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 Insurance Policy?
Before you apply to surrender your policy, we encourage you to consider the following:
- 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.
- 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.
- 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.
- 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 – 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 – 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 you’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 Insurance Policy
Requirements
- Policy Contract
- VUL Request for Policy Surrender Form (if VUL policy) / Traditional Application for Cash Surrender Value form (if Trad policy)
- Signature of Policy Owner
- Signature of Irrevocable Beneficiary/ ies (if any)
- Valid ID of Policy Owner
- Valid IDs of Irrevocable Beneficiary/ ies (if any)
- Proof of Bank Account (where you wish the fund/cash to be credited)
Procedures
- Request for a “VUL Request for Policy Surrender Form or Trad Application for Cash Surrender Value” from your Sun Life Advisor. If advisor is no longer available, you may contact customer service at (632) 849-9888 or email sunlink@sunlife.com
- 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 and Bank Account details.
- Affix your signature on Page 2 as well as your Irrevocable Beneficiaries (if any)
- 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)
- If there is no Sun Life Advisor or Staff to witness your signature, you need to have it Notarized as well.
- Submit all the requirements to the nearest Sun Life centers to you.
Feel free to comment or send me a private message in messenger should you have general inquiries.
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.
Hi Sir Gary, pwede kaya na online submission lang ng form if magsurrender ng insurance? Or need ko talaga pumunta sa Sunlife office? Thanks po
Hi Mara, as of this writing, policy surrender needs to be done via going to any Sun Life office.
Hello po. I already went to one of the office and got the form. According to them, it’s okay if the irrevocables are not present but I should have an uninterested person as witness. I forgot to ask how will I provide the ID since I am living far away with my parents. Should I send them a picture of the valid ID via email?
Yes, you may send a copy of the IDs of your Irrevocable Beneficiaries as well as the witness. Nabanggit ba na need ipa notary if hindi advisor ang witness?
Hi Sir Garry,
I am an OFW and currently have a 4-year old VUL policy with SunLife. I’m migrating to a different place and I’m planning to surrender my policy for financial security and since I have no one in the PH na rin kasi the fam has migrated na rin.
So I would like to know the procedures of terminating the policy in my case? I process payment 16k/quarter, and kaka 4 years old lang nya. Do I need to be physically in the Philippines to process this? And can I choose to which account I can direct the funds to?
Appreciate your help.
Thank you.
Will answer this via vlog in my FB Page – My FA Garry (https://fb.com/MyFAGarry)
Hi Sir, can I still process the policy surrender ng client ko though d na ako connected sa sunlife? Hindi kc sya inaasikaso ng new advisor nya.
You can help yes by submitting thru Sun Life Centers. Only the licensed Sun Life advisors are authorized if submitting via Remote Servicing facility.
Hi sir, ask ko lang po bakit po yung sa pag surrender ko po halos mag 1 month na po di padin pi nababalik yung pera ko
Where did you submit your documents? Have you checked with your Sun Life Advisor?
Hi ako din mag 1 month na.. since nagpasa ako para surrender ng policy. Until now Wala parin ung pera ko.. nakaka disappoint.
Sabi 5-7 days lang.
Sorry to hear that. What did your Sun Life Advisor say? Have you connected with him/her? Usually it will only take 5-12 working days after submission of complete documents.
Hi, same scenario with my wife. Nareceive na namin yung partial withdrawal ng funds namen after more than 1 month of processing.
After a month, nakareceive sya ng text message na nabawas na nila yung amount sa funds namen. Then after 10 days or 8 business days, dun namin nareceive yung funds sa bank account namin.
Hi Mark, what do you think is the reason why it took that long?
Hello, meron po akong Maxilink Prime (VUL) na policy pero I want to terminate na po. My problem is yung beneficiary ko na naka irrevocable is minor pa (2 yrs old – baby ko) . Ano po kaya ang kailangan ko since hindi pa naman siya makakapirma at wala pang valid IDs. Tsaka ano pong form ang kailangan for termination of policy? Ang ibinigay po kasi ng dating advisor ko e yung Variable Life Insurance – Request for Fund Withdrawal, ayun po ba talaga? Iba pa po ba yun sa form na nabanggit nyo sa procedure?
