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Surrendering your Insurance Policies? THINK AGAIN

how to surrender sun life vul policy

Some advisors might get angry with me writing this article on How to Surrender Your Sun Life VUL Policy/ies. But believe me, I really don’ t want to write about this. However, there are circumstances that one really has no choice but to surrender his or her Sun Life VUL.

But before we go straight to the procedures on how to surrender your VUL policies, let me reiterate some of the important reasons why you shouldn’t?

Why You Shouldn’t Surrender Your Insurance Policy?

Before you apply to surrender your policy, we encourage you to consider the following:

  1. Do not surrender your policy because of increasing financial responsibilities. The greater your responsibilities are, the more protection you will need. Thus, you and your loved ones need the protection your policy provides.
  2. This is a long term investment plan. A pre-mature surrender may jeopardize your investment potential. More likely, the fund value of your plan may not equate to what you have deposited especially if you’re plan is less than the supposedly paying period.
  3. You may access your money by withdrawing cash from your fund. In case you need funds, you can simply withdraw partially. That way, your policy is still in-forced.
  4. Should you surrender your policy now, the probability is that you will want to replace it some time in the future. Assessment of your application will be based on your attained age and then health condition and thus result in higher premium.

On top of that, here’s another letter addressed to you that you might want to read carefully

Letter Addressed Especially for you – Policyholder

You and I have similar purposes in this world. It is your job to provide food, clothing, shelter, schooling, medicine, and other things for your loved ones. You do this while I lie in your safe deposit box.

I have faith and trust in you. Out of your earnings will come the cost of my upkeep. At times, I may appear insignificant to you – but someday (and who knows when) you and I will change places.

When you are laid to rest, I will come alive and do your job. I may provide food, clothing, shelter, schooling, medicine, and other things your family will continue to need – just as you are doing now. When your work and labor are done, mine will begin. Through me, your hands can carry on.

Whenever you feel the price you’re paying for my upkeep is burdensome, remember that I can do more for you and your family than you will ever do for me.

If you do your part, I will do mine.

Sincerely yours,

Your life insurance policy

Given all of these and you still insist that you want to surrender your VUL Policy, here are the requirements and procedures.

Requirements
  1. Policy Contract
  2. VUL Request for Policy Surrender Form (if VUL policy) / Traditional Application for Cash Surrender Value form (if Trad policy)
  3. Signature of Policy Owner
  4. Signature of Irrevocable Beneficiary/ ies (if any)
  5. Valid ID of Policy Owner
  6. Valid IDs of Irrevocable Beneficiary/ ies (if any)
  7. Proof of Bank Account (where you wish the fund/cash to be credited)
Procedures
  1. Request for a “VUL Request for Policy Surrender Form or Trad Application for Cash Surrender Value” from your Sun Life Advisor. If advisor is no longer available, you may contact customer service at (632) 849-9888 or email sunlink@sunlife.com
  2. Fill out the necessary details (Page 1) like Policy Owner, Policy Number, Citizenship, Countries of Legal Residence, ID Presented, Permanent Address, Present Address, Home Phone, Work Phone and Email Address and Bank Account details.
  3. Affix your signature on Page 2 as well as your Irrevocable Beneficiaries (if any)
  4. If you’ve changed your signature since the time you got the policy, you need to fill out page 3 as well (New Signature Specimen)
  5. If there is no Sun Life Advisor or Staff to witness your signature, you need to have it Notarized as well.
  6. Submit all the requirements to the nearest Sun Life centers to you.

Feel free to comment or send me a private message in messenger should you have general inquiries.

85 thoughts on “Surrendering your Insurance Policies? THINK AGAIN”

  1. Hi Sir!
    I am thinking of terminating my policy. Im on my 9th year na, so im torn if i terminate now or finish the 10 years payment.

    What is your advice? Im definitely terminating, but when?

    1. Hi Menggay, first question I’d like to ask is why do you want to terminate your policy? Go back to 9 years ago, what was your initial objective why you got this plan? Is it as an income protection for your loved ones? Is it as an additional retirement fund? Or you were just pressured into getting the policy?

