Sun Smarter Life Elite is an insurance and savings plan from Sun Life. It provides life insurance protection and guaranteed cash benefits until age 100. A “lifetime panama” that can serve as a beautiful gift to your child or “apo.”
But before we proceed, let me ask you this, “what’s the reason why you are working hard?“
If you’re married, it’s your family. Above all, it’s your kids. (No offense meant with your spouse, but I’m sure you have the same priority.)
5 Reasons Why You Must Give a Pamana to Your Kids
A client of mine suddenly said, “Federico, I need this plan.” I was in deep shock because I rarely hear those words that fast.
So I asked her why? She’s an excellent lawyer, has a business, and many assets. (Please spare me, I’m not tsismoso. I just need to gather info to know my client.)
It was her nephew who died due to an accident leaving his wife and newborn son. Reality bites so hard she realized she needs something to protect her children’s dream. Perhaps, she needs a lifetime pamana.
1. A better start in life
Giving pamana to your kids can jumpstart their life. Whether it’s buying a house, car, starting a business, etc. It can certainly give them a brighter life you always wanted them to have.
2. Maintain the lifestyle
You may know a family who financially struggled after losing the breadwinner, right? Leaving a pamana will give them some wiggle room to adjust when they lose you.
3. Set a good example
I talked with someone who doesn’t like to leave an inheritance to his kids. His reason is simple. It’s because his parents did not leave them even a single centavo. It marks the endless cycle until someone will break it. But if there’s a cycle, you must begin it should be the cycle of giving.
4. Give your kids some “time“
When you give pamana, you are also giving the time value of money as well. You know by heart that the amount of money today is not the same in the future. It means that your kid can maximize the earning potential of the money they received.
5. Immortalized your love
Pamana is like the warmth of your embrace, caressing your kids and telling them that everything is fine. That you are still there supporting them through your pamana. Getting the right financial plan can even help you immortalize your love for your kids.
Sun Smarter Life Elite
Sun Smarter Life Elite is a whole life insurance plan from Sun Life. It has life insurance protection with a guaranteed cash benefit given at the end of the 6th year and every 2 years onwards.
Eligibility Age: 0 to 80 years old
Riders: TDB, ADB, HIB, CIB, WPD/WPDD, and Sun Safer Life
Mode of Payment: Yearly | Semi-Annually | Quarterly
Payment Period: 5 years, 10 years, and regular pay (until age 100)
Nowadays, several plans can serve as an inheritance to your kids. Just like Sun Smarter Life Elite from Sun Life, that gives guaranteed cash benefit until age 100.
Yes, it’s a guaranteed benefit. Unlike the projection you normally get with a VUL plan, plus, we are talking about a lifetime. Thus, it can immortalize your love for your kids.
It may sound too intimidating for some. So let us discuss this using a sample proposal.
Sun Smarter Life Elite Sample Proposal
Now, I’ll be showing you a sample proposal of Sun Smarter Life Elite. And how it can serve as your lifetime pamana to your kids or apo.
Juana Dela Cruz, Female, 40 yrs old, non-smoker with newly born son
Annual Premium: Php 188,347.01
Face Amount: Php 1 Million
Insurance Coverage: Php 2 Million
Payment Period: 10 years
Endowment: Php 80,000
Attached Riders: ADB and WPDD
- Life Insurance – is equal to 200% of the face amount. You will get Php 2 Million when your child dies. Of course, you do not wish for it, right? So it is much better if you will look at it as the amount your child’s future family can get if he dies.
- Accidental Death Benefit (ADB) – an additional Php 1 Million will be given to your kid’s beneficiary if he died due to an accident.
- Waiver of Premiums Upon Death or Disability of Initial Owner (WPDD) – payment is waived if you get disabled or died during the paying period. It serves as a wonderful addition to your plan that no matter what happens, your kid’s future is secured.
- Cash Value – this is a guaranteed amount your kid can get when he decided to surrender the policy in the future. So for example, he surrendered it when he is already 60 yrs old, then he’ll get Php 1,453,730. (The proposal contains the exact figures.)
- Dividends – a non-guaranteed benefit given to you every year. The amount may vary depending on the earnings and savings of the company.
- Endowment – your kid will get Php 80,000, which is equivalent to 8% of the face amount. It will start at the end of the 6th year and every 2 years onwards.
Why Give Sun Smarter Life Elite to Your Kids or Apo?
The plan is a great pamana to your kids, right? You have very flexible payment options and guaranteed cash benefits they can enjoy throughout their lifetime. But at this time, some of you might be having second thoughts. So I listed 8 advantages of the plan to help you decide why you should get it now.
Here are the 8 advantages of Sun Smarter Life Elite.
1. Guaranteed cash benefit
You can give guaranteed cash benefits to your kids, which is independent of market volatility. Thus, even if the stock market crashes due to the economic cycle, pandemic like COVID-19, etc. your kids will get the benefits no matter what.
2. Give your pamana now
Most parents are worried that their kids might be waiting for their death, right? So why not give a portion of their inheritance now? They will receive it anyway. Getting a Sun Smarter Life Elite for your kids is like giving them some of their inheritance now.
But of course, don’t give all your assets yet because you will lose control over them.
3. Time value of money
If you give it now, they can get more value from it. They can invest the money to grow by the compounding of interest. Thus, time is on your kids’ side.
4. Limited pay
You can opt to pay it for 5 or 10 years only. It will give you a sense of fulfillment when you finished paying for the plan.
5. Regular cash benefit
Most parents are afraid of leaving a massive sum of money for their kids. They believe that it may hinder their desire to strive harder in life. But with Sun Smarter Lie Elite, a cash benefit is given regularly. Thus, it can train your kids on how to handle money. So when the time comes, they can manage your remaining assets properly.
6. Two is Better than One
Your kids will get the cash benefit at the end of the 6th year and every two years onwards. So if you want to make it a yearly payout then get one now and another next year.
7. A lifetime pamana
You might be wondering how long your pamana will last? But with Sun Smarter Life Elite, it can last a lifetime. It means that even your grandkids can reap the rewards of your sound financial decisions.
8. Get lucky with “8”
Did you know that 8 is the luckiest number for Chinese? It is because it sounded like “fa,” which means wealth or prosperity in Chinese. The plan gives cash benefit equal to 8% of the face amount, giving you endless luck.
Get a FREE Sun Smarter Life Elite Proposal NOW!
So are you ready to give your kids a gift that can last a lifetime? Please fill out the form below to request a FREE proposal or schedule a FREE personal financial discussion NOW!
If you can give something to your kids that can last a lifetime, would you give it? Is it a yes or a yes?
Giving a plan like this to your kids serves as a reminder of how much you love them. And it’s not just about the money they can get but the love, hard work you put in making this possible.
But if you are still undecided, then why not request a proposal? It is just to give you a bird’s eye view.
After all, it is FREE.
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.