• Sun Life Insurance

    Sun Life Insurance

    Overview for Sun Life Financial Insurance

    Headquartered in Toronto, Sun Life Financial Insurance has international presence in Canada, Hong Kong, the United States, Ireland, Indonesia, the United Kingdom, India, China, the Philippines, Japan, Korea and Singapore. Sun Life of Canada (Philippines), Inc. began its life insurance program in the Philippines in 1895. From those early days, Sun Life has grown tremendously and is today one of the most recognized and trusted life insurance companies in the Philippines. The product portfolio includes Life Insurance, Pension Plans, Mutual Funds, Accidental Insurance and Education Plans. Almost half a million policyholders trust Sun Life with their future.

    Life Insurance Plans offered by Sun Life Insurance in Philippines

    Individual Insurance addresses your individual needs and provides customized solutions which will fit your financial profile. It ensures the financial protection of you and your family.

    1. SUN Safer Life:
    2. This is a 5-year renewable and convertible term life insurance which will give you maximum protection.

      Features and Benefits:

      • The coverage is equal to 200% of the Face Amount and the premium is cheaper than most other permanent life insurance products in the market.
      • Incase you are injured/disabled, or in the event of your accidental death, Sun Life will provide your family with Additional Protection.
      • Its quick and hassle-free to convert to any other life insurance product.
      • The automatic renewal ensures longer protection until your golden years.
    3. Sun LifeAssure:
    4. This is a nonparticipating, peso-denominated insurance plan, with critical illness benefits.

      Features and Benefits:

      • The plan covers over 36 critical illnesses, which is the widest range in the market.
      • It is a five-year renewable term plan
      • The face amount is payable upon the insured’s death or if the insured, before turning 70 years old, is diagnosed with any of the 36 critical illness that are specified on the official website.
      • Some of the critical illnesses that are covered include stroke, heart attack, cancer and kidney failure.
      • For non-smokers, Sun Life offers special premium rates.
    5. Sun First Aid
    6. An affordable hospital income plan that takes care of all your financial worries in the event of your hospitalization. What’s more, whether you are hospitalized or not, its money back feature ensures that you receive your cash.

      Features and Benefits:

      • Hospitalization Benefits includes cash benefits every day that you are hospitalized. You will get additional cash benefits if the days that you are hospitalized is for more than 30 days. If you are confined in an intensive care unit you will be entitled to additional cash benefits. Based on the type of surgery and a benefit schedule, you will be given surgical cash benefits. All of these cash benefits will be paid to you directly.
      • Protection Benefits includes Life insurance coverage and Accident coverage. In case you of disability, premiums will be waived off.
      • This plan has a money back feature.
      • At the end of ten years, 50% or 75% of all premiums will be returned to you.
    7. Sun Dream Achiever
    8. This plan is for those looking for more than just a life insurance plan. Sun Dream Achiever is a combination of a life insurance and savings plan which also guarantees education benefits.

      Features and Benefits:

      • Life insurance cover
      • Education benefits will be paid in four annual installments.
      • Incase of your death during the length of the policy, your child’s education will be uninterrupted.
      • Dividend Earnings
      • Flexible options for Cash Payout
      • Short Paying Period. You can pay for the entire policy in five years.
      • Simple, hassle-free application process
    9. Sun StartUp
    10. This is a peso denominated, non participating endowment insurance policy which matures at the end of 10 years.

      Features and Benefits:

      • The full face amount will be paid upon the death of the insured. When/if the insured outlives the ten year policy period, return of a portion of the premiums will be paid.
      • The payment is so affordable, at less than Ps. 500.00 per month, that anyone can decide to insure the future of their family.
      • It is possible to get your plan enhanced so that any accidents will be covered.

    Variable Life Insurance Product

    Complete, guaranteed Life Insurance Protection

    Your family’s future will be completely secure with the Variable Life Insurance Product. The life insurance protection is equal to the sum of your policy’s Face Amount plus Fund Value. What's more, your coverage will not be lower than 500% of your regular premium, plus 125% of each excess premium less 125% of each partial withdrawal, if any. This benefit will be available the entire time your policy is in-force or until you are 88 years old.

    Group Life Insurance

    Group Life insurances by Sun Life is packaged in such a way that organizations can afford to provide their employees with comprehensive life insurances at very affordable premium rates. The plans can also be tailor-made to fit your company’s needs and budget.

    1. Group Yearly Renewable Term Plan
    2. Features and Benefits:

      • Death Benefit: Each employee’s beneficiary/ beneficiaries will be paid the amount of insurance in the event of the employee’s death.
      • Incase of an employee’s death by suicide within a year of the Effective Date/ date of reinstatement of his insurance, the pertinent provisions of the Insurance Code shall apply. If the death benefit is not payable, Sun Life will refund all premiums paid between the Effective Date / date of reinstatement of his insurance and date of death.
      • Conversion Privilege; Employees can convert group insurance to an ordinary life insurance policy without any evidence of Insurability. The employee will also get complimentary coverage during this period of conversion.
    3. 5 PLUS
    4. This is an affordable group life insurance plan. It does not need evidence of insurability and has very affordable premium rates. As long as your company employs a minimum of five "actively at work" employees, between the ages of 18 and 65 years, performing standard risk occupations, you will be eligible for the Sun Life Philippines' 5 Plus Group Insurance Plan.

