Compare quotes for life insurance. The Best Affordable Term Insurance from Sun Life in the Philippines

Term insurance plan is one of the best options for those who wanted protection but has a limited budget. It is cheaper compared to whole life insurance plans because it doesn’t accumulate cash value or in other words, it only offers pure life protection. Thus, term insurance offers maximum protection for a minimal cost. Affordable life insurance.

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Like any other life insurance, term insurance gives financial protection to your family against the loss of life. You can also get extended coverage for disability, dismemberment of any part of the body, and critical illness just like your whole life plans but only for a specified period. Term insurance is renewable after 1 year, 5 years, 10 years term, and so on.

Renewability of the term plan simply means that after the specified term, the insured has an option to continue the plan for a new and higher premium. The premium will be based on the new attained age. Here’s a short video that explains what term insurance is about.

Why is Term Insurance for you?

There’s no doubt that everybody needs life insurance for different purposes with one goal and that is to protect those things that matter. While some like the idea of whole life protection, others wanted VUL which is a life insurance with an investment plan, but the rest wanted term life insurance.

If you are still in doubt between VUL or term insurance, I listed the reasons why buying a term life insurance is the most suitable plan for you. If the reasons are similar to yours then you should get a term insurance.

Newly Married Couple or Low Income Earner

Insurance is a basic need and something that every family should have to build a strong financial foundation. A newly married couple has a lot of things on their table already from buying a house of their own or renting a space, furnishing their home, utility bills, groceries, and so on that’s why a term insurance is a good option for them because it won’t take much from their savings. The same goes for those with low-income earners, they still can get a life insurance that won’t hurt their budget but will provide maximum benefits.

Term Insurance as Mortgage Redemption Insurance (MRI)

MRI is a requirement by Pag-ibig and banks before approving your housing loan. Term insurance can be used as an MRI in which the bank, where you got your loan, will be elected as the primary beneficiary. The proceeds of your insurance will fully pay the remaining loan while the excess of the insurance money will be given to your heirs. Did you ever wonder what will happen to your house without MRI? Pag-ibig and banks can foreclose the property regardless of how much is the remaining loan. MRI ensures that your family will still have a house to live when you die too soon. Of course, no one is hoping for that, but it’s better to be prepared, right?

Estate Preservation Tool (Estate Planning)

An estate tax is a tax imposed for the privilege of transferring the deceased person’s property to his heirs. Leaving a fortune to your family can be a tricky because of the estate tax that’s why estate planning has become popular. Previously, the estate tax was as high as 20% of the gross estate of a deceased person but because of the current tax amendments, it is now down to flat 6%. Considering that all the deceased person is frozen, having a liquid fund to pay the estate tax will speed-up the process of transferring the ownership of the properties. Insurance proceeds may not be subjected to the estate tax, thus making it liquid.

Additional Protection On-top of Existing Coverage

Anyone who wishes to add life coverage on top of their existing life coverage can get a term life insurance for a minimal cost. Businessmen often opt to buy multiple term insurance to multiply their wealth. This is a good way to add coverage if you don’t have a budget yet to buy a whole life insurance. You can also convert it to a whole lie insurance (and VUL) anytime without proof of insurability.

Buy Term Invest the Difference (BTID)

If you are a BTID advocate/follower then buying a term insurance is for you. BTID follower like to have their insurance and investment plan separated from each other, unlike VUL plans. The benefits of having an investment separated from your insurance are good because you’ll have more money to invest in mutual fund, UITF, stocks, forex, etc. This will speed up the process of wealth accumulation if it’s done right.

Best term insurance rates

Why is Term Insurance not for you?

Terms insurance has its pros and cons, we previously discussed the pros and now we’ll have to discuss the reasons why term insurance is not for you. This is the common why most will not continue in buying term.

No Cash Value or Fund Value

The premiums you pay for a term insurance is just enough to cover the insurance charge and after the term, let’s say 5 years, you won’t receive anything even a single cent. So if you are looking for something that will return even a portion of your money then a term insurance is not for you.

Increasing Cost of Life Insurance

In a term insurance, charges increases after a specified term. If you got a 5 years renewable term and paying let’s say Php10,000 every year for Php 1 Million worth of coverage after the 5 years term it’ll become Php 12,000 (based on your attained age). This cycle continues every time you renew your insurance coverage. If you don’t like this setup you might want to reconsider your options.

Grace Period is 30 Days

Term insurance has no cash value nor fund value which means that when you forgot to pay your premiums on its due date then it’ll automatically be in a grace period. A grace period is a period given by insurance company to give their client more time to settle the premium. If no payment was done, the policy will lapse.

If you want an insurance with cash value/fund value then you may want to consider purchasing a VUL plan instead. you can read more about Sun Maxilink Prime by following the link below.

READ MORE: Sun Maxilink Prime | Best-Selling VUL Plan from Sun Life

Sun Safer Life (5YRCT)

Sun Safer life is a 5 years renewable term insurance from Sun Life that provides guaranteed life coverage equivalent to twice the face amount until age 75. This automatically renews every 5 years until age 74 without any proof of insurability.

Riders Attachable: Waiver of Premiums (TDB) and Accidental Death Benefit (ADB)

Paying Options: Yearly | Semi-Annually | Quarterly

Health insurance

Convertibility: can be converted to an endowment, whole life plans, and VUL up to age 65

Sun LifeAssure (5 YRCT)

Sun LifeAssure is a 5 years renewable term that pays the face amount when either the death of the insured or when diagnosed with a critical illness, whichever occurs first. This is renewable until age 59 without evidence of insurability. This term plan automatically renews every 5 years with higher premium based on the attained age.

Riders Attachable: Waiver of Premiums (TDB) and Accidental Death Benefit (ADB)

Paying Options: Yearly | Semi-Annually | Quarterly

Sun Maiden (5 YRCT | Female Specific Critical Illness)

A 5 years renewable term insurance specially designed for women which give financial assistance or percentage of the face amount is given when diagnosed or treated due to any of the female-specific critical illnesses. It also provides free 5 diagnostic and preventive procedures within the first 10 years of the policy which can be availed once per year after the first policy anniversary.

Riders Attachable: TDB, ADB, Critical Illness Benefit (CIB)

Paying Options: Yearly | Semi-Annually | Quarterly

5 Diagnostic and Preventive Procedures

Female Specific Critical Illnesses

Cancer of the Breast, Cervix Uteri, Uterus, Ovary, Fallopian Tube or Vagina or Carcinoma-in-situ of the Uterine Corpus, Ovary, Fallopian Tube, Vagina must undergo required operation.

Systematic Lupus Erythematosus (SLE)

Minnesota life insurance

Hysterectomy or Dilation and Cutterage

Major Plastic Surgery due to Accidents

Skin Transplantation due to accidental Burning

Sun Maiden Plus

Additional maternity benefit of 2% of the face amount is given for every child delivered with a maximum of 3 children. The benefit can only be availed after the 1-year waiting period.

Request for a FREE Proposal NOW!

Protect the future of your family by getting a term insurance today. Some terms are technical in nature that an ordinary person may not understand without the help of a Licensed Financial Advisor. I strongly recommend a personal meeting which is FREE of charge. Don’t worry because you won’t be required to get any plans from me. You may not like it and it is perfectly fine with me. You can reach me thru 0917-775-8352 or e-mail me at or at my official e-mail via