The Best Affordable Term Insurance from Sun Life in the Philippines

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sun-life-term-insuranceTerm insurance plan is one of the best options for those who wanted protection but has a limited budget. It is cheaper compared to whole life insurance plans because it doesn’t accumulate cash value or in other words, it only offers pure life protection. Thus, term insurance offers maximum protection for a minimal cost.

Contents (Quick Links)

1. Why is Term Insurance for you?
2. Why is Term Insurance not for you?
3. Sun Safer Life (5 Years Renewable | Doubles the Coverage)
4. Sun LifeAssure (5 Years Renewable | Critical Illness Protection)
5. Sun Maiden (5 Years Renewable | Female Critical Illness Protection)
6. Request for a FREE Proposal

Like any other life insurance, term insurance gives financial protection to your family against the loss of life. You can also get extended coverage for disability, dismemberment of any part of the body, and critical illness just like your whole life plans but only for a specified period. Term insurance is renewable after 1 year, 5 years, 10 years term, and so on.

Renewability of the term plan simply means that after the specified term, the insured has an option to continue the plan for a new and higher premium. The premium will be based on the new attained age. Here’s a short video that explains what term insurance is about.

Why is Term Insurance for you?

There’s no doubt that everybody needs life insurance for different purposes with one goal and that is to protect those things that matter. While some like the idea of whole life protection, others wanted VUL which is a life insurance with an investment plan, but the rest wanted term life insurance.

If you are still in doubt between VUL or term insurance, I listed the reasons why buying a term life insurance is the most suitable plan for you. If the reasons are similar to yours then you should get a term insurance.

Newly Married Couple or Low Income Earner

Insurance is a basic need and something that every family should have to build a strong financial foundation. A newly married couple has a lot of things on their table already from buying a house of their own or renting a space, furnishing their home, utility bills, groceries, and so on that’s why a term insurance is a good option for them because it won’t take much from their savings. The same goes for those with low-income earners, they still can get a life insurance that won’t hurt their budget but will provide maximum benefits.

Term Insurance as Mortgage Redemption Insurance (MRI)

MRI is a requirement by Pag-ibig and banks before approving your housing loan. Term insurance can be used as an MRI in which the bank, where you got your loan, will be elected as the primary beneficiary. The proceeds of your insurance will fully pay the remaining loan while the excess of the insurance money will be given to your heirs. Did you ever wonder what will happen to your house without MRI? Pag-ibig and banks can foreclose the property regardless of how much is the remaining loan. MRI ensures that your family will still have a house to live when you die too soon. Of course, no one is hoping for that, but it’s better to be prepared, right?

Estate Preservation Tool (Estate Planning)

An estate tax is a tax imposed for the privilege of transferring the deceased person’s property to his heirs. Leaving a fortune to your family can be a tricky because of the estate tax that’s why estate planning has become popular. Previously, the estate tax was as high as 20% of the gross estate of a deceased person but because of the current tax amendments, it is now down to flat 6%. Considering that all the deceased person is frozen, having a liquid fund to pay the estate tax will speed-up the process of transferring the ownership of the properties. Insurance proceeds may not be subjected to the estate tax, thus making it liquid.

READ MORE: Term Life Insurance | Best Tool for Estate Planning

Additional Protection On-top of Existing Coverage

Anyone who wishes to add life coverage on top of their existing life coverage can get a term life insurance for a minimal cost. Businessmen often opt to buy multiple term insurance to multiply their wealth. This is a good way to add coverage if you don’t have a budget yet to buy a whole life insurance. You can also convert it to a whole lie insurance (and VUL) anytime without proof of insurability.

Buy Term Invest the Difference (BTID)

If you are a BTID advocate/follower then buying a term insurance is for you. BTID follower like to have their insurance and investment plan separated from each other, unlike VUL plans. The benefits of having an investment separated from your insurance are good because you’ll have more money to invest in mutual fund, UITF, stocks, forex, etc. This will speed up the process of wealth accumulation if it’s done right.

READ MORE: The Ups and Downs of Riding the BTID Bandwagon

Why is Term Insurance not for you?

Terms insurance has its pros and cons, we previously discussed the pros and now we’ll have to discuss the reasons why term insurance is not for you. This is the common why most will not continue in buying term.

No Cash Value or Fund Value

The premiums you pay for a term insurance is just enough to cover the insurance charge and after the term, let’s say 5 years, you won’t receive anything even a single cent. So if you are looking for something that will return even a portion of your money then a term insurance is not for you.

Increasing Cost of Life Insurance

In a term insurance, charges increases after a specified term. If you got a 5 years renewable term and paying let’s say Php10,000 every year for Php 1 Million worth of coverage after the 5 years term it’ll become Php 12,000 (based on your attained age). This cycle continues every time you renew your insurance coverage. If you don’t like this setup you might want to reconsider your options.

