In my early 20s, one of the first questions I asked when I was looking for a life insurance plan is what company to buy from. One financial advisor in the Philippines wrote on his blog that I should get my life insurance plan from among the top 5 life insurance companies in the Philippines. I followed his advice.
Choose among top 5 life insurance companies in terms of premium income, assets, net income or paid up capital. These companies, according to him, are the strongest and most reliable. They will last longer and their chances to declare bankruptcy in the future is slim. I wanted a strong company so that I am assured that I will enjoy the benefits of my life insurance policy in the future.
One of the top 5 companies in terms of premium income and assets is Sun Life of Canada (Philippines) Inc. I have three life insurance policies from the company. Members of my family are policy holders as well. Many of my friends mention they are plan holders of the company also. Now, I am a proud financial advisor of the company with over 300+ clients. I also manage 25+ financial advisors who help me spread financial literacy in the country.
In this article, I would like to highlight the strengths of the company to help you decide to get your first life insurance policy from Sun Life.
Sun Life is the Oldest Life Insurance Company in the Philippines
It was in 1895, three years before the founding of the Republic of the Philippines, when Sun Life first set foot in the country with the mission of giving Filipinos the opportunity to enjoy the humanitarian benefits of insurance. For 124 years, Sun Life has endured World War II, martial law and many political crises in the Philippines. Today, Sun Life is a vibrant and strong life insurance company that will surely stand for another 124 years.
Sun Life was founded in 1865 in a the beautiful country of Canada. That makes Sun Life 154 years old. That is astonishing because only few companies can last more than 150 years. Today, Sun Life is one of the largest life insurance companies in Canada and worldwide.
If the longevity of a life insurance company is a big factor to you, Sun Life’s 154 years of existence will definitely matter to you. You want your life insurance company to outlive you so that you and your family will enjoy all the benefits promised by your life insurance contract.
Top Life Insurance Company Based on Premium Income
In the last 8 years, Sun Life gained the title of number 1 life insurance company in terms of premium income. Premium income is a measurement of the total amount of money collected by the company from all life insurance policy holders. Market leadership in the life insurance industry is measured in terms of premium income. More money coming in means more people are entrusting their money to the company. For 2017, the company received 32.108 billion pesos of premium income. The next ranking company received 26 billion pesos.
See the Insurance Commission rankings here:
You may want to put your money in a company where millions of people trust. The number 1 ranking of Sun Life is a sign that more Filipinos have confidence with the company in terms of their insurance and investment needs.
Top 2 Life Insurance Company Based on Assets and Top 1 Based on Net Income
Assets are defined as anything that a business owns, has value, and can be converted to cash. A life insurance company has obligations to pay future claims: death, disability, hospitalisation and critical illness benefits. Billions of assets will give confidence to policy holders that their claims in the future will be paid.
A life insurance company, big or small, should be able to pay its obligations not only to its creditors but also to its policy holders. For 2017, Sun Life is Number 2 based on assets with 232 billion pesos worth of assets. For many years, Sun Life retained the position next to Philam Life.
Net Income is equal to net earnings (profit) calculated as sales less cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes and other expenses. It is an important measure of how profitable the company is. If a life insurance company has negative or zero net income, it cannot declare dividends to its participating policy holders and shareholders. Dividends are considered passive income for policy holders and shareholders. Who doesn’t like passive income?
Sun Life is in Top 100 PH Brands
Sun Life is the only life insurance company in the top 100 brands of Campaign Asia Pacific’s Top 100 Brands in the Philippines. The Top 100 Brands in the Philippines is part of a region-wide study entitled Asia’s Top 1000 Brands, and is based on the results of a survey developed by Campaign Asia- Pacific in partnership with global information and insights provider Nielsen.
“For Sun Life to land on the list is a testament to the Filipinos’ growing interest in insurance and investments, and we’re honored that it is our company they have in mind when it comes to these financial instruments,” Sun Life CEO and country head Benedict Sison said. “We look forward to nurturing this interest by continuously expanding our financial literacy efforts, providing relevant products, program, and tools, and deepening our relationship with our clients.”
Sun Life has 70+ Client Centers in the Philippines
Sun Life has distributed client centers in the country where financial advisors and clients could transact. Clients don’t need to travel far to reach a Sun Life customer center. Paying premiums, withdrawing funds, filing claims and other basic services are easily availed by policy holders if they are near a client center. Clients will save time and money.
