15 Jul Is having Sunlife Insurance in the Philippines Worth it?

One of the most misunderstood financial tools is Life Insurance. A lot of people would always think of all the excuses why it is not a valuable investment, and it would take countless discussions and an open mind before the realization sets in. Sometimes… too late during one’s lifetime….. I am hoping that in your search for value, I will be able to share valuable insights for you to make this a part of your priority as you embark on securing your financial future.

One of the most common mistakes is thinking along the investment side of the insurance policy, a lot of clients would always look into, how much I would get at the end of the term versus the total amount that I have contributed across the years. On the contrary, the worth of your policy should be computed based on how much we are paying per thousand vs the total coverage it will provide once the unexpected occurs (death, disability and critical illness).

At whatever stage in your life you are into, just graduated/single, starting a family, mid stage, raising growing kids, or retirement, life insurance is the most valuable risk management tool. And there will only be 3 basic reasons that it will not be worth it:
1. You will not die
2. You are 100% sure you will not get sick
3. You are 100% sure that you will not retire.

Now, for you to be able to maximize on your policy, you have to profile, first and foremost the financial advisor that you are dealing with. Here are some tips on how to go about this, and red flags that you should watch out for, if you are starting to embark on your journey to building your portfolio:
1. How long has your Financial Advisor been in the industry – This is essential, since as a newbie, your financial advisor will be your guide and he/she will help you through monitoring, modifying, augmenting, claiming. The after sales service is core of this journey, where tenure of the advisor will define that he/she will stay with the company and service you.
2. How will he/she begin after your initial meeting? Will he/she go straight to proposal? – Please note that while the products are there, this is not a one size fits all. Your FInancial Advisor should profile your life stage and your risk tolerance, whether you are for life insurance with investment which involves market risk or more for the traditional products with fixed premiums that accumulates cash value. Age is also a critical component in designing how you would like to save up for the 3 basic needs of protection, critical illness and retirement.
3. Try reading through the fine prints of the proposal that has been presented and ask your Financial Advisor what need will the said policy fulfill. Best if he/she would present the risk management profile more than the investment side.

The Company you will invest in:
1. Check if the company is listed with the Insurance Commission, the Insurance Commission website is open for anyone to browse.
2. Check on the their paid claims, they would usually post this online. Paid Claims is one of the best markers of the strength of both the commitment and the financial position of the company.
3. How long has the insurance company been in operation in the Philippine Market, it is difficult to survive in our market and the length of time the company has been in the Philippines defines their strategy.
4. Check on how they train and monitor their agency force. Companies who train and monitor their agency well impose production quotas will help you ensure that the company understands the importance of the role of the financial advisor.

Sunlife has been consistently ranked first the country for life insurance for 13 years straight! and

“ TIME” the most crucial element in growing your money will be on your side if you decide to start EARLY. “ It is also important to note that, at the end of the day, please take into account that anything that is life insurance, is protection, protection for you not to deplete your investment in case of critical illness, protection to transfer your assets to your beneficiaries. Protection of income in your demise. It is the ultimate RISK MANAGEMENT FINANCIAL TOOL.” Book a FREE FINANCIAL CONSULTATION with our Certified Financial Advisor and Certified Wealth Planner today!