According to a national survey, only 2 out of 10 Filipino households are well prepared financially if one family member suffer from grave illness or require expensive medical treatment. Seventy eight percent of national households are “somewhat” prepared or not totally prepared at all if one of family members get critical illness. Alarmingly, most Filipinos expect financial support from their spouse, children or relatives if they got seriously ill. Very small percentage of our population has health insurance to fund their medical expenses. Of those with health insurance, majority have Philhealth and HMO cards which have limited coverage and obviously will not be enough to cover serious illnesses like cancer, stroke, heart attack, organ transplant and among others. Many Filipinos in reality are under insured for health.
Good News! Sun Life has just launched a life insurance product that focuses on health benefits. This plan is called Sun Fit and Well, which is being endorsed by Piolo Pascual and his son. It covers up to 100 minor and major critical illness benefits up to age 100. Lump sum amount will be provided if diagnosed of the said critical illnesses. A variant of Sun Fit and Well provides daily hospitalization income, post hospitalization benefit and home recovery benefit. Additional lump sum amount will also provided if the insured is diagnosed with specific cancer conditions.
The plan also accumulates cash through your lifetime which you can use for your expenses. There are also non guaranteed cash benefits such as dividends and special paid-up bonus from the company. A variant of the plan also provides annual endowment/cash benefit starting age 65 up to age 72.
The good thing about Sun Fit and Well is that children can be insured. If your child is at least 30 days old, you can let him/her apply for Sun Fit and Well with you the parent as the policy owner/payer.
Sun Fit and well can be paid in a limited period of 10 years, 15 years or 20 years. Premiums can be paid in partner banks, online banking, Sun Life offices, automatic bank deduction, credit card payments and other partner institutions. There is monthly, quarterly, semiannual and annual mode of payment depending on the age of the insured and other factors.
There are three variants of the product:Sun Fit and Well, Sun Fit and Well Plus and Sun Fit and Well Advantage, with the third one has the most features or benefits. The Sun Fit and Well Advantage plan is what I recommend most to my clients because of the endowment benefits it provide starting at age 65. I usually recommend this product together with our best selling VUL plans such as Sun Maxilink Prime, Sun Flexilink and Sun Maxilink Bright.
Video Courtesy of Sun Life Financial