      Features and Benefits:

      • Sun Life Philippines' 5 Plus Group Insurance Plan provides protection in the following ways:
      • Life Insurance: The beneficiary will be paid the amount of insurance upon the employee’s death.
      • Accidental Death, Dismemberment and Disability (ADD&D) Income Benefit: Incase an employee loses their life, is dismembered or has a disability because of an accidents, they will be paid an additional amount.
      • Total & Permanent Disability Income (TPDI) Benefit: If an employee becomes temporarily/permanently disabled because of an accident/illness, they shall be given additional amount monthly (upto 60 months).
      • This plan is for organizations employing a minimum of five and a maximum of fifty people who are engaged in standard risk industries and substandard occupations.
    5. Pro Family
    6. Pro Family covers any accident related expenses that you and your family may have. It is a yearly renewable plan.

      Features and Benefits:

      • To be eligible, the principal insured must be between the ages 18 and 64 years, spouse between 18 and 64 years, children between 2 weeks and 21 years of age and parents up to 64 years old. You must also be a permanent resident of Philippines to be eligible.
      • The application process is as simple as submitting the Information Sheet and the premium for the chosen plan package.
      • The maximum amount you will receive with this plan for Accidental Death and Dismemberment is Ps 2,000,000 and for Medical Reimbursement is Ps 200,000.
      • You will not need medical examinations to be covered in this plan.
    7. Pro Student
    8. Sun Life Philippines’s Pro Student Plan is meant to cover all your expenses when it comes to health related costs of your students. It is a yearly renewable plan and covers death or disablement of students.

      Features and Benefits:

      • To be eligible students must be bonafied students and below the age of 45 years.
      • They may be in Pre-school, Elementary, High School, College, Post Graduate or Vocational.
      • All schools which are registered and recognized by the Department of Education, Culture & Sports (DECS) are eligible.
      • Accidental Death, Dismemberment and Disability are all covered in this plan.
      • Medical Reimbursement coverage is also part of this plan. For more details please refer to the official website.

    FAQ for Sun Life Financial Insurance

    1. What is a policy dividend?
    2. A certain amount of money will be returned to the insured or beneficiary, which is known as policy dividend. This is a partial refund of the premium paid. Policy dividend is the result of actual mortality, investment earnings and expenses being more favorable than earlier expected when the premiums were set. Thus policy dividends are not guaranteed.

    3. How can my designated beneficiaries contribute on my policy/policies?
    4. In the event of the insured’s death, the primary beneficiary will receive the coverage. In the event of the primary beneficiary’s death, the contingent beneficiary will receive the insured amount.

      The primary beneficiary has the option of being designated irrevocable which means that he will be part owner of the policy. For all policy-related transactions and changes can only be done by his consent.

    5. Who may be covered under Group Insurance?
    6. Only permanent employees, who work full-time are eligible for the Group Insurance. They must also be between the ages of 18 and 65.

    7. What is the difference between an Individual Insurance Plan and Group Insurance Plan?
    8. Individual insurance plan can earn you cash value and dividends, while a Group Insurance cannot. Group Insurance is yearly renewable.

    9. What are the available Group Insurance products?
    10. Group Insurance Products include Group Yearly Renewable Term Plans, Creditors' Group Life, Group Personal Accidents, 5 Plus, Pro Family, PA Card and Pro Student

    News About Sunlife Insurance

    • Sun Life aims to increase clients in the Philippines

      Sun Life of Canada’s Philippines unit aims to increase its clients in the country to 5M by 2020 under its growth plan ‘Rise PH’. Riza Mantaring, the President and Chief Executive Officer of Sun Life said that the company’s client base is increasing by 100, 000 to 200, 000 on an average per year. The insurance company has 1.5 million customers at present and it said that Rise PH will ensure financial inclusion. There are very few people who use financial products like investments and insurance in the country. To boost financial literacy, the company will collaborate with 8990 Holdings to create educational tools, templates and formats. They will also create services and products that will look into the housing, insurance and financial needs of the lower middle class and middle class.

      03rd June 2016

    • Sun Life Grepa Grows Rapidly in Premium Income

      The year of 2015 has been robust for Sun Life Grepa Financial Inc. in terms of its growth with premium income. According to the company, this record pace was set because of the launch of several new products that catered to various clients of different risk taking attitudes and investment appetites.

      As per the insurer’s statement, the company has said to have booked premium income worth P10.15 billion last year, up 44% year on year. This metric has put the company as the 8th largest life insurer by the Insurance Commission according to the list that was released on its website last April.

      Some of the products introduced last year that led to the healthy premium income include Power Builder Dollar 1, Dynamic Fund, MyFutureFunds and Growth Plus Fund. The “Brighter Life Praxis” board game helped strengthen its financial literacy advocacy.

      The company’s plan for 2016 includes boosting its presence outside of Metro Manila.

      16th May 2016

    • Greater opportunities to be provided by Sun Life with Captains Fund

      SUN Life is now offering Captains Fund in Philippines which is a Variable Unit Linked Fund (VUL). This fund will provide a greater opportunity for the upside potential earnings. The fund has been designed according to the solid economic fundamentals of Philippines.

      Despite all unpredictability, Philippines has performed quite impressively in the global market. Clients can gain a lot from the Captains Fund as the major industry leaders of the country are performing well.

      Professional fund managers will be handling these funds. It will ensure that clients can avail maximum returns.

      05th May 2016

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