Close

June 3, 2018

Best Term Protection Plans of Sun Life

sun-life-poster-doctor-poster-img01

Term life insurance is a traditional and the cheapest protection plan that provides  insurance coverage for a specified period. It doesn’t provide any cash or fund value because it is a pure protection plan.

If you want to avail of insurance with fund value, you may want to consider investment-linked insurance or VUL instead. You can learn more about VUL from this article..

Term life insurance is ideal if you are budget conscious, low-income earner or first-time insurance buyer with the want to have a maximum coverage to protect you and your family against financial effects of life uncertainties.

In this article I will highlight the two outstanding term plans of Sun Life: Sun Safer Life and Sun Life Assure.

Sun Safer Life

Sun Safer Life is a 5-year renewable and convertible term plan suitable for  those budget-conscious breadwinners with financial obligations. They can get maximum coverage at very minimal costs.

This plan is also suitable for estate planning, as it provides simple life insurance plan which can provide the fund to pay estate taxes.

Here is a sample proposal for 30 years old, male, non-smoker.

LIFE INSURANCE COVERAGE – Php 2,000,000

This is guaranteed benefit to be given to beneficiaries upon death of the insured. The coverage renews every five years until age 75. New rates will be applied, however, based on new attained age of the policy holder.

The coverage can also be converted, in whole or in part, to any eligible life or investment-linked product (VUL) prior to the policy anniversary on or following the Insured’s age 65.

TOTAL DISABILITY BENEFIT (TDB)- waiver of premium

Premium payment is waived during the period the policy holder is disabled or can no longer work.

ACCIDENTAL DEATH BENEFIT (ADB) – Php 1,000,000

In case the cause of death is accident, this rider provides additional benefit to beneficiaries.

How much is the premium?

Provided the above simple and straightforward protection benefits, the premium payment is only Php12,300 annually up to the 5th year. Mode of payment can be quarterly, semi-annually or annually. The premium for this proposal is based on the age and gender of the insured.

Below is the premium schedule showing the change in rates every after 5 years:

premium-shcedule-sun-safer-life-post-img01
SLF-Sun-Safer-Life-new-leaflet-img01

Sun LifeAssure

Sun LifeAssure is a packaged life and health insurance plan suitable for those who want to nurture their health and wealth.

Health protection is just as important as life insurance and investment. Because getting sick is also unexpected. You can read more about importance of health protection in this article.

Here is a sample proposal for 30 years old, male, non-smoker.

LIFE INSURANCE / CRITICAL ILLNESS COVERAGE – Php 2,000,000

This is guaranteed benefit to be given to beneficiaries upon death of the insured or if diagnosed with any of 36 critical illness listed. The coverage is until age 70 of the insured for both death and critical illness and it renews every five years. Same as Sun Safer life, new rates will be applied after the fifth year, based on new attained age of the policy holder.  

TOTAL DISABILITY BENEFIT (TDB)- waiver of premium

Premium payment is waived during the period the policy holder is disabled or can no longer work.

ACCIDENTAL DEATH BENEFIT (ADB) – Php 2,000,000

In case the cause of death is accident, this rider provides additional benefit to beneficiaries.

How much is the premium?

The total annual premium payment for the above coverage is only Php 19,360.00 up to the 5th year. Available mode of payment is quarterly, semi-annually or annually. Again, this is based on the age and gender of the insured.

Below is the premium schedule showing the change in rates every after 5 years:

premium-shcedule-sun-lifeassure-table01
sun-life-assure-brohure-img01

PROTECT YOURSELF TODAY!

Life Insurance is a basic financial need. It is the foundation of building a strong financial plan. Term life insurance plans are affordable and won’t take much from your savings. But, it will give you the peace of mind, that no matter what happens to you, your family will be financially-prepared.

To start, you can request free proposal to know your rates for specific coverage. Some insurance terms are rather technical so I still recommend that you get the advice of a licensed financial advisor. You may do so by scheduling a free financial consultation on your preferred time and date.

Leave a Reply

Your email address will not be published. Required fields are marked *