In my early 20s, one of the first questions I asked when looking for a life insurance plan was which company to buy. A financial advisor in the Philippines blogged that I should get my life insurance plan from the top 5 life insurance companies in the Philippines. I followed your advice.
Choose from the top 5 life insurance companies in terms of premium income, assets, net income or paid-up capital. According to him, these companies are the strongest and most reliable. They will last longer and your chances of filing for bankruptcy in the future are slim. I wanted a strong company to ensure that I would enjoy my life insurance benefits well into the future.
One of the top 5 companies in terms of income and assets is Sun Life of Canada (Philippines) Inc. I have three corporate life insurance policies. My family members are also insured. Many of my friends mention that they are also corporate designers. I am now a proud financial advisor for the company with over 300 clients. I also manage over 25 financial advisors who help me spread financial education across the country.
In this article, I would like to highlight the company's strengths that will help you decide to get your first Sun Life life insurance policy.
Sun Life is the oldest life insurance company in the Philippines
It was in 1895, three years before the founding of the Republic of the Philippines, that Sun Life first set foot in the country with a mission to enable Filipinos to enjoy the humanitarian benefits of insurance. For 124 years, Sun Life has weathered World War II, martial law and many political crises in the Philippines. Today, Sun Life is a vibrant and strong life insurance company that is sure to be around for another 124 years.
Sun Life was founded in 1865 in the beautiful country of Canada. That makes Sun Life 154 years old. This is surprising because few companies can last more than 150 years. Today, Sun Life is one of the largest life insurance companies in Canada and the world.
If the longevity of a life insurance company is important to you, Sun Life's 154 years of existence will certainly be important to you. You want your life insurance company to outlive you so you and your family can enjoy all the benefits promised in your policy.
The best life insurance company based on premium income
For the past 8 years, Sun Life has earned the title of #1 Life Insurance Company in terms of premium income. Premium income is a measure of the total amount collected by the company from all life insurance policyholders. Market leadership in the life insurance industry is measured in premium income. More money coming in means more people trusting the company with their money. For 2017, the company received 32.108 billion pesos in premium income. The next ranked company received 26 billion pesos.
See the Insurance Commission's ranking here:
Maybe you want to put your money in a company trusted by millions of people. Sun Life's number 1 ranking is a sign that more Filipinos trust the company for their insurance and investment needs.
Top 2 life insurance companies based on assets and 1 based on net income
Assets are defined as anything a business owns that has value and can be converted into cash. A life insurance company has an obligation to pay future benefits: death, disability, hospitalization and critical illness benefits. Billions in assets will give policyholders confidence that their claims will be paid in the future.
A life insurance company, large or small, must be able to pay its obligations not only to its creditors but also to its policyholders. For 2017, Sun Life is No. 2 by assets with 232 billion pesos in assets. For many years, Sun Life held the position along with Philam Life.
See here the latest ranking from the Insurance Commission.
Net income equals net income (profits) calculated as sales less cost of goods sold, selling expenses, general and administrative expenses, operating expenses, depreciation, interest, taxes and other expenses. It is an important measure of how profitable the company is. If a life insurance company has negative or zero net income, it cannot declare dividends to policyholders and participating shareholders. Dividends are considered passive income for policyholders and shareholders. Who doesn't love passive income?
See here the latest ranking from the Insurance Commission.
Sun Life is among the top 100 PH brands
Sun Life is the only life insurer among Campaign Asia Pacific's top 100 brandsTop 100 Brands in the Philippines. The Top 100 Brands in the Philippines is part of a regional survey titled "Asia's Top 1000 Brands" and is based on the results of a survey developed by Campaign Asia-Pacific in partnership with global intelligence and information provider Nielsen.
"The fact that Sun Life is on the list is a testament to the growing interest of Filipinos in insurance and investments and we are honored that our company is the one they have in mind when it comes to these financial instruments," said the CEO and said the head of the country, Benedict Sisson. "We look forward to cultivating this interest by continually expanding our financial literacy efforts, providing relevant products, programs and tools, and deepening our relationships with our customers."
