If one would need or want to get a Critical Illness / Life Insurance with a limited budget, I would highly recommend getting Sun LifeAssure instead. Sun LifeAssure is by far, the most affordable Critical Illness / Life Insurance in the market today.
[For a more comprehensive Health Insurance – check also Sun Fit and Well, your total health protection]
Sun Life Assure is actually a five-year renewable Term Insurance plan that gives some sort of protection for the insured from 36 Critical Illnesses, at least financially. Once diagnosed with any of these 36 Critical Illnesses, or has undergone any specified surgeries before age 70, Sun Life releases the face amount to the insured or in case of death, to the beneficiaries.
Covered critical illnesses include heart attack, cancer, stroke, multiple sclerosis and others. Special premium rates are also available for non-smokers^.
1. Heart Attack
4. Kidney Failure
5. Dissecting Aortic Aneurysm
6. End Stage Lung Disease
7. Progressive Muscular Atrophy
8. Major Burns
9. Multiple Sclerosis
11. Total Blindness
12. Loss of Limbs
13. Aplastic Anaemia
14. Bacterial Meningitis
15. Benign Brain Tumour
18. Amyotrophic Lateral Sclerosis (ALS)
19. Progressive Bulbar Palsy (PBP)
20. Meningeal Tuberculosis
21. Cerebral Metastasis
22. Loss of Speech
24. Parkinson’s Disease
25. Terminal Illness
26. Medullary Cystic Disease
27. Alzheimer’s Disease
28. Fulminant Hepatitis
29. Major Head Trauma
30. End Stage Liver Failure
31. Motor Neurone Disease
32. Guillain-Barre Syndrome
Critical Illnesses Requiring Surgery
Critical Illnesses Requiring Surgery means any of the surgeries specified and defined as follows:
33. Major Organ Transplant
34. Coronary Artery Bypass Surgery
35. Surgery for Disease of the Aorta (Aortic Surgery)
36. Replacement of Heart Valve
What’s the best part of this plan?
The best part of Sun LifeAssure is that it’s very affordable. Minimum coverage starts at P500,000. And for that insurance, Annual premium starts at P4,190 per year.
For a P1Million insurance policy, that’s less than P10k/year or just around P28/day.
But don’t take my word for it. This plan is affordable on the onset but it increases every 5 years. So it’s light on the budget and that makes it best for starters.
Here’s the starting premium (payment) depending on the age.
Here’s how the increase in premium every 5 year looks like. (based on a 30 yo, male, Non Smoker, P1Million insurance coverage)
Sun LifeAssure is available for issue to clients between 18 and 60 years old. It renews automatically every 5 years and provides coverage until age 70.
Available to local residents only. Not applicable for OFWs.
Coverage starts at 500,000 and can go as high as P8 Million.
In case you’d like to check for a sample proposal customized based on your profile/preference (age, smoking habits, desired insurance coverage), just fill up the form below and I’ll be happy to send you one.
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.