one for those who dream of having a financially secure future with increasing life insurance coverage of up to 228% of the Face Amount starting at the 9th policy year. This is a protection and savings plan that matures after 20 years.
VUL Insurance
Variable universal life (VUL) is a type of permanent life insurance policy with a built-in savings component that allows for the investment of the cash value. Like standard universal life insurance, the premium is flexible.
It is an insurance combined with investment. This is perfect for young-adults or “Millenials” who strive at work and eventually aspire to build their own business. I mean, who doesn’t dream of making their money work for them? There will come a time when you will stop working for money and you will just let your money work for you.
2 Kinds of VUL Insurance
1. Regular Pay VUL Plan - This kind of VUL is payable for a specific period on a regular basis like 5 years, 10 years, and even up to age 88 depending on the type of plan you need.
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Sun Maxilink Prime a perfect plan for people looking at long term goals. It offers income protection, health, and accident protection, achieving life goals and as a retirement fund. This is a 10-years to pay VUL Plan.
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Sun Maxilink 100 compared to Sun Maxilink Prime, this is cheaper that makes it perfect for budget-conscious people that it gives you protection and security from Day 1 up to 100 years of age.
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Sun Flexilink for those who were not able to reach the Sun Maxilink Prime, this is the best choice if you want to get started. It’s better to start small than to start at nothing at all.
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Sun Maxilink Bright is perfect for parents because this insurance gives you an educational fund for your kid’s future which can also be used to achieve your dream house or start a business.
2. Single Pay VUL Plan or SPVUL - From the title itself, “Single Pay”, which means if you have at least Php150,000 you can opt to invest it to enjoy a high earning potential value of money. I know that it may be too much of a hassle to pay monthly. That’s why this is perfect for people who want the convenience of paying once and to stay protected while building funds to finance any important life milestones.
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Sun Flexilink 1 gives you assurance that your money will earn more than what the time deposit in any bank could give. Just make sure you have Php150,000 then consider growing your money with us.
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Sun Maxilink One helps you give financial security and the flexibility to choose where your money will be invested to maximize your money’s earning potential. Who doesn’t want that? Let your money work for you.