      Your answer to these questions will give you that answer to your question.

  2. just want to ask po i have sun maxilink prime policy and nka one year na po. and for this quarter hindi pa po ako nkakabayad planning to cancel na po, magkano po ang marerefund ko? and since may fund value nman po pwede po kaya n kung ituloy ko ay makakaltas po kaya yun s fund value para yung next quarter n lang yung babayaran ko po? salamat

    1. Hi Jennifer, if you cancel or terminate your policy, you will only get the fund value. Now, if you’re asking since hindi ka nakabayad if ma terminate ung policy mo. Since you have fund value pa, it will not automatically get terminated.

      If hindi ka makabayad ng amount due, you can simply deposit kung magkano ung monthly charges. That way, you keep your policy afloat and inforced. Sayang kasi if issurrender mo.

  3. We have a one quarter old na policy and we want to cancel/surrender it, ayaw na naming ituloy maghulog. How much is the surrender fee? And do I have to worry about penalties that the company will give to the agent?

    1. Surrender fee – wala naman. But you will only get whatever the fund value is at the time of surrender. Will there be any penalties to the agent? Advisors are indirectly penalize by means of not getting a bonus when a client discontinues to pay his/her policy.

  4. Hi, If I surrender my sunlife policy, I will be able to get back the money I paid quarterly, right? And will it also include the fund value shown in app? Planning to surrended my sunlife policy since I’ll resign from work and use the money for college. Thank you.

  5. Hello Sir, if I surrender my policy will I still get money earned from VUL?

    I am planning to surrender my policy as I was not able to contact my new financial advisor (my fa resigned and I was transferred to other fa). Also, I do not have a copy of my own policy way back 2020.

    1. Hi Jessica, if you surrender your VUL policy, you will only get whatever the fund value is at the time of surrender. If your policy was issued 2020, most likely, what you have is an e-policy. You may access your epolicy in your Sun Life mobile app or Sun Life portal.

  6. what would you recommend if I want to pay 240k annually for maximum health and life protection? looking for BTID options

    1. BTID approach for 240k annually – wants maximum health and life protection. If I’m that advisor, I’d probably discuss with you about a Health and Life insurance in 1 that covers you with up to 114 early and late stage critical illnesses til age 100 (Sun Fit and Well Advantage). Then for the investment portion, you can go with Mutual Funds. As to how much coverage, we probably need to sit down and talk for some details. Just like a doctor, we can’t easily prescribe a medicine without full understanding of your current circumstances like occupation, health conditions, smoking habits etc.

      Message me directly so we can talk about it.

  7. hello sir, since ECQ now and malayo po yung advisor ko, would like to ask if its possible to send my request of vul termination via online?

    1. Pano po kapag di pa po nagaagree sa terms and conditions tapos gusto mo na po ipacancel ung application. Mapaprocess po ba agad ang refund?

      1. You might be referring to the cooling off period. For VUL, we are given 15days from the time we received the policy contract to read everything. If for some instance you dont agree with any of the provisions in the policy contract, you may avail of the cooling off period wherein you can return the policy contract to your advisor and you will be refunded with the fund value + charges.

  8. I paid 6 months advance soon as I signed the contract. Can I cancel or request refund if only a week has passed or less than that?

  9. Hi,

    If I cancel my VUL (paying for almost 2 years), is it possible to get a new policy or health insurance in the same period or should I wait for certain number of months?

  10. Hello Sir, kung halimbawa po yung VUL ko hindi ko na binabayaran pero may enough fund value pa po ako to pay the monthly charges, I understand na effective pa po ito. Kung maubos na fund value ko sa VUL, pwede ko bang ituloy, pero ang babayaran ko lang po ay yung monthly charges na lang for the insurance (hindi na yung investment). Pwede po yun? Ang monthly charge po ba ay guaranteed fixed na based dun sa contract na pinirmahan?

