What is Sun Maxilink Prime? – Insurance w/ Investment

Protect Your Family with Sun Maxilink Prime

Do you want to start building your retirement fund? Or perhaps, looking for a way to save up for you and your family’s future needs? If your answer to those questions is yes, then Sun Maxilink Prime might be the perfect insurance plan for you.

Insurance? I thought we’re talking about building my retirement fund here.

Yes, we are! You see, Sun Maxilink Prime is not a traditional life insurance policy, it’s a VUL plan or what we call variable-unit linked life insurance. In this plan, a portion of your money goes to your life insurance plan while the other portion is invested into an investment fund of your choice (ex. bond fund, balanced fund, equity fund, money market fund, index fund, and etc.)

Here’s a short video from Pesos and Sense to explain what VUL is:

That means that Sun Maxilink Prime provides its policyholders with both life insurance coverage and investment funds.

But perhaps the best thing about Sun Maxilink Prime is that aside from its life insurance coverage and investment components, it also has living benefits. And what do I mean by that? Sun Maxilink Prime can offer you several benefits that you can use while you’re still alive. These living benefits include the Total Disability Benefit (TDB) Waiver, Accidental Death Benefit (ADB), Accidental Death, Dismemberment, and Disablement Benefit, Critical Illness Benefit (CIB), and Hospital Income Benefit (HIB).

And best of all, it’s a 10-year plan to pay!

Sound interesting? Wait, till you get to know all the benefits Sun Maxilink Prime has to offer.

SUN MAXILINK PRIME – SAMPLE PROPOSAL

Sun Maxilink Prime - Investment Linked - Life Insurance

Sun Maxilink Prime is an investment-linked life insurance plan which offers a combined benefit of insurance protection and investment, providing you financial security and peace of mind while you grow your money over time. It enables you to build your funds over time which can help you achieve your long term goals or any life milestones.”

Let me show you the plan I got for myself to give you a better understanding of what this policy has to offer for you and your family:

Erika Celario, Female, 26 years old, non-smoker (as of 2019)

  • Face Amount: ₱ 500,000
  • Total Disability Benefit: ₱ 500,000
  • Accidental Death, Dismemberment and Disablement Benefit: ₱ 500,000
  • Critical Illness Benefit: ₱ 2,000,000
  • Hospital Income Benefit: ₱ 2,500
  • Excess Premium/Top-Up: ₱ 2,110 (*Amount directly placed into the plan’s investment funds)

PREMIUM COST

Policyholders can choose to pay quarterly, semiannual, annual, or even monthly via auto-debit arrangements in banks (BPI or BDO). A policyholder can also switch from paying the premiums from monthly to quarterly, or semi-annual to annual, without extra charge. However, the first payment should be at least a quarter of the annual payment as required by the company.

  • Annual: ₱ 40,000
  • Semi-Annual: ₱ 20,000
  • Quarterly: ₱ 10,000
  • Monthly: ₱ 3333.33
  • Daily: ₱ 111.11

The plan might be pricey if you focus on its annual fee, but if you break down the amount, you’ll only have just ₱ 111.11 each day. And with that ₱112, you can already get these benefits:

  • A death benefit of ₱ 1,000,000 (200% Face Amount = PHP 500,000)
  • A total disability benefit of ₱ 500,000
  • An accidental death, dismemberment and disablement benefit of ₱ 500,000
  • A critical illness amount of ₱ 2,000,000
  • A hospital income benefit of ₱ 2,500 (per day)
  • A possible fund value at age 65 of ₱ 657,789 (4%  projected fund performance) / ₱ 2,704,298 (6% projected fund performance) / ₱ 5,202,417 (10% projected fund performance). A hefty amount for a retiree to receive, don’t you think?

Let’s further elaborate these benefits:

Life Coverage

Life Coverage

The beneficiaries I declare on my policy (family members) will receive ₱ 1 Million from Sun Life (200% of face amount ₱ 500,000) when I die along with all of its accumulated investments.

Total Disability Benefit (TDB) Waiver

Total Disability Benefit (TDB) Waiver

This benefit will automatically waive my future payments if I become disabled during the paying period of 10 years. It means that my insurance is still intact even though I can no longer work to pay for it.

