Sun Life of Canada (Philippines), Inc. has launched a limited-pay whole-life insurance product with a savings component that offers guaranteed cash value and lifetime guaranteed cash benefits.
In statement on Wednesday, Feb 15, Alex Narciso, Sun Life Philippines president, said the new protection and savings product is called Sun Legacy, which offers one, two, or five annual payment options.
Narciso said Sun Legacy is part of their efforts to help more Filipinos grow their wealth and leave a lasting legacy to their loved ones.
“Sun Legacy allows clients to build on their savings sooner, as it provides the lifetime cash benefits earlier and more frequently,” Narciso said. “It can help provide an alternative source of income or help preserve clients’ accumulated wealth.”
Sun Legacy’s guaranteed cash benefit is equal to 2.15 percent or 2.25 percent of the total premiums paid, depending on the plan amount chosen.
It will be given annually, beginning a year after the end of the premium-paying period, and will continue until age 100. Clients may choose to accumulate guaranteed cash benefits and earn non-guaranteed dividends from the policy as well.
Moreover, clients can also secure the future of their loved ones through Sun Legacy’s life insurance protection feature, which is equivalent to 125 percent of the total premiums paid.
“The Sun Legacy is perfect for clients looking for a straightforward product that provides a more efficient estate plan for the next generation,” Narciso said. “It can play a big part in ensuring a brighter future for our loved ones.”