VUL

What is VUL?

VUL or variable unit-linked plan is a 2-in-1 product combining income protection and investment in one plan.

Benefits of VUL

You can get financially protected thru GUARANTEED Insurance and Grow your money thru investment  in mutual funds.

Here are the quaranteed insurance that can you get:

1. Life insurance- in the event of death your family we’ll get cash benefits equal

To your plan face amount, the amount can be use to help their family in daily expenses and to insure that they can still fulfill the dreams that they plan together.

2. Accidental death benefits - one of the unforeseen event in life is accident, you can maximized your income and for your family.

3. Disability coverage due to accident or illness when you get disabled or you can no longer work , you can claim this benifits that can help you in your finances.

4. Critical illness upon diagnosis you can covered any of critical illnesses and surgery you can use to pay hospital bills

5. Hospital income benefits when you get hospitalized illness or injury you can have  daily hospital allowance to help you to pay. 

HOW DOES IT DIFFER FROM OTHER INSURANCE PLANS?

With VUL insurance plan, not only your beneficiaries will enjoy the benefits of it but most of all, it’s you. This is because of the cash values it offers that you can use sometime in the future either for the college fund of your child, for your future business, or your retirement.

HOW MUCH DOES IT COST?

Premium really varies depending on the client’s age, gender, and smoking habit. Generally, you can start acquiring a VUL plan with as low as P1,000 to P3,000 per month. The higher your premium is, the higher the coverage you can get & cash value you can expect in the future.

WHAT ARE THE CHARGES?

Charges in VUL plans are taken on its first few years. For Sun Life VUL plans, they are:

• Premium charge – cost associated in setting up the policy
• Mortality charge – pertains to the insurance protection
• Monthly periodic charge – regular admin expenses
• Fund management charge – for the management of funds. This is already netted out  from the unit prices of each fund

UP TO WHAT AGE AM I COVERED IN VUL?

Some VUL plans get you covered until age 88, some until age 100.

CAN I ALSO ATTACH A HEALTH INSURANCE WITH VUL?

Yes. We have these so-called ‘riders‘ that you can attach to a VUL plan at an additional cost which also gives you additional coverage. With Sun Life VUL plans, some of the riders you can attach are Critical Illness Benefit and Hospital Income Benefit that already gives you a health insurance coverage.

WILL I RECEIVE ANY PROOF THAT I HAVE ACQUIRED A VUL PLAN?

Yes. Once your application for VUL insurance plan has been approved, a policy contract will be given to you by your trusted Financial Advisor.

DO YOU SEND STATEMENTS OF ACCOUNT?

Yes. You have the option to receive your statement of accounts either via email or a printed copy.

WHAT ARE THE REQUIREMENTS ON GETTING A VUL PLAN?

With Sun Life, the requirements are filled up application form, signed proposal, one primary ID or two secondary IDs, SSS or TIN number and initial payment

CAN I WITHDRAW FROM THE PLAN?

Yes. Afterall, it’s your money. However, it is not recommended that you do it within the first few years of the plan because of minimal investment returns. Take note that acquiring a VUL plan is a long-term investment.

WHAT HAPPENS WHEN I WITHDRAW ALL THE FUND VALUE IN MY VUL PLAN?

The plan automatically terminates. You can do partial withdrawals to keep the policy inforced.

I’M AN OFW WHO WANTS TO APPLY FOR A VUL PLAN, AM I ELIGIBLE?

Yes, as long as your application will be signed here in the Philippines.

WILL I STILL BE COVERED EVEN IF I GO OUT OF THE COUNTRY?

Yes.