Thanks in advance Sir.
Hi Emcee, I created a video content close to that – check it here https://www.facebook.com/MyFAGarry/videos/502686322234247
For Policy Surrender, same din, you will need to submit a Notarized Affidavit of Guardianship. If the father is the head of the family, the Affidavit of Guardianship should be named after him. Then he will be the one to sign on the portion of Irrevocable Beneficiary. Printed name should be written as on behalf of Irrevocable Beneficiary
what is the email address to send the form for VUL partial withdrawal.
thank you.
Send it to your Sun Life Advisor.
Hi Sir! I have a MaxiLink Prime policy with a cash value of around ?70,000. Can I withdraw some money, like ?50,000, without cancelling the policy altogether? What will happen after making a withdrawal?
Yes, pwedeng pwede. That’s called Partial Withdrawal. Inforced padin ang policy as long as may fund value. Since you mentioned that, I’ll try to make a content regarding VUL Fund Withdrawal.
Hi Sir,
Just want to clarify, I currently have an active VUL policy with quarterly premium of ~7,000 pesos. My question is, if gusto ko lang maging active and wag materminate yung policy ko, can I just pay the monthly charges up to 10th year (and/or beyond) and JUST IGNORE the quarterly premium due of ~7,000 pesos. I’m currently at my 5th year having this VUL policy.
Thank you!
Yes, that’s possible. It’s like converting your VUL to a Term insurance coz that’s what a Term Insurance is..
Hi Sir!
I am thinking of terminating my policy. Im on my 9th year na, so im torn if i terminate now or finish the 10 years payment.
What is your advice? Im definitely terminating, but when?
Hi Menggay, first question I’d like to ask is why do you want to terminate your policy? Go back to 9 years ago, what was your initial objective why you got this plan? Is it as an income protection for your loved ones? Is it as an additional retirement fund? Or you were just pressured into getting the policy?
Your answer to these questions will give you that answer to your question.
just want to ask po i have sun maxilink prime policy and nka one year na po. and for this quarter hindi pa po ako nkakabayad planning to cancel na po, magkano po ang marerefund ko? and since may fund value nman po pwede po kaya n kung ituloy ko ay makakaltas po kaya yun s fund value para yung next quarter n lang yung babayaran ko po? salamat
Hi Jennifer, if you cancel or terminate your policy, you will only get the fund value. Now, if you’re asking since hindi ka nakabayad if ma terminate ung policy mo. Since you have fund value pa, it will not automatically get terminated.
If hindi ka makabayad ng amount due, you can simply deposit kung magkano ung monthly charges. That way, you keep your policy afloat and inforced. Sayang kasi if issurrender mo.
We have a one quarter old na policy and we want to cancel/surrender it, ayaw na naming ituloy maghulog. How much is the surrender fee? And do I have to worry about penalties that the company will give to the agent?
Surrender fee – wala naman. But you will only get whatever the fund value is at the time of surrender. Will there be any penalties to the agent? Advisors are indirectly penalize by means of not getting a bonus when a client discontinues to pay his/her policy.
Hi, If I surrender my sunlife policy, I will be able to get back the money I paid quarterly, right? And will it also include the fund value shown in app? Planning to surrended my sunlife policy since I’ll resign from work and use the money for college. Thank you.
Hi Mimi, if you surrender your policy, you will only get the Cash Surrender Value or the Fund value, nothing more.
Where do i find the computation of fund value surrender?
Uhmm, do you mean the actual formula how the Cash surrender value is computed? I dont know either. The actuarial department is the one assigned in those aspects.
Hello Sir, if I surrender my policy will I still get money earned from VUL?
I am planning to surrender my policy as I was not able to contact my new financial advisor (my fa resigned and I was transferred to other fa). Also, I do not have a copy of my own policy way back 2020.
Hi Jessica, if you surrender your VUL policy, you will only get whatever the fund value is at the time of surrender. If your policy was issued 2020, most likely, what you have is an e-policy. You may access your epolicy in your Sun Life mobile app or Sun Life portal.
