Sun Maxilink Prime combines life insurance and investment.
Last 2012, my grandfather Tatang was called by the Lord. It was both a hurtful and healing experience: hurtful because we miss him every day; and healing, because he isn’t suffering anymore and he’s now at peace at the arms of the Lord. He is now serving as one of heaven’s mighty soldiers. 🙂
Needless to say, this experience changed my life. It made me ask difficult questions such as:
- Since I’m one of the breadwinners, what happens to my family if I pass away?
- If I get a plan, will it have life insurance only? What if I want to invest for my retirement at the same time?
- How much do I have to set aside for my plan?
At that time, I was only 21 years old. I wasn’t earning much when I was younger.
But I still wanted to get a plan, so that if ever something happens to me, my family is taken cared of financially. At the same time, if I’m okay and healthy, I have a sizable retirement fund waiting for me when I finally stop working.
I spent countless hours researching for a plan that would fit my financial goal.
Then, I encountered Sun Life’s VUL plan, Sun Maxilink Prime, and it’s helped improve my financial life ever since.
(In my other article, I already defined what a VUL is. I wanted to give you a more specific explanation related to Sun Maxilink Prime plan, so this is our focus for this article.)
VUL = Variable Unit-Linked Plan
VUL = life insurance + investment plan
A VUL like Sun Maxilink Prime answers all my questions. If I get this plan:
- My family receives a lump sum benefit that they can use for my final expenses and for their daily living
- It has life insurance AND investment, so my family is protected, and my retirement fund is growing
- The investment amount is affordable and easy to start
HOW MUCH IS SUN MAXILINK PRIME?
You can get your own minimum Sun Maxilink Prime by setting aside at least P1,500/month.
Here’s James Yap to show you the affordable rates:
SAMPLE PROPOSAL FOR SUN MAXILINK PRIME:
Here’s what my Sun Maxilink Prime proposal looked like, when I finally got a plan at age 22. When I got my plan, I actually opened the one with higher investment at P48,000/yr. I invested P48,000 (yearly) because I had savings that I allotted for the plan, but for a more affordable one, here’s also a sample plan that I considered:
For Lianne Laroya, female, 22 years old, nonsmoker:
Yearly Investment: P30,000/yr
Semi-annual Investment: P15,000/every 6 months
Quarterly Investment: P7,500/every 3 months
Monthly Investment: P2,500/month which is roughly P83/day only (the price of 1-pc Chicken Joy with drink!)
*The sample proposal was based on my gender, age and smoking status.
When you get your own plan, you can invest quarterly, semi-annually or yearly. Depending on your budget, the most recommended mode is yearly so that your money is invested in advance, so you have higher potential of having more value for your money.
KEY BENEFITS OF THE PLAN:
1. Life Insurance Coverage: When I pass away, my family will receive P1 Million from Sun Life because of my Sun Maxilink Prime plan.
2. Total Disability Benefit: If I become totally disabled, my Sun Maxilink Prime plan is considered as already fully paid.
3. Accidental Death Benefit: My family gets additional P500,000 if the cause of death is an accident.
4. Critical Illness Benefit: We have cancer history in our family, so I added this benefit. If I’m diagnosed with any of the 36 specified illnesses like acute heart attack, stroke, coma, invasive cancer, etc, I’ll receive P500,000 so I can use it for my treatment.
Kung tutuusin, masyado pa ngang kulang ang P500,000 benefit, based on this info:
BUT STILL, receiving P500,000 as a benefit in your plan for treatment is better than withdrawing P500,000 from your existing savings just to pay for your treatment, right?
5. Hospital Income Benefit: I can reimburse P1,500/day which is my daily “income” when I get confined at the hospital. When you get confined at the hospital, you don’t have income because you don’t work. But because of this benefit, I still have “allowance” even if I’m hospitalized.
Maximum days is 1,000 days of confinement X 1,500/day = P1.5 MILLION hospital “income”
6. Investment Fund for Retirement: I started this plan at age 22, because I wanted more time for my money to grow. When I retire at age 65, my life partner and I will have enough money to:
– eat food three times a day;
– pay for our Meralco, water, Internet, and other utility bills;
– pay for our regular checkups and if ever, maintenance medicines;
– go on a cruise ship!
– buy snacks while watching (free) movies at cinemas 🙂 among others
Retirement Fund Value in the Future:
Assuming I invested P30,000/year for the plan’s life insurance & investment benefit, the total investment is P300,000, correct? P300,000 is projected to reach:
3,545,082 (8% average annual return)
7,305,888 (10% average annual return)
The average annual return varies, but based on Sun Life VUL Equity Fund’s performance (2017), average annual compounded return is 11.93%!
Does 7.3 MILLION pesos sound okay with you? 🙂 If you want a higher projected retirement fund, you can have it, as long as you increase your budget for your Sun Maxilink Prime plan also.
Here are 5 reasons why Sun Maxilink Prime is a top-selling VUL plan of Sun Life:
P: Protect your family
If you’re the breadwinner, your family depends on your income for their daily needs.
If you pass away, your income stops.
What will happen to your family if you pass away and your income stops?
If you don’t have life insurance, the family you leave behind may borrow money or find work just so they can survive.
But because you have Sun Maxilink Prime, your family/beneficiaries will receive a lump sum benefit if ever something happens to you.
R: Reasonable Cost
Since your payment for Sun Maxilink Prime is affordable, you can start it while you’re still young:
I: Insurance + Investment = VUL
While you’re paying for life insurance, you’re also investing your money for your retirement at the same time. It’s like a 2-in-1 plan. Check out Pesos and Sense’s Sir Aya Laraya’s easy to understand explanation here:
M: Medical-related Treatments
Sun Maxilink Prime isn’t just life insurance and investment. If you want, you can attach benefits like Hospital Income Benefit and Critical Illness Benefit. This is important for you, especially if your family has history of medical illnesses like cancer, stroke, heart attack, kidney failure – or if you’re exposed to a lot of stress.
E: Educational Fund Investment
You can also use Sun Maxilink Prime to prepare for your child’s college fund in the future, or graduation gift fund, as long as your child is less than 10 years old.
Yes, maybe you’re investing at the stock market or at mutual funds already, but what if you don’t have life insurance YET?