After 2 years of choosing which insurance I will get, I have finally decided to get a Sun Life Maxilink Prime Variable Life Insurance. It is a life insurance coupled with investment product which is the distinction of VUL among the other types of insurance.
At first, I’m studying the possibility of getting a term insurance because several financial bloggers recommended it. However, the downside about it is that you cannot get the money you paid when you buy term insurance if you will not be diagnosed with any sickness.
Just a note, Sun Life has a term insurance called Sun Life Assure but it is not for all people because an OFW is not allowed to buy that type of insurance. It is limited only to individuals who are working inside the Philippines according to Gary de Castro of Financial Planning Philippines blog.
On the other hand, VUL pays you the life insurance and the death benefit at the moment you paid the premium. In case of Sun Life Maxilink Prime, you need to pay the premium on the first year in order for you to be guaranteed to life insurance.
All in all, I need to pay P36,000 per year for ten years (total of P360, 000) to get a life insurance plus death benefit worth P1.2 million. However, this amount may increase in the future because of the investment characteristic of this VUL.
Depending on the performance of the investment which is 100% invested in the Philippine stock market, this amount can reach up to P5 million in case I’m still alive during that time.
My primary reason why I bought life insurance is to leave my family some amount of money that they can use after my death. The money is not enough but will definitely help my wife and kids in their everyday expenses.
If you want to learn more about Sun Life Maxilink Prime, you can visit directly their website at www.sunlife.com.ph or you may contact Gary de Castro of Financial Planning Philippines blog.
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