SUN MAXILINK BRIGHT – 5 YEAR PAY VUL OF SUN LIFE

A lot has been asking, is it still a good idea to get an Education Plan nowadays after what happened to CAP and Pacific plans a few years back? And just in case, what’s the best Education Plan in the market today?

I’m not pretty sure what’s the best Education Plan in the market today, but one thing is for sure, preparing for your child’s education is still relevant. Sooner or later your child/children will enter college and when that happens, you’ll be needing to pay that hefty tuition fee.

Here’s one common mistake parents make in looking for the best education plan – they don’t compute for their child’s “Magic Number”. What’s  the “magic number” all about? It’s actually the target amount needed for their child’s education.

[How to Compute for your Child’s Education Fund?]

Most of the time, the amount will overwhelm you. But don’t be. It doesn’t necessarily mean that you have to shell that amount of money right away.

You can simply start with whatever you can for now, then adjust it from time to time until you’re able to meet your target education fund.

Assuming you already done the computing part, the next thing you need to look for is a product that can match that objective.  Here’s a VUL product of Sun Life developed for the purpose of education. It’s called Sun Maxilink Bright.

Sun MaxiLink Bright

Sun MaxiLink Bright is a peso denominated variable life insurance plan that provides financial protection PLUS a potential source of savings. It enhances your money’s growth potential to fund future needs like education through its investment earnings. There are 5 funds to choose from where your premium payments will be invested in. These funds are managed actively and prudently by our top-notch investment professionals. Sun MaxiLink Bright is payable for at least 5 years*.

Sun Maxilink Bright can also be used as a Retirement Plan for most OFWs who can save for at least 5 years.

* The premium paying period is not guaranteed. You may be required to pay additional premiums after 5 years if the fund value is insufficient to pay charges.

Available Riders for Sun Maxilink Bright

  • Accidental Death Benefit (ADB) – This benefit pays an additional amount if death is due to accident.
  • Total Disability Benefit (TDB) – It waives premiums if the insured becomes totally and permanently disabled.
  • Waiver of Premium Upon Death of Initial Owner (WPD) – It waives premiums before attainment of age 21 by the life insured child in case of death of the initial owner.
  • Waiver of Premium Upon Death or Disabilty of the Initial Owner (WPDD) – It waives premiums before attainment of age 21 by the life insured child in case of total and permanent disability or death of the initial owner.
  • Critical Illness Benefit (CIB) –  It pays an amount when the insured is diagnosed with any of the critical conditions listed in the policy contract.
  • Hospital Income Benefit (HIB) – It pays a daily hospital income in case of hospitalization of the insured. The daily hospital income doubles in case of confinement in an intensive care unit or confinement due to dread disease.

Sun Maxilink Bright Brochures

Sun Maxilink Bright Brochure - front and back

Sun Maxilink Bright Brochure - inside pages

How Much is Sun Maxilink Bright?

Below is the minimum rate of Sun Maxilink Bright depending on the age of the life insured. But don’t limit yourself with the minimum amount. Most likely, it will not be enough.

You can actually design your own plan using any amount that you’re comfortable with say P3,000 a month, P4,000 a month, even P10,000 a month.

Sample Sun Maxilink Bright Proposals

Juan Dela Cruz Male, age 40 with a budget of P90,000 per year (P7,500 per month) for the Education of his son

  • Payment of P90,000 per year for 5 years or a total investment of P450,000.
  • In case of death of the insured, his beneficiaries will get P1Million
  • In case of accidental death of the insured, total benefits is P1.5Million
  • After 10 years, fund value can range from P668,000 (8%) to P774,000 (10%)
  • After 17 years (time his son will enter college), fund value can range from P1.1Million (8%) to P1.46 Million (10%)

 

Juana Dela Cruz Female OFW, age 40 with a budget of P50,000 per year (P4,167 per month) for her Retirement after 10 years.

  • Payment of P50,000 per year for 5 years or a total investment of P250,000.
  • In case of death of the insured, his beneficiaries will get P600,000
  • In case of accidental death of the insured, total benefits is P900,000
  • After 10 years, fund value can range from P374,000 (8%) to P434,000 (10%)
  • After 20 years (in case she wants to delay her retirement), fund value can range from P778,000 (8%) to P1.09 Million (10%)

 

Pidro male OFW, age 45 with a budget of P120,000 per year (P10,000 per month) for his Life Insuranceand Retirement after 15 years.

  • Payment of P120,000 per year for 5 years or a total investment of P720,000.
  • In case of death of the insured, his beneficiaries will get P1Million
  • – In case of accidental death of the insured, total benefits is P1.5Million

After 10 years, fund value can range from P906,000 (8%) to P1.05Million (10%)
After 15 years his retirement fund can range from P1.30Million (8%) to P1.66 Million (10%)

 

Request for a FREE Sample Sun Maxilink Bright Quotation / Proposal

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

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.

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