Looking for information about payments on your Sun Life policies like Sun Maxilink Prime, Sun Flexilink, Sun Maxilink Bright and other Sun Life products? Let me share you some of the frequently asked questions I have received over the years.
I’ve collected and compiled them here – some of the most asked questions when it comes to Sun Life VUL and traditional (term, etc.) payments. Here are some of them:
My current mode of payment is quarterly, can I change to Annual? or vise versa?
Answer – Yes, you may change mode of payment anytime as long as it’s advanced. That way, you won’t be lagging in your payment schedule. However, say your initial mode is quarterly and you paid in Annual, you will still receive the quarterly billing since it’s computer generated. In case you don’t want to receive the quarterly billing, we need to change that in paper, there’s a form we need to submit. Or you may simply ignore the quarterly billing.
Can I pay on a Monthly basis? I started annual but I want to change to monthly. What to do?
Answer – You can pay monthly as long as it is advanced. Ideally, to do monthly payments, initial payment is either quarterly, semi annual or annual. So you pay the first 3 months, then you immediately pay the monthly the next month. That way, when the next billing comes, you already completed the 3 months in advanced. Same goes with Semi Annual and annual. It has to be advanced.
Can I pay in Advance? I want my Sun Maxilink Prime policy to be paid in just 5 years.
Answer – Yes, that’s possible. For example, your plan is P30k a year for 10 years. Instead of paying 30k a year, you may do P60k a year for 5 years. As long as you fulfill the total payment of 300k in 10 years or less, that’s ok.
Can I pay a little more than my billing? My quarterly billing is P7,156.75, I always get irritated with the ‘butal’.
Answer – Yes, you can pay any amount to be exact. In the example, instead of P7,156.75, you can actually pay P7,200 or P7,500. Any excess payments that you make will be added to the fund value, so it will not go to waste.
Can I pay my Sun Maxilink Prime using credit card? Sayang kasi ang points.
Answer – Sad to say, credit card payments are not allowed for VUL type plans. Idea is that, credits should not be used for investments. But for traditional plans like Sun Life Assure / Sun Safer Life / Sun Smarter Life, credit card payments are allowed.
I haven’t paid for like 12months to 1 year. Can I still make deposits to my policy? Can I still make up for skipped payments?
Answer – The good thing with VUL plans is that, it doesn’t automatically lapse or terminate. If you haven’t received any notification that your policy lapsed, most likely, it is not. If it’s not yet lapsed, yes, you may continue your deposits. You can also make up for skipped payments. If unsure on how much you should pay, let me know so that we can take a look at your policy.
You may also pay your Sun Life policies thru Sun Life accredited banks.
What are the banks accredited with Sun Life and how do I pay my premium over the counter?
Here are the list of accredited banks with Sun Life Financials
- Bank of the Philippine Islands (BPI)
- Banco De Oro (BDO)
- Rizal Commercial & Banking Corporation (RCBC)
- Security Bank & Trust Company (SBTC)
- UnionBank of the Philippines (Unionbank)
To pay over the counter, simply follow these steps
- Go to any of the accredited banks nearest your place.
- Using the Bills Payment Slip, write Sun Life of Canada (Phils) Inc. as the Merchant / Company Name
- On the Subscriber’s Account No., write your Policy Number.
- On the Subscriber’s Name, write the Name of the Policyholder / Owner.
How do I pay using BPIexpressonline.com?
- Login to your bpiexpressonline.com account
- On the Menu, go to Payments and Reloading -> Bills Payment -> Enroll All Other Bills
– Company Name is Sun Life of Canada (SUNLIF)
– Reference Number is your Policy Number
– Click Submit
- Go to Payments and Reloading -> Bills Payment -> Pay Bills Today
- Pay (choose from Drop Down – SLF…)
- Then submit
You may also pay your Sun Life policies thru the following facilities
- Sun Life Stores
- Thru your Sun Life Financial Advisors
- ATM Facilities (Bancnet)
- SM Bills Payment Center
- Bayad Center
- Smart Money
Garry De Castro is a personal finance advocate, Financial Advisor, Certified Investment Solicitor (Mutual Fund Representative), investor, stock market trader, blogger, and IT practitioner. He started sharing and writing financial articles 2008 just to share his financial learnings to friends, relatives and anyone who wishes to be financially independent.