Financial Literacy 101

Sun Maxilink Prime is a Variable Universal Life plan (VUL) which means it is a Life Insurance product with investment components. 

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This means that a portion of your premium ( Money that you pay on a regular or one time payment) goes to insurance cost and the the other one goes to investment of your choice ( Stocks, Bonds, Balanced funds or money market).

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The plan matures at age 88 and is payable for at least 10 years. You have an option though to continue paying it beyond 10 years or you can regularly pay excess amount on top of your premium. This way, your excess premiums paid is added to your investment.

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BENEFITS:

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LIVING BENEFIT 

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Since it has investment component, your money grows. It is called Fund Value. You can use it for some financial needs like kid's education, travel, retirement, emergency fund and more. The fund value is withdrawable. It's like you have money in the bank. The difference is that it earns higher interest.

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DEATH BENEFIT 

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The good thing about this plan is the Face Amount gets doubled once the insured dies. For example,the Face Amount or the insurance coverage is 500,000. The beneficiary then gets 1 Million pesos plus whatever the fund value is at the time of death.

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On top of these benefits, we can also add RIDERS or add-ons like Accidental Death Benefit, Critical Illness Benefit, Total Disability Benefit and Hospital Income Benefit.

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