Sun Maxilink Prime is one of the best plans you can avail from Sun Life with affordable premium options and flexible payment terms. It is a Variable Universal Life (V.U.L.) insurance plan that offers protection thru insurance and a bonus of investment that you can use in the future.
At the age of 22, this was the first investment I got for myself. I have plenty of reasons why I chose to get Sun Maxilink Prime VUL plan.
One is to give financial assistance to my family in case of unexpected situations like death or disability. I may not be the breadwinner of the family, still, I don’t want my family suffer financially in case of unfortunate events.
Two is the investment that the plan offers. Sun Maxilink Prime VUL plan exposed me to other investments like mutual funds and stocks. I became aware that there are many additional investments I can get to secure and build my wealth.
Sun Maxilink Prime is at least 10 years to pay plan where I started with P1,500/month. This was my only budget during that time and fortunately applicable with my age and gender. Take note that premium payments still depend on age, gender, and smoking habit of a person. So, I pay an annual premium of P18,000. With this amount, I got to have a coverage of:
✔ P700K Life Insurance Coverage – this gives me peace of mind that no matter what happens, the income that I provide for my family can be replaced by the insurance. In that way, they can still continue a comfortable life without suffering financially.
✔ Total Disability Benefit (TDB) – waiver of premium in case of total disability during the paying period.
✔ Accidental Death Benefit Coverage for P350K (ADB) – in case of death due to an accident, my beneficiaries will receive additional P350K on top of the P700K life insurance coverage I have.
Since my investment time horizon is long term, I can use the investment part of the plan as my retirement fund. Of course, my goal for the plan can be different from yours. Others get a VUL plan for educational purposes for their kid. Others get this plan to save up for business capital.
So for certain years, I can expect a fund value of:
✔ P227,763 after 10 years
✔ P580,014 after 20 years
✔ P5,073,270 at age 65
*Assuming at 10% compound interest.
Not bad for saving a limited time of 10 years with an affordable premium of P1,500 monthly. That’s only P50/day! Also, I have the option to add more fund in excess of my P18,000 annual premium. This adds to my current fund value which can give me higher returns in the future. Isn’t that great?
Another feature of Sun Maxilink Prime VUL plan is that you can attach additional benefits like Critical Illness and Hospital Income Benefit. Like TDB and ADB, we call these benefits riders which is optional for the client to attach to the plan.
Critical Illness Benefit – a lump sum amount will be given to the insured in case of diagnosis from the 36 Critical Illness listed from the plan.
Hospital Income Benefit – you can claim up to P5,000 per day if you were confined in a hospital for a minimum of 3 days.
Aside from getting my personal insurance plan through VUL, I also got the same plan for my youngest sister. We started her plan at age 7 and my purpose is to save up for her college fund. By the time she enters college, we can expect a fund value of:
✔ P204,196 at age 18 (*Assuming at 10% compound interest.)
Some would say I should never insure a child and just get a pure investment plan instead for educational purposes. But I still believe that the earlier you get insured, the cheaper and the better. Unexpected events like critical illness or death can happen to anyone regardless of age, gender, etc. Reality is there is NO exception.
My sister may not appreciate it yet, but I know someday, she will be thankful for what I did. Besides, my sole purpose of getting the plan for her is to get her insured as early as possible and the fund value that we can use when she goes to college. In that way, my retired parents have nothing to worry about her college education. 🙂
If you’re not into paying for long years, we have Sun Maxilink Bright which is payable for at least 5 years. When saving up for educational purposes, I highly recommend this plan.
So, what are you waiting for? Include your plan of getting insured and invested to your 2019 goal! Don’t wait for the time of regret of not getting them as early as possible.
Start as soon as possible, because someday your bakit list will include “Bakit hindi ko pa noon ginawa?” – Juan Fernandez
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