Sun Life has established client centers in major cities of the country. More client centers are expected to be established in the years to come as Sun Life has set an ambitious goal of achieving 5 million clients by 2020. The company need adequate physical presence in the countryside to achieve this historic goal. Check the locations of our client centers today.
Sun Life Has Over 13,000+ Financial Advisors
Finding a licensed financial advisor these days is relatively easy with over 13,000 of them scattered throughout the country. They are active in social media networks like Facebook, Instagram, Linkedin and blogs. Your friends, coworkers and family members may refer you to their Sun Life financial advisors as well. Since we have thousands of advisors, you have the freedom to choose your preferred advisor. You may qualify your advisor based on tenure, awards received and other achievements.
Most of our financial advisors now are millennials catering to the needs of young professionals who are actively looking for life insurance and investment products. If you are a millenial who is more comfortable to talk to a millenial advisor, you may do so by contacting one or two of our millenial advisors today.
Fastest Turnaround Time on Claims
Sun Life continues to have one of the fastest turnaround times in the life- insurance industry in terms of claims payment. Just recently, the company increased its threshold amount for speedy death claims processing from P3 million to P5 million. This means that death benefit checks are ready for release within three hours from receipt of claim request at the Bonifacio Global City head office for those with complete and satisfactory claim requirements and following set criteria for speedy death claims. (Source:Businessmirror)
Sun Life Leverages the Use of Technology
Sun Life understands the needs of its clients. One of these needs is fast and easy access to their life insurance and investment accounts. With the rise of smartphones, the company launched the Sun Life mobile app where clients can see their policy information, fund values, mutual fund accounts, etc 24/7. They can also do self-service financial needs analysis with the Money for Life planner, get immediate answers to common inquiries and FAQs, locate Sun Life offices in the country and access company information. Access through web browsers is still available 24/7.
Sun Life Offer Mutual Funds
Sun Life does not only offer life insurance products but also award-winning mutual funds. Mutual funds are a great way to maximize your earning potential. Sun Life offer mutual fund products through its asset management arm Sun Life Asset Management Company Inc (SLAMCI) which is currently the largest non-bank affiliated asset management company in the country.
A Mutual Fund is an investment company that pools together money from different investors and invests them in various securities depending on the investment objective of the fund. The mutual fund company issues shares to the public that represents their holdings in the fund.Source: Sun Life website
If you are not satisfied with the interest banks are giving you, you may want to explore mutual funds which are financial instruments proven to beat inflation. Over the long term, mutual funds such as equity funds provided better returns than conservative financial instruments. Good news! You can now open a mutual fund account for just 1,000 pesos. Subsequently, you can add to your investment for as low as 1,000 pesos also.
Beware that not all financial advisors can offer mutual fund products. They need a specific licence from the Securities and Exchange Commission (SEC). Before you open an account, you may ask your advisor to show proof that he/she is a SEC-certified investment solicitor. Open an account today!
Sun Life Involves in Charitable Acts
Sun Life is involved in corporate social responsibility with Sun Life Foundation. Yearly, I share my blessings by helping the foundation financially to pursue its programs to help the marginalised sector of society. I could not forget the time when Sun Life donated hundreds or boats to fishermen affected by a very powerful typhoon. We were even given the chance to give names to the yellow boats. I donated a small amount for this project and I was very happy to share the blessings God has given me.
Incorporated in 2007, the Sun Life Foundation commits to ‘building a Brighter World’ to help alleviate the plight of those who are most in need. Anchored by its pillars of Education, Health, Environment, together with Arts & Culture, our Corporate Social Responsibility arm provides assistance to numerous organizations with similar advocacies.Sun Life Foundation
Sun Life Offers Affordable Life Insurance Plans
When I was starting my career as a Sun Life financial advisor, I was surprised that some clients have this preconceived notion that Sun Life products are expensive. I proved them wrong by showing product proposals of Sun Life. Every working Filipino can afford a Sun Life product.
First, Sun Life’s accidental insurance can be availed for as low as 100 pesos. You can even buy it online 24/7. Easy and fast. You can purchase it through Lazada here.
If you want to be covered with life insurance with the cheapest premium possible, you may want to check out the term insurance plans of Sun Life here . These plans are pure life insurance plans with no savings or investments whatsoever; hence cheaper.
If you want life insurance plans that are linked to investments, you may want to check the Variable Unit-linked Plans (VUL) plans of Sun Life. These plans include Sun Maxilink Prime and Sun Flexilink. Besides having life insurance coverage benefits, these plans could be used for income replacement, retirement, college education or savings for life milestones. You could also attach disability and critical illness benefits on these plans.