Sun Smarter Life is a whole life insurance plan offered by Sun Life that covers you from day 1 to age 100. A whole life plan is one of the best choices to get if you cannot handle the inherent volatility of VUL plans. You know how unpredictable the market can get and if this makes you uncomfortable then get a whole life plan which has guaranteed life insurance and cash benefits. This may come with a higher price tag for the extra peace of mind from the word “guaranteed”.
Sun Smarter Life Classic (Quick Links):
Sun Smarter Life Classic Insurance Coverage
A whole life plan like Sun Smarter Life has life insurance protection until age 100. What makes it even more special is that the protection it provides is equal to twice the face amount. The minimum face amount for this plan is Php 200,000. Your family will receive this amount when you die due to a natural cause or accident. Take note that you don’t buy life insurance because you’re going to die but because someone has to continue living.
Remember: It’s always a struggle when you lose someone you love BUT your emotional struggles don’t need to be compounded by financial difficulties.
None of us is excited to die, right? Excitement is not the reason why we get ourselves insured but the financial security it offers plus life insurance is not just about dying. You can still enjoy its benefits while living. Sun Smarter Life is a participating whole life plan which means it may pay you non-guaranteed dividends on top of your accumulated cash value. You can use the cash value of your plan as an alternative source of funds for emergencies or immediate need for cash. Instead of borrowing from institutions with high-interest rates or giving up your prized possessions in exchange for money.
Flexible Payment Options
The plan is payable in either regular pay or limited pay options. Suan, what’s the difference between the two? Sun Smarter Life is a life insurance that covers you until age 100. It’s almost a lifetime for most of us, right? If you opt to choose regular pay then you have to pay the plan until age 100, or better yet until your last years. I know it can be intimidating to hear but you still have other option. You can pay the plan in 5 years or 10 years and you’re good to go, hence limited pay.
Suan, what’s the catch? Of course, the major difference is the premium amount. Expect to pay more with limited pay because the charges are compressed in a narrower timeframe, unlike the regular one. If you have the money and wouldn’t like to continue struggling in paying the premiums on a regular basis, until your last year, then go for a limited pay.
The issue ages for this plan is from age 0 to 80. When we talk about 0 years old we are talking about a baby age 7 days and above. Unlike premiums for your term insurance that increases every after a certain period like 5 years, Sun Smarter life is a level premium which means the premium you pay from day 1 is the same premium you pay until you finish the plan.
You can attach riders or supplementary benefits on your plan to maximize the protection you get.
- Attach a Total Disability Benefit (TDB) or waiver of premiums to your plan to waive future payments when you get totally and permanently disabled.
- Accidental Death Benefit (ADB) will enhance the amount of money your family will die because of an accident.
- You can also attach a Hospitalization Income Benefit (HIB) on your plan to replace your lost income while confined to a medical facility.
- Critical Illness Benefit (CIB) will give you extra protection by giving a lump sum of money when you get treated or diagnosed with critical illness.
- Sun Safer Life can also be attached to the plan to add more protection.
- Waiver of Premiums upon Death of the Initial Owner and Waiver of Premiums upon Death or Disability of the Initial Owner (WPD/WPDD) if the insured is a child.
Sun Smarter Life Elite (Level-Up with Endowment Benefit)
I know that Sun Smarter Life Classic is already a winner from all the benefits you can get from the plan but Sun Life knows our needs and takes the benefits a notch higher with Sun Smarter Life Elite. This plan is basically a Sun Smarter Classic with anticipated endowment benefit of 8% of the face amount starting at the end of the 6th year and every 2 years thereafter for life. Don’t worry because the endowment benefit won’t lessen your original face amount.
If you want to inquire about the plan you can reach me any time of the day thru the following channels. Your questions are most welcome. You can also set an appointment with me with no obligation. Want a financial planning session? Contact me today!
Engr. Federico Suan, Jr.
Sun Life of Canada (Philippines) Inc.
15th Floor Frabelle Building
Rada St, Legazpi Village Makati City
Landline: (02) 705-9666
Federico is an electronics engineer, financial blogger, insurance agent, and a certified investment solicitor. A multi-awarded Sun Life financial advisor with clients ranges from professionals like lawyers, doctors, engineers, business owners, company directors, and OFWs to minimum wage earners had sought advice from him in achieving lifetime financial freedom.