Sun Life is pleased to announce that credit card payments are now accepted for VUL plans. Previously, only traditional life insurance policyholders could use this facility. But not anymore because of this latest update from Sun Life to give its clients more options in paying their life insurance applications and premium renewals.
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3 Ways to Pay Sun Life VUL Plan thru Credit Card
It is now available for a regular peso-denominated VUL plan up to PHP 100,000 per modal transaction. Meanwhile, here are the 3 ways you can pay your plan using a credit card.
Sun Life’s Client Service Center
You can pay it nationwide in over 70 client service centers (CSC). You need to present your credit card to a Sun Life representative in proper crediting of your payment. However, this only applies to new applications.
Another way to pay your initial premium for your new application is through a phone call. You may call our client care at (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 it out, and sign it before submitting it again to CSC.
Existing VUL policyholders are also allowed to pay their premiums via credit card through an auto-charge agreement(ACA). 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 for 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 can I not pay my renewal premium using the first two options?
Opening the credit card facility for VUL plan holders is possible to make it easier for you to do business with Sun Life. Renewal premium can only be paid through ACA 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 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.