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 VUL 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 โ€“ 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 โ€“ 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 youโ€™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.

How to Surrender Your VUL Policy

  1. Policy Contract
  2. VUL Request for Policy Surrender Form
  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)
  1. Request for a “VUL Request for Policy Surrender Form” from your Sun Life Advisor. If advisor is no longer available, you may contact customer service at (632) 849-9888 or email
  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.
  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.

Below is the screenshot of the VUL Surrender Form

how to surrender vul policy

After you filled out the required information and affix your signatures, you may now submit this form along with other requirements to any Sun Life store or office nationwide.

Should you have any questions, please feel free to comment or send me a private message in messenger or email.


My Financial Advisor PH

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.


  • February 2020 at 5:24 pm

    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!

  • November 2019 at 4:39 pm

    How long is the process usually once I’ve submitted the requirements?

  • July 2019 at 3:34 pm


    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?

    • July 2019 at 10:32 pm

      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.

  • April 2019 at 8:25 am


    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.

    • April 2019 at 3:12 pm

      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.

  • January 2019 at 9:07 am

    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?

    • January 2019 at 5:36 am

      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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