Sun Life has over 70 customer centers in the Philippines
Sun Life has developed client centers across the country where financial advisors and clients can transact. Customers do not have to travel far to reach a Sun Life customer service center. Payment of insurance premiums, withdrawal of money, filing of claims and other basic services can be easily availed by policyholders if they are located near a customer service center. Customers will save time and money.
Sun Life has established customer centers in major cities across the country. More customer centers are expected to come up in the coming years as Sun Life has set an ambitious target of reaching 5 million customers by 2020. The company needs sufficient physical presence in the country to achieve this historic target.Check out our customer center locations today.
Sun Life has over 13,000 financial advisors
Finding a licensed financial advisor these days is relatively easy, with over 13,000 of them spread across the country. They are active on social media networks like Facebook, Instagram, Linkedin and blogs. Your friends, colleagues and family can also refer you to Sun Life financial advisors. Since we have thousands of advisors, you are free to choose your preferred advisor. You can nominate your advisor based on tenure, awards received, and other achievements.
The majority of our financial advisors are now millennials, meeting the needs of young professionals actively seeking life insurance and investment products. If you are a millennial who feels more comfortable speaking with a Millennial Advisor, you can do so by contacting one or two of our Millennial Advisors today.
Faster response time to complaints
Sun Life continues to have one of the fastest turnaround times in the life insurance industry for claims payments. The company recently raised its limit for quick processing of death claims from P3 million to P5 million. This means that death benefit checks are ready to be issued within three hours of receipt of the claim at Bonifacio Global City headquarters for those who have complete and satisfactory claims and follow set criteria for timely death claims. (Source:professional mirror)
Sun Life leverages the use of technology
Sun Life understands the needs of its customers. One of those needs is quick and easy access to your life insurance and investment accounts. With the advent of smartphones, the company beganSun Life mobile appwhere customers can view their policy information, fund values, mutual fund accounts, etc. 24 hours a day, 7 days a week. They can also do self-service financial needs analysesMoney for lifedeveloper, get instant answers to common questions and FAQs, locate Sun Life offices in the country and access company information. Access via web browsers is still available 24/7.
Sun Life offers mutual funds
Sun Life offers not only life insurance products but also premium mutual funds. Mutual funds are a great way to maximize your earning potential. Sun Life offers mutual fund products through its asset management arm Sun Life Asset Management Company Inc (SLAMCI), which is currently the country's largest unaffiliated asset management company.
A mutual fund is an investment company that pools money from different investors and invests it in different securities, depending on the fund's investment objectives. The mutual fund company issues shares to the public that represent its holdings in the fund.
Source:Sun Life website
If you are not happy with the interest that banks give you, you may want to explore mutual funds, which are proven financial vehicles to beat inflation. Over the long term, mutual funds, like equity funds, have given better returns than conservative financial instruments. Good news! Now you can open a mutual fund account for just 1,000 pesos. Later, you can also add to your investment with only 1,000 pesos.
Note that not all financial advisors offer mutual fund products. They need special permission from the Securities and Exchange Commission (SEC). Before opening an account, you can ask your advisor to prove that they are an SEC-certified investment attorney.Open an account today!
Sun Life includes acts of philanthropy
Sun Life engages in corporate social responsibility with the Sun Life Foundation. Every year I share my blessings by financially helping the foundation to continue its programs to help the marginalized section of the society. I can't forget the time when Sun Life donated hundreds of boats to fishermen affected by a very strong hurricane. We even had a chance to name the yellow boats. I donated a small amount to this project and was very happy to share the blessings God gave me.
Founded in 2007, Sun Life Foundation is committed to "building a brighter world" to help alleviate hardship for those who need it most. Based on the pillars of education, health, environment, along with arts and culture, the CSR arm helps many organizations with similar support.
