Finally, Sun Life now accepts Credit Card payments for VUL! Since a lot of Sun Life clients have been asking why Sun Life is not yet accepting credit card payments, your prayers have been heard.
On a memo released April 29, 2019, Sun Life announced that starting April 29, 2019, all existing and new clients of Sun Life of Canada (Philippines) Inc. (SLOCPI) may now pay their insurance premiums for Variable Unit-Linked products (VUL) through credit card.
This is available for regular pay peso VUL of up to Php 100,000 premium per modal payment via the following
- Over-the-counter at Sun Life’s Client Service Centers (CSC) for new business payment (new clients or applications)
- Phone call for new business payment (new clients or applications)
- Auto-Charge Arrangement (ACA) for renewal premium payment (existing clients)
How to Pay Sun Life VUL via Credit Cards FAQs?
What are the VUL products that can be paid via Credit Card?
Only regular pay Peso VUL products can be paid via Credit Card. These are Sun Maxilink Prime, Sun Flexilink, Sun Maxilink Bright and Sun Maxilink 100.
Is there a limit on the amount of premium?
Yes, we only accept payment of up to Php100,000 per modal payment (monthly, quarterly, semiannually, or annually). Monthly mode will only be available after the initial payment. If premium exceeds the limit, client may pay through other payment channels. See HOW TO EASILY PAY YOUR SUN LIFE INSURANCE POLICIES IN THE PHILS AND ABROAD
What type of credit card is acceptable?
VISA and Mastercard-powered credit cards are accepted
How can you pay using your credit card?
- Over-the-counter in any of the 70 Sun Life Client Service Centers in the Philippines. Present your credit card to Sun Life representative to process your payment. (new clients/ applications only)
- Manual Sales Slip. Your Sun Life Advisor will get your Credit Card details, call Sun Life Client Care and will ask you to sign on the manual credit card sales slip and submit the sales slip to any Sun Life Client Service Centers. (new clients/ applications only)
- Auto-Charge Arrangement. Download the Auto-Charge Arrangement and submit to any Sun Life Client Service Centers. You will be automatically charged periodically based on your preferred payment frequency (monthly, quarterly, semi-annually, or annually). Ask the help of your Sun Life Advisor if you don’t know how to fill up the form. This will take effect around 15-20 working days after submission. (existing clients / policies only)
Is Extra Top Up allowed?
No. Only regular premium (annual basic premium, rider premium and extra rating premium) and regularly billed top up are allowed
Can I pay using my Visa or Mastercard-powered debit card?
No, only credit card is allowed.
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.