Grace Period is 30 Days

Term insurance has no cash value nor fund value which means that when you forgot to pay your premiums on its due date then it’ll automatically be in a grace period. A grace period is a period given by insurance company to give their client more time to settle the premium. If no payment was done, the policy will lapse.

If you want an insurance with cash value/fund value then you may want to consider purchasing a VUL plan instead. you can read more about Sun Maxilink Prime by following the link below.

READ MORE: Sun Maxilink Prime | Best-Selling VUL Plan from Sun Life

Sun Safer Life (5YRCT)

Sun Safer life is a 5 years renewable term insurance from Sun Life that provides guaranteed life coverage equivalent to twice the face amount until age 75. This automatically renews every 5 years until age 74 without any proof of insurability.

Eligibility: 18-64 years old
Minimum Face Amount: Php 1 Million
Riders Attachable: Waiver of Premiums (TDB) and Accidental Death Benefit (ADB)
Paying Options: Yearly | Semi-Annually | Quarterly
Convertibility: can be converted to an endowment, whole life plans, and VUL up to age 65

sun-safer-life

Sun LifeAssure (5 YRCT)

Sun LifeAssure is a 5 years renewable term that pays the face amount when either the death of the insured or when diagnosed with a critical illness, whichever occurs first. This is renewable until age 59 without evidence of insurability. This term plan automatically renews every 5 years with higher premium based on the attained age.

Eligibility: 18-60 years old
Minimum Face Amount: Php 500,000
Maximum Face Amount: Php 15 Million
Riders Attachable: Waiver of Premiums (TDB) and Accidental Death Benefit (ADB)
Paying Options: Yearly | Semi-Annually | Quarterly
Convertibility: NOT convertible

Sun Maiden (5 YRCT | Female Specific Critical Illness)

A 5 years renewable term insurance specially designed for women which give financial assistance or percentage of the face amount is given when diagnosed or treated due to any of the female-specific critical illnesses. It also provides free 5 diagnostic and preventive procedures within the first 10 years of the policy which can be availed once per year after the first policy anniversary.

Eligibility: 18-55 years old (Sun Maiden) & 18-45 (Sun Maiden Plus)
Minimum Face Amount: Php 500,000
Maximum Face Amount: Php 2Million
Riders Attachable: TDB, ADB, Critical Illness Benefit (CIB)
Paying Options: Yearly | Semi-Annually | Quarterly
Convertibility: NOT convertible

5 Diagnostic and Preventive Procedures

  • CA 125 (Ovarian Cancer)
  • Pap Smear
  • Pelvic Ultrasound
  • Breast Ultrasound
  • Mammography

Female Specific Critical Illnesses

  1. Cancer of the Breast, Cervix Uteri, Uterus, Ovary, Fallopian Tube or Vagina or Carcinoma-in-situ of the Uterine Corpus, Ovary, Fallopian Tube, Vagina must undergo required operation.
  2. Systematic Lupus Erythematosus (SLE)
  3. Rheumatoid Arthritis
  4. Severe Osteoporosis
  5. Hysterectomy or Dilation and Cutterage
  6. Major Plastic Surgery due to Accidents
  7. Skin Transplantation due to accidental Burning

Sun Maiden Plus

Additional maternity benefit of 2%  of the face amount is given for every child delivered with a maximum of 3 children. The benefit can only be availed after the 1-year waiting period.

Request for a Proposal NOW!

Protect the future of your family by getting a term insurance today. Some terms are technical in nature that an ordinary person may not understand without the help of a Licensed Financial Advisor. I strongly recommend a personal meeting which is FREE of charge. Don’t worry because you won’t be required to get any plans from me. You may not like it and it is perfectly fine with me. You can reach me thru  0917-775-8352 or e-mail me at federico.suan@gmail.com or at my official e-mail via federico.l.suanjr@sunlife.com.ph

READ: 6 Reasons Why You Haven’t Received a Proposal

34 comments… add one
  • Ann Link Reply

    Send me details about sunlife and it’s products. Thanks

    • Federico Suan, Jr. Link Reply

      Hi Ann. Thanks for dropping by. You may browse our articles about it. I’ll also get in touch with you by email. Thanks!

  • Erwin Link Reply

    Is it possible to get a term insurance for an individual aged 70+ years? If so, can i get a sample computation for 5 years and 10nyears.

    • Federico Suan, Jr. Link Reply

      Hi Sir Erwin. Sadly, we only have term insurances available until age 64 (though renewable until 75).