How many days po makukuha yung pera kapag na withdraw na po yung policy sa Sunlife?
Hi Mark, usually 5-7 business days, assuming all documents are complete and accurate.
what would you recommend if I want to pay 240k annually for maximum health and life protection? looking for BTID options
BTID approach for 240k annually – wants maximum health and life protection. If I’m that advisor, I’d probably discuss with you about a Health and Life insurance in 1 that covers you with up to 114 early and late stage critical illnesses til age 100 (Sun Fit and Well Advantage). Then for the investment portion, you can go with Mutual Funds. As to how much coverage, we probably need to sit down and talk for some details. Just like a doctor, we can’t easily prescribe a medicine without full understanding of your current circumstances like occupation, health conditions, smoking habits etc.
Message me directly so we can talk about it.
Hi Sir,
Meron po akong VUL right now and gusto ko na syang isurrender then kukuha ako ng term policy. My FA is against it and not cooperative at all. Can I go directly sa nearest sunlife office then surrender the policy, tapos sa office nalang magfill out ng form?
Hi Mhay, pwede naman. Altho did you know that instead of surrendering your VUL Policy and getting a Term Policy, you can actually treat your VUL Policy as a Term Policy? How? Just pay the monthly charges.
hi sir,
ilang araw po pagprocess ng termination ng policy?
Usually 5-7 business days.
hello sir, since ECQ now and malayo po yung advisor ko, would like to ask if its possible to send my request of vul termination via online?
Yes, with Remote Servicing, this is allowed.
Hi Nadine, yes possible. Altho sayang naman. I hope you dont. You will have to have the form authenticated in the Phil Embassy though.
Pano po kapag di pa po nagaagree sa terms and conditions tapos gusto mo na po ipacancel ung application. Mapaprocess po ba agad ang refund?
You might be referring to the cooling off period. For VUL, we are given 15days from the time we received the policy contract to read everything. If for some instance you dont agree with any of the provisions in the policy contract, you may avail of the cooling off period wherein you can return the policy contract to your advisor and you will be refunded with the fund value + charges.
Hello po. What If I paid my VUL for 3 years pero kakareceive ko lang ng policy contract ko? Di rin binigay sakin nung FA ko nung first year ko. Applicable po kaya sakin yung 15days cooling period?
Yes applicable. It will be based on the Acknowledgment Receipt date. However, the units will be based on current NAVPU.
I paid 6 months advance soon as I signed the contract. Can I cancel or request refund if only a week has passed or less than that?
Hi Sof, is your Sun Life application approved or not yet?
Hi,
If I cancel my VUL (paying for almost 2 years), is it possible to get a new policy or health insurance in the same period or should I wait for certain number of months?
Hi Zeke, im just curious why would you cancel your existing to get a new one?
Hello Sir, kung halimbawa po yung VUL ko hindi ko na binabayaran pero may enough fund value pa po ako to pay the monthly charges, I understand na effective pa po ito. Kung maubos na fund value ko sa VUL, pwede ko bang ituloy, pero ang babayaran ko lang po ay yung monthly charges na lang for the insurance (hindi na yung investment). Pwede po yun? Ang monthly charge po ba ay guaranteed fixed na based dun sa contract na pinirmahan?
Hi Jeffrey, yes possible to pay the monthly charges as long as your policy is not yet lapsed. But take note that the monthly charges changes overtime depending on the year your policy is in.
Hi, I applied for Sun Maxilink 100 last December 2020. Until now I haven’t received my policy contract or confirmation that my application is approved. This is because I had to submit supporting documents related to application. Would like to ask if I can still cancel my application? Since I still haven’t received any confirmation that my application is approved and I was able to get a VUL plan from another provider much faster. Will I still be able to refund my initial premium payment? Thank you.
Hi Jamie, best to check with your Sun Life Advisor since I don’t know the details. But if it’s really not yet approved, answer is Yes you can still opt not to push thru.