    1. Hi Jeffrey, yes possible to pay the monthly charges as long as your policy is not yet lapsed. But take note that the monthly charges changes overtime depending on the year your policy is in.

  11. Hi, I applied for Sun Maxilink 100 last December 2020. Until now I haven’t received my policy contract or confirmation that my application is approved. This is because I had to submit supporting documents related to application. Would like to ask if I can still cancel my application? Since I still haven’t received any confirmation that my application is approved and I was able to get a VUL plan from another provider much faster. Will I still be able to refund my initial premium payment? Thank you.

  12. Hi sir,

    I’m already living in Canada, so going to any Sun Life office is not an option for me. If I decided to surrender my policy, would you know if it’s possible to submit the required documents electronically?

  13. Hi Garry,

    Want to ask about policy ng Sunlife for people na mag change ng citizenship. Me and my wife both have a sun maxilink prime policy and will reach its maturity in the next 2 years, we already applied for Australian citizenship and probably be approved in 2 years time as well, meron bang pros and cons regarding that? Thanks

    1. Hi Marlon, wala naman since Insurance are always underwritten during the inception. As long as the app form questions were answered truthfully and no concealments/misrepresentation were done.

  14. Hi,

    I want to terminate my SUNLIFE MAXILINK PRIME or the very least, downgrade it to a cheaper policy or downgrade the premium payments. Told this to my advisor, he told me that downgrading is impossible. So, next option is termination. COVID just hid hard enough for this sustenance.

    I just want to ask if it is really impossible to downgrade my policy or at least downgrade my payments. I have a relatively big regularly-billed excess premium pa naman. Appreciate your response!

    1. Hi John, usual scenario, ‘downgrading is impossible’ if your current plan is the minimum so there’s nothing to downgrade to. You might want to go directly to Sun Life customer service if you like to get a more detailed answer – sunlife.com.ph – we have a chatbot there where you can Talk to Client Care.

  15. Archie Luis Miclat

    sir what if po isurreder ko yung policy ko, buo po ba sya makeclaim lahat ng nahulog ko since first month ??

    1. Hi Archie, one thing is for sure – you won’t get the whole amount you deposited. Depending on the type of policy you have, usually, fund starts earning only after you finish paying the plan. Best to check with your Sun Life Advisor for details.

  16. hi sir. nsa abroad po ako at balak ko na i close vul ko ano po b dapat kong gawin? last year september 2019 ko po sya inopen. my ma rrefund pa po dn ba

    1. Hi Hagler, right now possible to surrender a policy via Remote Servicing. Best to contact your Advisor on the details. Re: may marefund ka ba? You may check your policy, if you still have fund value, that’s the only amount you can get.

    1. Hi Camille, withdrawing funds from VUL is not possible online or thru the app. You’ll need to submit a VUL Withdrawal form + copy of valid Govt ID and if you have irrevocable beneficiaries, their signature and ID’s must be submitted also. You may download the form here – https://cdn.sunlife.com/static/ph/About%20us/Find%20a%20form/Converted%20SLOCPI%20Request%20for%20Fund%20Withdrawal%20v2.0.pdf

      Best to ask the help of your Sun Life Advisor or call our hotline 8849 9888

  17. Good Day Sir. May I ask if I can surrender my policy online/without going to any SunLife branches? If yes, where can I submit the requirements online? Thank you in advance.

  18. Hi po! Question lang what if walang binigay na policy contract yung FA ko? Possible pa din ba magsurrender ng VUL kahit yung other requirements lang yung meron?

  19. hello sir.. sir gusto ko po sanang isurender yung vul ko pero nadadalawang isip ako.. Pwede po bang iconvert ang VUL to BTID? hindi ko kase magagamit ang vul dito sa abroad.. pa advise po sir..thank u po..

    1. Hi Shun, convert VUL to BTID? I don’t think that’s possible. But if you want to be like a “TERM” insurance, just pay the monthly charges and keep on watching the fund value. Iwasan mo lang mag negative, para na din term insurance.

      Re: di magagamit ang VUL abroad, what do you mean by that exactly?

