Sun Smarter Life is a whole life insurance plan offered by Sun Life with coverage until age 100. It 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, get a whole life plan with guaranteed life insurance and cash benefits. However, it may come with a higher price tag for extra peace of mind because of the “guaranteed benefits.”
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Sun Smarter Life Classic
Sun Smarter Life Classic offers life insurance protection until age 100. Life insurance is equal to twice the Face Amount. The minimum face amount for this plan is Php 200,000.
Your family will receive this when you die for whatever reason. 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.
How is this different from the Elite variant?
Sun Smarter Life Classic is like Sun Smarter Life Elite but without the endowment benefit (payouts).
None of us is excited to die. Excitement is not why we get ourselves insured, but the financial security it offers. Thus, life insurance is not just about death.
You can still enjoy its benefits while you are alive.
Sun Smarter Life, for example, gives annual dividends and accumulates cash value.
You can use it as an alternative source of funds for emergencies or immediate cash needs. Instead of borrowing from a bank with high-interest rates, you can borrow it from your cash value.
Flexible Payment Options
Sun Smarter Life Classic is available in regular and limited payment options.
Ton, what’s the difference between the two?
Regular pay means you have to pay the plan religiously until age 100 or until being converted to a fully paid-up plan.
Limited pay means that it is payable for a limited time. In this case, you can pay for this in 5 or 10 years.
What’s the catch?
Of course, the difference is the premium. Expect to pay more with a limited pay plan because of the compressed charges in a narrower timeframe.
If you have the money, then go for a limited-pay plan.
The issue ages for this plan are from age 0 to 80. When we talk about 0 years old, we are talking about a baby aged seven (7) days and above.
Sun Smarter Life is a level premium, which means that the premium you pay from day one is the same premium you pay until you finish the plan.
You can attach riders or supplementary benefits to 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 get if you die because of an accident.
- You can also attach a Hospitalization Income Benefit (HIB) to your plan to replace your lost income while confined to a medical facility.
- Critical Illness Benefit (CIB) will give you extra protection with a lump sum of money when you get treated or diagnosed with a 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
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 a Sun Smarter Classic with an anticipated endowment benefit of 8% of the face amount starting at the end of the 6th year and every two (2) years 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!
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.