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SUN Cancer Care: Be financially-ready for Big C!

Cancer is one of the leading causes of deaths worldwide.

In the Philippines, the most common cancers are breast, lung, colorectal, liver, and prostate. According to the World Health Organization, the number of cancer cases in the Philippines in 2018 was at 141,021 with total deaths at 86, 337. About 24,798 deaths and 12,086 deaths of Filipinos are due to breast cancer and lung cancer respectively. World Health Organization also projects cases of death in the Philippines due to cancer will increase by 90.65% from 2018 to 2040.

Image from Sun Health Quest PH

Cancer can happen to anyone at any age or health condition.

It is curable but treatment comes with a high price. Imagine the cost of chemotherapy is averaged at Php 100,000 per session, plus the cost of medication and diagnostic tests. It can be financially challenging for any family.

Image from Sun Health Quest PH

HMO plans, Philhealth and government programs may not be enough to cover the total cost of treatment for cancer. Majority of Filipinos shoulder the medical expenses out-of-pocket and if money and assets are not enough, we rely on debt or “utang”. This causes financial distress for the whole family and not just the person with cancer.

The good news is, now Sun Life offers a product solution that can help you become financially-prepared against the Big C! Introducing, SUN Cancer Care, an insurance plan that can help you get ready and be in control should cancer strike.

Image from Sun Life Financial

SUN Cancer Care is a whole life (up to age 100) cancer insurance product that provides the combined benefit of savings and health protection against the financial drawbacks from battling cancer at the time of diagnosis, during treatment and up until recovery.

How can SUN Cancer Care help you?

HEALTH and LIFE PROTECTION

  • Similar to Sun Fit & Well, SUN Cancer Care provides health and wellness benefit where you can be part of Go Well Community that offers special access and privileges to wellness activities.
  • Provides one-time cash benefit at different stages upon diagnosis of cancer:
    • Benign tumor – 5% of the original face amount. This benefit is on top of other cancer benefits and will be provided upon surgical excision of a covered benign tumor that was first diagnosed while the policy is in-force.
    • Minor Cancer – 20% of the Original Face Amount
    • Major Cancer – 100% of the Original Face Amount less Minor Cancer Benefit paid
  • Treatment Support Benefit – 5% of the Original Face Amount x 12 months. This is on top of other cancer benefits.
  • If no cancer benefit has been paid, SUN Cancer Care guarantees life insurance protection equal to 100% of the Original Face amount

SAVINGS

  • Guaranteed limited-pay premiums which do not increase even as you grow older. You have option of 5/10/15/20 – pay term.
  • Enjoy living benefits such as guaranteed Cash Value and non-guaranteed special paid-up bonus including cash dividends.

How to avail SUN Cancer Care?

Acceptable insured’s age is from 0 (30 days old) to 60 years old, while the payor’s age is 18 years old and above. The mode of payment options are annual, semi-annual, quarterly, and monthly if thru auto-debit or auto-charge arrangement.

Sample Proposal

  • Client: Female, 26 years old, non-smoker
  • Product: Sun Cancer Care 10 (10 years to pay)
  • Original Face Amount: Php 1 Million
  • Annual Premium: Php 45,660

Health and Life Insurance Benefits:

  • Php 50,000 Benign Tumor Benefit – 5% of the Original Face amount if client has undergone a medically necessary surgical excision of a benign tumor diagnosed for the first time.
  • Php 200,000 Minor Cancer benefit – 20% of the Original Face amount if diagnosed with carcinoma-in-situ of breast.
  • Php 1,000,000 Major cancer benefit – 100% of the Original Face amount if diagnosed with late stage breast cancer. Or Php 800,000 benefit if Php 200,000 minor cancer benefit has been claimed previously.
  • Php 50,000 per month in 12 months as Treatment Support Benefit – After diagnosis of Major Cancer, 5% of the Original Face amount will be given. It can also be given to beneficiaries as Compassionate Death Benefit should the client die before the treatment support benefit is given.
  • Php 1,000,000 death benefit plus accumulated dividends and special paid-up bonus – given to beneficiaries when client passed away due to any illness. Or Php 800,000 if minor cancer benefit was claimed.
  • Php 1,000,000 accidental death benefit – additional benefit given to beneficiaries if the cause of death is accident
  • Total Disability Benefit (waiver of premium) – waives premiums due during total disability of the life insured.

Savings benefits:

  • Guaranteed Cash Value starting at Php 7,630 at year 2 which can accumulate. For this proposal and illustration purposes, at age 65 of the insured, the guaranteed cash value is Php 524,460. This is available for loan against the policy and reduces the face amount as benefit.
  • Special paid-up bonus – this is non-guaranteed additional benefit given to client at the end of 10 years which is the premium-paying period. At 3.80% and 3.30% accumulation rate, this starts at amount of Php 32,003 and Php 19,780 respectively.
  • Dividends – non-guaranteed and starts one year after the end of premium paying period (10 years for this illustration). At 3.80% accumulation rate, this starts at Php 6,121 at year 11 and can accumulate to Php427,097 at age 65 of insured.

Interested to avail SUN Cancer Care?

Let me help you assess your needs and provide you with the best health and life protection plan. Sign up for FREE financial consultation and get a free proposal for SUN Cancer care here.

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