Hi sir,
I’m already living in Canada, so going to any Sun Life office is not an option for me. If I decided to surrender my policy, would you know if it’s possible to submit the required documents electronically?
Hi Garry,
Want to ask about policy ng Sunlife for people na mag change ng citizenship. Me and my wife both have a sun maxilink prime policy and will reach its maturity in the next 2 years, we already applied for Australian citizenship and probably be approved in 2 years time as well, meron bang pros and cons regarding that? Thanks
Hi Marlon, wala naman since Insurance are always underwritten during the inception. As long as the app form questions were answered truthfully and no concealments/misrepresentation were done.
Hi,
I want to terminate my SUNLIFE MAXILINK PRIME or the very least, downgrade it to a cheaper policy or downgrade the premium payments. Told this to my advisor, he told me that downgrading is impossible. So, next option is termination. COVID just hid hard enough for this sustenance.
I just want to ask if it is really impossible to downgrade my policy or at least downgrade my payments. I have a relatively big regularly-billed excess premium pa naman. Appreciate your response!
Hi John, usual scenario, ‘downgrading is impossible’ if your current plan is the minimum so there’s nothing to downgrade to. You might want to go directly to Sun Life customer service if you like to get a more detailed answer – sunlife.com.ph – we have a chatbot there where you can Talk to Client Care.
sir what if po isurreder ko yung policy ko, buo po ba sya makeclaim lahat ng nahulog ko since first month ??
Hi Archie, one thing is for sure – you won’t get the whole amount you deposited. Depending on the type of policy you have, usually, fund starts earning only after you finish paying the plan. Best to check with your Sun Life Advisor for details.
Hi, i sent surrender of policy form and other required documents to my sunlife FA. She then forwarded it to sunlife via email. Is that acceptable for sunlife to process it or do I still have to go to a sunlife service center?
Was it accepted? There was a certain date where it was still accepted.
hi sir. nsa abroad po ako at balak ko na i close vul ko ano po b dapat kong gawin? last year september 2019 ko po sya inopen. my ma rrefund pa po dn ba
Hi Hagler, right now possible to surrender a policy via Remote Servicing. Best to contact your Advisor on the details. Re: may marefund ka ba? You may check your policy, if you still have fund value, that’s the only amount you can get.
How to partially withdraw funds from VUL? The only option on the site when I login is file a claim.
Hi Camille, withdrawing funds from VUL is not possible online or thru the app. You’ll need to submit a VUL Withdrawal form + copy of valid Govt ID and if you have irrevocable beneficiaries, their signature and ID’s must be submitted also. You may download the form here – https://cdn.sunlife.com/static/ph/About%20us/Find%20a%20form/Converted%20SLOCPI%20Request%20for%20Fund%20Withdrawal%20v2.0.pdf
Best to ask the help of your Sun Life Advisor or call our hotline 8849 9888
Good Day Sir. May I ask if I can surrender my policy online/without going to any SunLife branches? If yes, where can I submit the requirements online? Thank you in advance.
Hi Roxane, yes possible. Best to contact your Sun Life advisor so he/she can help you.
Hi po! Question lang what if walang binigay na policy contract yung FA ko? Possible pa din ba magsurrender ng VUL kahit yung other requirements lang yung meron?
Hi Pinky, you better check. For sure nasa FA mo lang ung policy contract nun. Possible ba na mag surrender, yes possible kahit walang policy contract.
hello sir.. sir gusto ko po sanang isurender yung vul ko pero nadadalawang isip ako.. Pwede po bang iconvert ang VUL to BTID? hindi ko kase magagamit ang vul dito sa abroad.. pa advise po sir..thank u po..
Hi Shun, convert VUL to BTID? I don’t think that’s possible. But if you want to be like a “TERM” insurance, just pay the monthly charges and keep on watching the fund value. Iwasan mo lang mag negative, para na din term insurance.
Re: di magagamit ang VUL abroad, what do you mean by that exactly?
Gaano po katagal bago marelease yung fund value if you want to surrender na the policy?
Usually 5-10 business days once you’ve completed the document requirements.
Sir, what if instead of surrendering, may I change my plan to a more cheaper policy?