Sun Life Foundation
Sun Life offers affordable life insurance plans
When I started my career as a Sun Life Financial Advisor, I was surprised that some clients had this preconception that Sun Life products are expensive. I proved them wrong by showing Sun Life product recommendations. Any working Filipino can purchase a Sun Life product.
First, Sun Life accident insurance can be purchased for as little as 100 pesos. You can even buy it online 24/7. Easy and fast. You can buy it throughCord here.
If you want life insurance coverage at the lowest possible premium, check out Sun Life's term insurance plans.These plans are pure life insurance plans, with no savings or investments. so cheaper.
If you want investment-linked life insurance plans, check out Sun Life's Variable Unit-linked Plans (VUL). These plans includeSol Maxilink PrimemSol Flexilink.In addition to life insurance coverage, these plans can be used for income replacement, retirement, college education, or saving for life milestones. You can also attach disability and critical illness benefits to these plans.
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Raymond Kamat
Raymund F. Camat, CIS, REB, CWP®, CEPP® is an SEC Certified Investment Attorney (CIS), Certified Wealth Planner and Certified Estate Planner, Phils. He is also a licensed life insurance and mutual fund advisor for the #1 life insurance company in the Philippines. He wants to educate the Filipino public on the importance of financial planning, investment planning, estate planning and estate planning. It offers personal and family wealth for Filipinos of different generations. He holds a bachelor's degree from the University of the Philippines. He can be reached at +639179698062 or email raymund.camat@moneytalkph.com. For OFWs, it also conducts online video consultations via Skype, Viber, Zoom or FB video calls.
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FAQs
Sun Life: Best and Best Life Insurance Company in the Philippines? ›
Sun Life is the number one insurer of 2023 based on the latest performance released by the Insurance Commission on March 24, 2023. Thus, it is the 12th consecutive time that Sun Life managed to top the premium income category both in traditional (whole life, term, and endowment) and variable plans.
How many years will I pay my SunLife insurance? ›Pay your premiums for only 5 years, in annual, semi-annual, or quarterly terms. Monthly payment through Auto-Debit or Auto-Charge may also be arranged after payment of the initial quarterly premium.
How many years is Sun Life insurance in the Philippines? ›Sun StartUp is a life insurance plan that provides protection for at least 10 years and gives back a portion of your total payment if you outlive the 10-year coverage period. It's a good choice for first-time insurance buyers who want something simple, affordable, and hassle-free in application.
Why choose Sun Life Philippines? ›Why choose Sun Life ? We're building sustainable and healthier communities for life. With constant innovation, we aim to provide long-term value to our Clients, Advisors, Employees, and the communities we serve. Community is at the heart of Sun Life.
How stable is SunLife insurance? ›Sun Life is regulated by Canada's Office of the Superintendent of Financial Institutions (OSFI), one of the soundest regulators worldwide. Independent rating agencies consistently give Sun Life Assurance Company of Canada top ratings.
What happens after 10 years of paying life insurance? ›What happens after 10 years? At the end of the 10-year life insurance term, the period for fixed premiums expires. Assuming you've outlived the policy, no death benefit will be paid to your beneficiaries. And you won't be refunded any of the premiums paid.
What happens after 20 years of paying life insurance? ›What does a 20-year term life insurance policy mean? This is life insurance with a policy term of 20 years. If the policyholder dies during that time, the life insurance company pays a death benefit to his or her beneficiaries, often dependents or family. After 20 years, there is no more coverage, and no benefit paid.
Is it worth it to invest in Sun Life Philippines? ›Sun Life Financial SLF is well-poised for growth on the strength of its strong presence in Asia, expansion of its global asset management and a sturdy financial position. The Zacks Consensus Estimate for 2020 and 2021 earnings has moved up 7.4% and 4.3%, respectively in the past 30 days, reflecting analysts' optimism.
Can I withdraw money from my Sun Life account? ›You can withdraw any amount from your TFSA. Some withdrawal restrictions and limitations may apply to certain investments. For example, depending on your investments, you may not be permitted to make withdrawals until the end of a specific term. Connect with an advisor for more detailed information.
