SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) has launched a life insurance policy with guaranteed annual cash benefits, it said on Monday.
Sun Life Secure Income is a limited-pay whole life insurance product that provides coverage equivalent to 200% of the policy’s face value from the first day of coverage until age 100, the insurer said in a statement.
The product also has a centenarian bonus component, where the policyholder will receive a portion of the life insurance benefit equal to 25% of the face amount on policy anniversaries.
Sun Life Secure Income gives clients guaranteed annual cash benefits equal to 6% of the face amount starting at the end of the sixth policy year up to the age of 100, which can serve as a regular stream of income for the policyholder, the life insurer said.
“The regular guaranteed cash benefits would allow them to grow or preserve their wealth and enjoy it up to their retirement years to fund financial goals and milestones,†Sun Life Philippines Chief Client Experience & Marketing Officer Carla Gonzalez-Chong said in a statement.
“Meanwhile, the life insurance coverage will give them peace of mind that their dreams for their loved ones will be realized no matter what happens,†she said.
Sun Life Philippines said its own study showed that only 14% of the Filipinos it surveyed are currently preparing for retirement even as they consider it a financial priority.
“Planning for the future can be overwhelming, especially as Filipinos strive to meet the needs of the present. The good news is more and more people are starting to recognize its importance. To leverage this, Sun Life was inspired to create a financial solution that will make financial planning for the future a more delightful experience. That is how our latest protection and savings plan, Sun Life Secure Income, was born,†Ms. Gonzalez-Chong added.
Sun Life Philippines booked a premium income of P55.79 billion in 2023, while its net income was at P8.8 billion.
TECH FEEDER FUNDS
Meanwhile, Sun Life Grepa Financial, Inc. has launched feeder funds that allow its clients to invest in global technology companies.
The SLG Peso Global Tech Funds can be added to any Sun Life Grepa investment-linked insurance plan, Sun Life Grepa said in a statement on Tuesday. There are two variants available, namely the SLG Peso Global Tech Growth Fund and the SLG Peso Global Tech Payout Fund.
Initial investments into these feeder funds will be placed in the Invesco Nasdaq-100 Exchange-Traded Fund, which mirrors the performance of the NASDAQ-100 Index.
“The technology sector has been one of the biggest drivers of growth and innovation globally. Through the SLG Peso Global Tech Funds, we are giving our clients access to this dynamic sector and the chance to benefit from its long-term potential,†Sun Life Grepa President Richard S. Lim said.
“By offering these new funds as part of our life insurance products, clients enjoy the dual benefits of investment growth potential and the safety net of guaranteed life insurance coverage, ensuring financial security and peace of mind for their loved ones.â€
Sun Life Grepa’s premium income last year stood at P13.48 billion and its net income was at P1.05 billion. — A.M.C. Sy