Accidental Death, Dismemberment, and Disablement Benefit (ADDD)

Accidental Death, Dismemberment, and Disablement Benefit (ADDD)

If I die due to an accident, my family will get the ₱ 500,000 included in my plan together with the basic life insurance coverage, so the death benefit they will get is ₱1.5 million. However, if I survived the accident but unfortunately lost any part of my body, I’ll receive a certain percentage of my ADDD coverage. Let’s say, I lost a leg due to the accident, Sun Life will immediately send me half of my ADDD coverage amount which is ₱ 250,000. But what if the accident rendered me disable and can no longer work? Sun Life will give me ₱50,000 per year for 10 years for a total of ₱ 500,000 as part of my ADDD benefit.

Critical Illness Benefit (CIB)

Critical Illness Benefit (CIB)

In the future, if ever I get diagnosed with any of the 36 critical illnesses identified by Sun Life including cancer, heart attack, stroke, brain tumor, kidney failure, and invasive cancer among others, I am entitled to receive a lump sum amount of ₱ 2 million. And mind you, treatment for critical illness are very expensive in the Philippines and can instantly wipe out your life savings if you’re not ready.

*Note: ADDD premium increases every five years. After the paying period, the policyholder can choose whether to pay it annually or use the accumulated investment to shoulder its annual premium.

Hospital Income Benefit (HIB)

Hospital Income Benefit (HIB)

As part of this plan, I am entitled to receive 2,500 per day when I get confined in a hospital either due to sickness or injury. The amount automatically doubles if I get admitted in ICU or confined due to any terminal illness like heart attack, end-stage lung disease, major organ transplant, multiple sclerosis, or stroke.

**TDB, ADDD, HIB, and CIB are all optional. The policyholder can choose not to include this on the plan, but it is highly recommended to do so if you want to feel more secure in the future.

BUT WHAT IF I DON’T DIE EARLY, GET DISABLED, OR DIAGNOSED WITH CRITICAL ILLNESS?

Then lucky you, because you will get to enjoy all the accumulated investment funds of your VUL when you grow old. Like it was stated earlier, Sun Maxilink Prime is more than just a life insurance plan, it also has investment components, and you’ll get to reap all of its returns.

If the investment was placed in Equity Fund, a mutual fund that invests principally in stocks, you can get an average return ranging from 4% to 10%. Let’s visualize this by looking at the sample below.

Take the plan I presented earlier as an example. At age 65, the projected fund value of my investment is:

  • ₱ 657,789 (4% projected fund performance)
  • ₱ 2,704,298 (6% projected fund performance)
  • ₱ 5,202,417 (10% projected fund performance)

While at the age of 75 years old, the projected fund value of my investment is:

  • ₱ 841,147 (4% projected fund performance)
  • ₱ 5,754,227 (6% projected fund performance)
  • ₱ 13,455,918 (10% projected fund performance)

And at age 87, a year before my plan ends, the projected fund value of my investment is:

  • ₱ 761,860 (4% projected fund performance)
  • ₱ 14,147,971 (6% projected fund performance)
  • ₱ 46,395,366 (10% projected fund performance)

Yes, that means I can leave my children and grandchildren with a fortune that can turn their lives around.

But what if an emergency happens? And I want to withdraw money from my fund value?

Well, you can. You can withdraw your fund value anytime without any interest accruing! Just remember not to withdraw all your fund value so your policy won’t lapse if ever you forgot to pay your insurance charge.

IS SUN MAXILINK PRIME THE PERFECT PRODUCT FOR YOU?

If you’re a millennial who wants to secure his/her future; a father who wants to provide income protection for your family;  or an employee who wants to start building your retirement fund, then the Sun Maxilink Prime might be the perfect product for you.

My first insurance policy was actually Sun Maxilink Prime. I got it when I was just 21 years old, and I’m a proud policyholder for 5 years now.

Again, Sun Maxilink Prime is not an investment plan with free insurance, it is an insurance policy with investment components. It’s best for people who are starting their path to financial freedom and is still trying to learn the ins and outs of investment. That’s why I highly recommend this product for those who want to secure the future of their family and loved ones while building a fund for their future.

WANT TO KNOW MORE?

Interested to know more about Sun Maxilink Prime and how you can get one for you and your family? Feel free to reach me thru 09194872581 or via email at erika.celario@gmail.com /erikaeugenie.y.celario@sunlife.com.ph. You can also set an appointment with me so I can further discuss the plan and its benefits. And don’t you worry, you have no obligation to buy from our company. You may not like the product, and I’m cool with that. The appointment is entirely for free. I can even give you some of my financial tips to help you go YOLO with IPON. 🙂

Yes, I can be your friendly neighborhood Financial Advisor!


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