Sun Flexilink is the cheapest life insurance with an investment plan from Sun Life. A good plan if you are a low-income earner or elderly who are seeking income protection and wealth accumulation plan in a more affordable scheme. Providing you financial security while making your money grow at the same time.
Why You Must Get Life Insurance?
My father died a few years ago without life insurance and it has been a financial roller coaster for me. Because I have to take up the role I wasn’t supposed to plus I am not ready yet. It’s the point in my life that I felt like I was lifting something so heavy that my body cannot handle.
To think that I already graduated from college and have a decent job but still felt like that way. What more if it happened when I was still young?
You Want Nothing But the BEST For Your Family
Please don’t get me wrong, I still love my father even though he didn’t prepare for it. I understand that during that time financial literacy is not as big as today. Maybe no one dared to offer him life insurance. It was totally not his fault because he didn’t know and he has no one to ask.
But it would be different for you because you know its importance. You’re lucky because you can still do something today for the BEST of your family.
A Simple Question to Ask Yourself
If you’ll be called by our creator today? Will your family still live the same lifestyle? Can your sibling/kids go to the same school? If not, you better get life insurance now!
Sun Flexilink is the oldest VUL plan of Sun Life that basically offers life insurance coverage until age 88. Investment is in the form of a pooled fund similar to a mutual fund. If you don’t know what is a mutual fund, it’s a fund managed by a fund manager who will invest the pooled money, gathered from investors like you between bonds or stocks based fund of your choice.
If a mutual fund is new to you, don’t worry because your Financial Advisor can help you pick the most suitable for you.
Like any of the plans out there, this is best explained with an example. I will share a sample proposal I made for myself.
Federico Suan, Jr., 25, Male, Non-smoker, Index Fund with an ave. historical return of 10% p.a.
Yearly Premium: Php 31,670
Semi-Annually: Php 15,835
Quarterly: Php 7,918
Monthly: Php 2,640
Daily: Php 88 (just the price of your favorite fast food meal)
Life Insurance Coverage: Php 1 Million
This is the lump sum amount my family can get to continue the life they are living today when I die (Lord, please not too soon). My brothers can use this amount to finance the education of our younger sister and provide the needs of my Lola. This is to show how much I love them even if I am not physically present there to provide their needs.
Total Disability Benefit (TDB): Waiver of Premiums
A rider, additional benefit, I attached to my plan that will waive my future payment when I get totally and permanently disabled. When this benefit gets activated, Sun Life will pay the future premiums on my behalf. It is as if I am still paying my plan even though I can no longer work pay for the premiums. This is a must-have a rider to any insurance plan.
Accidental Death, Dismemberment, and Disablement Benefit (ADDD): Php 1 Million
This is also a rider I attached to my plan for additional coverage. When I die due to an accident, my family will get this together with my basic life coverage which makes the lump sum to Php 2 Million. If I am lucky to survive the accident but lost any part of my body, I will receive a corresponding percentage of my ADDD coverage (e.g. if I lose my one eyesight then I will receive Php 500,000). If I become permanently disabled I will receive Php 100,000 every year for the next 10 years for a total of Php 1 Million in benefits.
Hospital Income Benefit (HIB): Php 1,000/day
This is something I can get when I get confined and serve more like a daily income replacement. I can avail this benefit for a total of 1000 days or a maximum of Php 1 Million. The benefits I can get will double or become Php 2,000 when I get confined in ICU or hospitalized due to any of the dreaded diseases listed below.
Dreaded diseases include stroke, chronic liver disease, dissecting aortic aneurysm, end-stage lung disease, end-stage renal disease, multiple sclerosis, major organ transplant, invasive cancer, poliomyelitis, progressive muscular atrophy, and acute heart attack.
Critical Illness Benefit (CIB): Php 1 Million
Medical treatment can be costly and can wipe out all my savings when I get critically ill. I can get this benefit when I get diagnosed or treated for any of the 36 critical illness listed below. Critical illness includes stroke, heart attack, invasive cancer, dissecting aortic aneurysm, etc. The premium of this rider increases every 5 years and after the paying period, the accumulated funds will have to pay for the succeeding premiums.
There are 9 available funds you can choose just ask for the assistance of your Financial Advisor in picking the fund. In my case, I’ve chosen the index fund with an average historical return of 10% p.a. The index fund invests in top publicly listed companies like Ayala, SM, Jollibee, etc. which makes me enjoy the benefits of the stock market indirectly.
When I retire at age 65, I will have a projected fund value of Php 1,074,463 which I can use to build a small business or other things I may need for my retirement. The fund can also be used as an educational fund for my future kids. We all know how much the cost of sending a child to school nowadays that’s why it pays to be prepared for it as early as now. You can use the fund for whatever purpose you may seem beneficial to you like buying a car probably, building your own house, etc.
What are the Requirements?
You need your initial payment, signed application forms, and one valid ID. Initial payment is at least 1 quarter or 3 months worth of premiums.
Protect the future of your family by getting a VUL policy 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 email@example.com or at my official e-mail via firstname.lastname@example.org
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.