Sun Life Financial’s Sun Flexilink is a life insurance product with an investment component just like Sun Maxilink Prime which me and my wife availed to serve as financial protection for our family when any of us die and to save and invest money for our retirement, child’s education and future expenses. It is a financial protector in the sense that when I die, Sun Life Financial will give money to my family to replace my income that would be lost the moment I die. That’s the importance of life insurance, protecting my family from financial disasters brought about by death. It is an investment plan in the sense that portion of my payment or premium will be invested into various corporations and managed by top notch Sun Life investment managers. The goal of these investment managers is to make my money grow in time so that I will have something to use for retirement, child education and other financial needs. All I have to do is to regularly pay my premium, add more money into it and watch my investment grow over time.
With Sun FlexiLink, you don’t need to die to make your family enjoy the proceeds of your life insurance because you and your family can enjoy it while you are still alive. You can enjoy the investment component of this insurance while you are still alive. You can withdraw from your investment fund if you need it. You want to use it to fund your dream travel? Well, you have the freedom to do it. You waited so long for your investment to grow so you deserve to enjoy it in whatever way you want. You may have heard from other people that life insurance is all about dying, well it is also about living, you live to enjoy your investment while being able to protect your family through insurance.
Sun FlexiLink is good financial tool for retirement. Think about this: out of 100 Filipinos who retire, 45 still depend on their relatives, 30 count on charity, while 22 can’t stop working in order to support themselves. Do you want to be counted with this 97% of the retiree population who did not properly plan their retirement? Or do you want to be among the other 3% who did their retirement planning the right way. With Sun Flexilink, you are required to save in 10 years to build a retirement fund that will give you comfortable and decent retirement life in the future. You don’t want to be a pasanin for your children or relatives when you are old already, right? So as early as now, plan your retirement.
If you paid 20,000 pesos per semester when you were in college, don’t expect that your new born child will have the same tuition fee 18 years from now. You might be paying ten times this amount 18 years from now because every year colleges and universities increase their tuition and miscellaneous fees. Invest now for your kids’ college education to prepare yourselves as parents with the rising cost of education in the Philippines. The good thing about Sun FlexiLink is that if you die, the premium will be paid by Sun Life itself and be assured that your kids have something to use for college.
Sample Proposal: Sun Flexilink 10 Years To Pay
Raymund, 24, Male, Non-smoker
Face Amount: 1 Million Pesos
-My family/beneficiaries will receive 1 Million pesos from Sun Life of Canada Philippines Inc. if I die even I already paid once. I just wish that my family will use this money wisely because I will not be in the world to remind them the right way to manage money. But I believe my wife is responsible enough to manage our money.
Accidental Death Benefit: 1 Million Pesos
-If I die due to accident, my family will receive additional 1 Million pesos in addition to the face amount. This benefit is called a rider, which can be added to the basic plan (face amount). Although this rider is optional, I added it because I know I need it and it maximizes the basic plan. Getting this benefit by having another policy will be more expensive. My beneficiaries need to prove that the cause of death is accident so they can get this benefit; thus medical and police reports may be needed besides the death certificate.
Total Disability Benefit
Another rider which will oblige Sun Life to pay the premium if I become totally disabled. If I am disabled, I cannot work already and may not earn money so this rider will protect me from not being able to pay my premium due to disability. Although this plan is again optional, I added it because I believe it is important. Actually, I consider this a MUST have rider for every life insurance policy.
Critical Illness Benefit: 500,000
This rider will provide lump sum amount (500K) if I will be diagnosed and treated with a total of 36 illnesses listed here. Among the critical illnesses covered are stroke, heart attack, cancer, paralysis, total blindness and kidney failure. If I die due to any of the covered critical illnesses, my family will still get the lump sum amount. Sun Life has a separate term insurance called Sun LifeAssure with the same benefits with the option of including accidental death benefit rider and total disability benefit rider. Learn more about Sun LifeAssure here. By the way, critical illness benefit is optional and the premium increase every 5 years. After 10 years of paying, the earning of the investment component of the plan will pay the premium for this rider and the other 2 riders discussed above.
Part of my payment will be used to pay insurance charges or the cost of insurance and part of it will be invested in an investment fund of my choice. I can choose from equity fund, balanced fund, bond fund or money market fund. I personally chose equity fund because I want my money to be invested in locally listed (to the PSE) companies. Investing in the equity fund involves risk but higher potential return. If I retire at age 60, here are the projected fund value which I can withdraw to use as retirement fund:
At 4% Annual Fund Earning: 1.444 Million
At 8% Annual Fund Earning: 3.440 Million
At 10% Annual Fund Earning: 5.433 Million
These fund values are not fixed as they depend on the actual performance of the fund. They are just projections to give each policy holder an idea of how his/her money can potentially grow through the years.
For 10 years, I will pay 26,710 Pesos per year, a total of 267,100 Pesos. It is about 73 Pesos a day or 2,225 Pesos a month. I will consider Sun Flexilink as a regular savings plan but unlike my bank saving, it has bigger potential and more exciting. On top if this regular premium, I can also add more money into it that will be directly added to the fund value of the plan.
If you are a young professional, the best time to get a Sun Flexilink Plan is now! because if you are young, your insurance premium is lower compared to older people. Also, because you are still young, there is longer time for your investment to grow in value. Thirty to 40 years to retirement is such a long time for your investment to grow.
Sun Flexilink is endorsed by Bam Aquino
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