Sun Life is pleased to announce that credit card payments are now accepted for VUL plans. Previously, only traditional life insurance policyholders can use this facility. But not anymore because of this latest update of Sun Life to give its clients more option in paying their life insurance application and premium renewals.
3 Ways to Pay Sun Life VUL Plan thru Credit Card
This is now available for regular peso-denominated VUL plan up to Php 100,000 per modal transaction. Meanwhile, are the 3 ways on how you can pay your plan using a credit card.
Sun Life’s Client Service Center
You can pay it in over 70 client service center (CSC) nationwide. You just need to present your credit card to a Sun Life representative in proper crediting of your payment. However, this only applies to new applications only.
Another way to pay your initial premium for your new application is thru a phone call. You may call our client care (632) 849-9888 or Policy and Plan Accounting at (632) 555-8888 loc 5690 to get an approval code. Then, get credit card sales at any CSC, fill out and sign before submitting it again to CSC.
Existing VUL policyholder is also allowed to pay their premiums via credit card thru an auto-charge agreement(ACA). Just ask your financial advisor for ACA enrollment so your agent can submit it in any CSC.
Frequently Asked Questions:
What kind of plans can be paid using a credit card?
What is the limit per credit card transaction?
The limit is Php 100,000 per modal payment (monthly, quarterly, semi-annually, or annually).
What type of card is acceptable?
Sun Life credit card payments via Visa and Mastercard-powered credit cards.
Why I cannot pay my renewal premium using the first two options?
Opening the credit card facility for VUL plans holders is made possible to make it easier for you in doing business with Sun Life. Renewal premium can only be paid thru ACA is to ensure that you will not appear to be investing from credit. The only trigger for charging the premium is on your policy due date rather than any time you may want.
Federico is an electronics engineer, financial blogger, insurance agent, and a certified investment solicitor. A multi-awarded Sun Life financial advisor with clients ranging from lawyers, doctors, engineers, accountants, business owners, company directors, and OFWs to minimum wage earners had sought advice from him in achieving lifetime financial freedom.