How much is the monthly payment for life insurance in the Philippines? ›How much is life insurance in the Philippines? Annual premiums range from ₱15,000 to ₱100,000+ and even higher if you opt for supplementary benefits. On average, that is a monthly payment of ₱5,000 (around ₱60,000 per year) you'll have to pay over five to 30 years, depending on your chosen term.
Who owns Sun Life Philippines? ›
SLF offers individual and group life and health insurance products to individuals and businesses through a wholly-owned subsidiary, Sun Life of Canada (Philippines), Inc., and through a joint venture with the Yuchengco Group, Sun Life Grepa Financial, Inc., in which the Company has a 49% ownership stake.
Who is the owner of Sun Life Philippines? ›Benedict Sison, CEO & Country Head of Sun Life Philippines.
What is the benefits of Sun Life insurance? ›We provide Basic Life and Accidental Death and Dismemberment (AD&D) insurance with the option to for employees to purchase additional coverage for themselves and eligible dependents.
Can I pay Sun Life monthly? ›You may choose to pay your regular premiums annually, semi-annually or quarterly. Monthly payment through Auto-Debit or Auto-Charge may also be arranged after payment of the initial quarterly premium.
What is Sun Life Philippines? ›We are Sun Life Philippines
As a leading global financial services company based out of Canada, we offer a broad range of insurance, retirement and investment products and services to meet the diverse needs of both individual and corporate clients around the world.
Insurance. We made our name in life insurance, and now we offer permanent, term and universal life insurance as well as health, dental, critical illness, long-term care insurance and more.
Do I get my money back if I outlive my life insurance? ›No, you do not get your money back at the end of a term life insurance policy. The policy expires, and that is the end of your coverage. You have paid for the coverage for the length of time specified in the policy, and that is all you will receive.
At what age should you stop paying for life insurance? ›You may no longer need life insurance once you've hit your 60s or 70s. If you're living on a fixed income, cutting the expense could give your budget some breathing room. Make sure to discuss your needs with an insurance agent or a financial advisor before making any major moves.
What happens if you never use your life insurance? ›Your family won't receive a death benefit after your term life insurance policy expires, so you'll need a replacement policy to continue coverage. You can convert your policy into permanent insurance or buy a new term policy to replace coverage. You may not need new coverage if you don't have financial dependents.
How much is 500k life insurance? ›The cost of a $500,000 20-year term life insurance policy for someone in good health is about $20 to $30 per month. Of course, the price will vary depending on your age, health, and other factors.
How many years do you have to claim a life insurance policy? ›
There's no deadline for filing a life insurance death benefit claim — that's good news if you're concerned about how long after death you have to collect life insurance.
Which is better whole life or term life insurance? ›If you only need life insurance for a relatively short period of time (such as only when you have minor children to raise), term life may be better, as the premiums are more affordable. If you need permanent coverage that lasts your entire life, whole life is likely preferred.
How many years should I pay for life insurance? ›Consider a life insurance term length of at least 30 years. If your spouse is your designated beneficiary, they would receive the death benefit if you pass away within those 30 years, and they could use the payout for the remaining mortgage payments.
Do you pay life insurance premiums forever? ›Generally, people seeking whole life insurance pay for it forever (i.e., until they die). But, you can choose to fund the entire cover in 10, 15, or 20 years. Although, doing so will extortionately raise your monthly premium for those years.
How many years to pay the insurance in the Philippines? ›The coverage of term insurance is up to 30 years. If nothing unfortunate happens to the policyholder within the term period, they'll not receive any death benefit. The premiums paid won't be returned as well.
Does life insurance payout expire? ›Term life insurance
provides temporary coverage for a fixed period, such as 10 or 20 years. If you die during the policy's term, your heirs receive the death benefit payout. If you outlive the term, your coverage (and the payout) expires.