Yes possible, mas ok un to downgrade your plan if you feel mejo mabigat xa.
Hi, does downgrading to a lower premium for the existing policy incur any charges?
What exactly do you mean incur any charges? If what you meant is do you have to pay any additional fee, answer is no. Yes you may downgrade within the first 90days or on every policy anniversary depending on the mode of payment.
Hi, what if mawala ko yung policy contract ko and I want to surrender the vul? what other requirements do I need to provide to discontinue the policy? TIA
You might be required to submit a Lost Policy Declaration form as an additional requirement. Best to contact your Sun Life advisor or call our hotline 02 8849 9888 to double check.
Hello sir. I have started my insurance policy since 2017 and I am thinking of discontinuing it. My concern is that I am now working in the US and 2 or 3 years more I can apply for US citizenship baka masayang yung policy ko since dito naman ako nakatira?
Hi Annie, if your concern is “baka masayang since di ka naman dito nakatira”, you are insured even if you’re living abroad. Question to consider will be, where are your beneficiaries? Are they also abroad?
If i surrender my VUL? Mababalik ba lahat ng hinulog ko?
Hi Mariel, sadly, lalo na kung bago palang ung policy mo, you will not be able to get all your deposits.
I want to surrender my vul policy. Can I get a refund?
Hi Razel, when you say refund, do you mean to say that your full deposit will be recovered? Sadly, it will not be the case.
hi Gary. Just wanted to ask, im planning to terminate my sunflexilink policy soon as I dont think it’s necessary for me anymore. I have missed 2 premium payments in the past. Will that be taken out when they give me the fund value? And are there any other fees involved in surrendering the policy?
Hi Gellyn, why do you think it’s no longer necessary? As long as your policy has fund value, you’re still insured.
Where can I download the form Sir? Can I submit it online?
Hi Luisa, yes it can be submitted online. Have you connected with your Sun Life advisor about this?
Hello.. i received a text from Sunlife, “Sun Life Electronic Bill Advisory: SunLink: Please check your SunLink personal page for Policy no. XXXXXX2308 FUND WITHDRAWAL”, after I surrender my policy.. what’s the next? How can I withdraw it?
Hi Ingred, sorry for the late reply. By now, most likely you’ve already received your fund withdrawal. Is that correct?
I pay 75k annually for my policy and the total now is150k. If I surrender my policy how much will I get?
Hi Beverly, as much as possible, don’t surrender. If you need funds, baka pwede partial withdrawal lang muna.
My brother in law wants to surrender his VUL where to apply or office near pasay he can go. Because his advisor cannot be reach.
Hi Bryan, yes that’s possible. Pero sayang if isurrender nya. Baka may iba pang paraan.
Hello. What if i decide not to continue my vul insurance a i havent paid for a year now. Can i get the current fund value in full?
Thanks
Hi Yari, yes you may get the current fund value. Altho pag isipan mo mabuti. Sayang naman kung isu surrender mo. These are the times that you wouldn’t wanna get caught without insurance. If your worry is because you havven’t paid for a year, that’s the beauty of VUL, it can survive without paying as long as it has enough fund value to shoulder the charges.
If you’re in need of cash, instead of full surrender, you may withdraw partially.
Hi Yari, the fund value is the amount you will get in case you plan to surrender your insurance. So even if you haven’t paid for a long time, as long as your policy has a fund value, you may withdraw partial or full amount of the fund value. Full withdrawal will also mean termination of your insurance policy.
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!
Thank you very much Mela. Appreciate your comment. 😀
How long is the process usually once I’ve submitted the requirements?
If all proper documents are submitted, usually 5-7 business days.
Hi,
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?
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.
Hi,
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.
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.
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?
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.
Hi Sir, I just want to clarify what would be the value we get is it the fund value or the cash surrender fund?
I also want to surrender my insurance. My advisor is not responsive
Hi Shayne Ann, just like to simplify your question. If your advisor is responsive, will you still surrender or no? Normally it’s cash surrender value if it’s traditional policy and fund value if it’s a vul policy.