  • Jhen Link Reply

    Hello,if an ofw wants to availed insurance, it’s possible through online transactions or need personal appearances? Thanks in advance

    • Federico Suan, Jr. Link Reply

      Hi Jhen. Need ng personal appearance too see if insurable siya at a glance. Pero you may still be required to submit yourself to medical tests na need ni Sun Life. Thanks!

  • Wesley Paira Link Reply

    Hi,

    I am browsing on Insurance plans for my mother and little brother and I’m considering on getting policies thru Sun Life. Can you help me through it?

    • Federico Suan, Jr. Link Reply

      Hi Wesley. You may kindly reach me thru e-mail so we can get it started. Thanks!

  • Ben Link Reply

    I am planning to get an insurance but i don’t have any idea yet on how to start and which is good for me..please give me some details about it…

    • Federico Suan, Jr. Link Reply

      Hi Ben. There’s a lot of materials on the internet please kindly search it out or my blog. I have blog posts about that. Better if you can allocate time for a sit-down discussion about it. Thanks!

  • Paola Link Reply

    Is it possible to convert VUL to term insurances?

    • Federico Suan, Jr. Link Reply

      Hi Paola. Some term life insurance can be converted like Sun Safer Life. Thanks!

  • Nesh Link Reply

    Hi!
    Please send proposal for a 64 year old female…non smoker.

    • Federico Suan, Jr. Link Reply

      Hi Ms. Nesh. You may still apply for a Sun SaferLife but due to age, you may be subjected to medical test/s deemed necessary by our underwriters. I’ll send an email please kindly reply to it. Thanks!

  • Hi Mr. Federico, I want to know more about the insurance. Could you drop me a mail and discuss the matter. Thanks!

    • Federico Suan, Jr. Link Reply

      Hi Nina. I’ll be sending an email. Please kindly reply on that. Thanks!

  • Jay Link Reply

    Hi,
    This article is very helpful, thanks. I want to receive a quote for a term insurance for my parents; mom (61) dad (60).
    Your response will be much appreciated.

    Thanks

    • Federico Suan, Jr. Link Reply

      Hi Jay. Just let me know if I could be of help to you in the future. Thanks again!

  • Russel Alfeche Link Reply

    My mother is 61 y/o, what’s the best and most cost-efficient life insurance plan for her you can offer?

    • Federico Suan, Jr. Link Reply

      Hi Russel. Please kindly send an email about your request. Thanks!

  • Christine Link Reply

    Hi Sir my mom is 60 year old, non smoker, what is the best insurance for her? And the cheapest since we only have a limited budget. Thanks

    • Federico Suan, Jr. Link Reply

      Hi Christine. If you’re looking for the cheapest life insurance then term is your best choice BUT this is not a guarantee that your mom will be insured. Due to age and current health condition she may be issued a plan with a higher premium. Much of this is best discussed in person. You can meet an advisor to help you out with this. Thanks!

  • Kat Link Reply

    Hello! Request for proposal for term insurance, thank you!

    • Federico Suan, Jr. Link Reply

      Hi Kat. Please kindly fill out the form. As you can see, the info will be used to remotely assess your needs. Thanks!

  • Christine Link Reply

    Hello Federico! OFW here, im returning home and staying for good. question lang po, does applying for insurance needs credit check? i want to avail term insurance as soon as i get home, just wondering kung kailangan pa ba ng credit check cause definitely hindi ako papasa because i dont have work paguwi. Thank you

    • Federico Suan, Jr. Link Reply

      Hi Christine. You can declare naman na galing sa savings yung payment. If you want assistance. Please let me know. Thanks!

  • Gerimee Dapat Link Reply

    Can I convert my VUL into term? Please enlighten me.

    • Federico Suan, Jr. Link Reply

      No, you can’t. You can ask your advisor to consult for any changes in the plan. Thanks!

  • ALOHA SALVA Link Reply

    Im an OFW in Abu Dhabi, 39 yo. im interested with Sunlife Maxi Prime. How can I avail? Is it possible even im outside philippines? im willing to submit all requirements.

    • Federico Suan, Jr. Link Reply

      Hi Aloha. Good to know that you’re really into getting a life insurance plan. However, documents must be personally signed. It would be my pleasure meeting you in the future to assess your needs and discuss your options. Thanks 🙂

  • omar Link Reply

    I’m interested to get a term life with health insurance for me. I am interested on the 15 year term which is the maximum.

    • Federico Suan, Jr. Link Reply

      Hi Omar. Sadly, we only have 5 years of renewable term life insurance from Sun Life. Just let us know if you’re interested. Thank you 🙂

  • mzwire Link Reply

    More info pls …tnx

    • Federico Suan, Jr. Link Reply

      Hi. May I know what info you need. Let’s talk more thru email. Thanks 🙂

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