        1. What exactly do you mean incur any charges? If what you meant is do you have to pay any additional fee, answer is no. Yes you may downgrade within the first 90days or on every policy anniversary depending on the mode of payment.

  20. Hi, what if mawala ko yung policy contract ko and I want to surrender the vul? what other requirements do I need to provide to discontinue the policy? TIA

  21. Hello sir. I have started my insurance policy since 2017 and I am thinking of discontinuing it. My concern is that I am now working in the US and 2 or 3 years more I can apply for US citizenship baka masayang yung policy ko since dito naman ako nakatira?

    1. Hi Annie, if your concern is “baka masayang since di ka naman dito nakatira”, you are insured even if you’re living abroad. Question to consider will be, where are your beneficiaries? Are they also abroad?

  22. hi Gary. Just wanted to ask, im planning to terminate my sunflexilink policy soon as I dont think it’s necessary for me anymore. I have missed 2 premium payments in the past. Will that be taken out when they give me the fund value? And are there any other fees involved in surrendering the policy?

  23. Ingred S. Broñola

    Hello.. i received a text from Sunlife, “Sun Life Electronic Bill Advisory: SunLink: Please check your SunLink personal page for Policy no. XXXXXX2308 FUND WITHDRAWAL”, after I surrender my policy.. what’s the next? How can I withdraw it?

  24. Beverly Miraflor

    I pay 75k annually for my policy and the total now is150k. If I surrender my policy how much will I get?

  25. My brother in law wants to surrender his VUL where to apply or office near pasay he can go. Because his advisor cannot be reach.

  26. Hello. What if i decide not to continue my vul insurance a i havent paid for a year now. Can i get the current fund value in full?

    Thanks

    1. Hi Yari, yes you may get the current fund value. Altho pag isipan mo mabuti. Sayang naman kung isu surrender mo. These are the times that you wouldn’t wanna get caught without insurance. If your worry is because you havven’t paid for a year, that’s the beauty of VUL, it can survive without paying as long as it has enough fund value to shoulder the charges.

      If you’re in need of cash, instead of full surrender, you may withdraw partially.

    2. Hi Yari, the fund value is the amount you will get in case you plan to surrender your insurance. So even if you haven’t paid for a long time, as long as your policy has a fund value, you may withdraw partial or full amount of the fund value. Full withdrawal will also mean termination of your insurance policy.

  27. Sir Garry, and this website has been really helpful.

    If you happen to have any clarifications, he’s the right person to talk to. Very responsive! Thanks again, Sir!

  28. Hi,

    I want to surrender my policy. I opened my online account at Sun life and I have 5000+ cash surrender value indicated. Is it the amount that I will received once my policy is surrendered?

    1. Hi Kevin. Sad but true, yes. If you surrender your VUL, you will only get whatever is indicated in the Cash Surrender Value. That’s why it’s not recommended to surrender your policy/ies.

  29. Hi,

    My husband lost his job for 2 years now. Almost same time when I signed up for my VUL. Its for 15000 quarterly. I was only able to pay 25000 since the day i signed up. 5000 a month is really hard for me at this points in time that I shoulder all the expenses. I am not sure yet when my husband will be able to land a new job. I already receive notice that my contribution is no longer enough to cover my investment. I don’t want to cancel it but I just need 3-4 mos more to be able to update it. I am expecting fund from others sources (pautang). Your advice is appreciated.

    1. Hi Kim. Usually VUL policies have a monthly charges. If you can simply pay those monthly charges to keep your policy survive, that can work and can wait for 3-4 months til you get your receivables.

  30. Katherine Collin Janson

    I haven’t received the document of my policy.. I would like to surrender my policy because I think it’s not suitable for me. Could I possibly get back my initial investment?

    1. Hi Katherine, if your policy is a VUL type, we have this 15 day cooling off period. You may surrender your policy within the 15days upon receipt of your policy contract. All initial charges + whatever fund value will be given back to you. Please note that this could be less than what you initially paid for.

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