Imagine this! You have this cough that’s been going on for several weeks now. And upon the recommendations of friends and family members, you finally gave in to see the doctor.
Asked you to take several lab tests. Upon checking all the results, he gave you the diagnosis. You have Lung Cancer!
What would be your initial reaction? We can only imagine.
This is perhaps the dilemma of thousands of Filipinos battling Critical Illness. If they only knew that there’s a big probability, they would’ve prepared somehow – mentally, emotionally, psychologically and financially.
Recent survey says that the top 3 causes of death in the Philippines in the past 10 years are Stroke, Heart Attack and Cancer.
And the Top 4 Cancer Killers in the Philippines are Breast Cancer for female, Lung Cancer, Liver Cancer and Colorectal Cancer for males.
One in every 8.3 females suffer from cancer while 1 in every 7.7 males suffer from the 3 types of cancer.
How much would you be needing in case diagnosed with cancer? Let’s take the example of Breast Cancer. Based on the research, Breast cancer can cost around P2.1Million up to P4.8Million with Lifetime Rehabilitation.
In case you or one of your family members gets diagnosed with this type of illness, would you have a ready P2.1Million?
That’s probably what Sun Life was thinking when they launched the latest product line Sun Fit and Well – at least to prepare us financially.
SUN Fit and Well is a New Generation Wellness Product that offers you comprehensive life and health protection no matter what happens, giving you and your family comfort and peace of mind in times of great distress caused by a serious illness.
TV Commercial of Sun Fit and Well with Piolo Pascual as the endorser
Here are some of the top features that I personally liked about this product
- Health and Wellness coverage
- Preemptive Wellness Benefit – special access and priveleges to various wellness activities like Zumba, Boxing etc to help stay fit and healthy
- Comprehensive Critical Illness Benefit – covers 100+ critical conditions up to age 100
- Specific Cancer Booster – additional cash benefits equivalent to 50% of the Face Amount upon first diagnosis of any covered advanced-stage cancer
- Life Insurance Protection – be insured up to age 100
- Special Bonus and Dividend Earnings – be rewarded with a Special Paid Up Bonus at the end of premium paying period, and annual dividend earnings thereafter which may be withdrawn anytime or left with Sun Life to accumulate.
- Limited Payment Period – can be fully paid in 10, 15 or 20 annual installments which do not increase over time. Semi-annual, quarterly and monthly modes are also available. You may also use Credit Cards for earning points.
- Guaranteed Cash Benefits – as early as age 65, you can advance 5% of the Face Amount for 8 consecutive years. (for Sun Fit and Well Plus / Sun Fit and Well Advantage variants only)
- Treatment and Rehabilitation Booster – additional benefits related to medical treatment, hospitalization, follow-up specialist visits, home recovery and palliative care. (Sun Fit and Well Advantage only)
TIPS IN GETTING SUN FIT AND WELL
Sun Fit and Well comes in 3 variants –
- Sun Fit and Well – provides life and critical illness insurance protection
- Sun Fit and Well Plus – provides life, critical illness insurance protection and offers guaranteed cash benefits starting age 65 or 70 depending on issue age.
- Sun Fit and Well Advantage – provides life, critical illness insurance protection and offers guaranteed cash benefits starting age 65 or 70 depending on issue age and offers benefits to cover expenses related to hospitalization and post hospitalization
How much is the difference in premium/payment?
- Not that much. So I strongly suggest to get the Sun Fit and Well Advantage if capable.
Things you should also know about Sun Fit and Well
- Payment modes available are Annual, Semi-Annual, Quarterly and Monthly.
- Annual modes are somehow discounted since Semi-Annual and Quarterly have modal factors.
- Monthly mode is only available via Auto Debit Arrangement. But the initial payment/deposit must be at least 1 quarterly premium.
- Issue age – differs if you’re a smoker or not.
- For smokers, 20pay is up to age 40 only, 15pay is up to age 45 and 10 pay is up to age 50.
- For non smokers, 20 pay is up to age 50, 15pay is up to age 55 and 10pay is up to age 60.
When should I get one? Should I wait til I get to a certain age before getting one?
As with any type of insurance, you should get it as early as possible while you’re still healthy. There’s a chance that application to this type of insurance will be denied if there’s serious pre-existing medical condition.
Is it expensive?
Not really. For a 35yo male, non smoker, P1Million coverage for Sun Fit and Well Advantage would costs around
- 10pay variant around P60k+/year
- 15pay costs around P44k+/year
- 20pay around P35k+/year
With that amount, you’ll start receiving P50,000 anticipated endowment starting at age 65 or 70 (depending on issue age) for 8 consecutive years, giving you an advance P400,000. Double the figure and you can get P100,000 yearly + dividends (altho dividends are not guaranteed).
Recently released, easy to understand video about Sun Fit and Well
To know more about the details, you may request for a FREE sample proposal based on your age and profile. Then we can perhaps set a meeting to further discuss your options.
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.
I have a sun fit and well advantage 10 plan (1 year and 6 months in force) , cover ba nya ang goiter operation? salamat
Since Goiter is not considered a Critical Illness, hindi xa covered under Sun Fit and Well plans.
Pano idadagdag yung sun fit and well dun sa client portal. Nakaregister na yung maxiprime ko.
Hi Vincent, usually it needs to be requested for consolidation. Ask your advisor to help you on this or you may call the hotline directly at 02 8849 9888.
Update: It will usually automatically get added as long as you used the same email address.
“For Sun Fit and Well Advantage, once you’re 36years old and above, the only available mode of payment is Annual. Age 0-35 can still avail of other mode of payments.”
My sibling has a Sun Fit and Well Advantage and paying quarterly. Is it still applicable at this time? It would be a huge sum to pay annually instead of semi-annually or quarterly.
Hi PP Gal. Most likely your sibling was able to get the plan while he/she was 35 or below.
If you really want to pay monthly, quarterly or semi-annually, one strategy I suggest to my client is to set up what we call Sun Synergy. You will only be required to pay the initial annual premium. Then immediately the next month, we set-up a mutual fund account that you will need to fund on a monthly basis. We will then link this account to your policy in such a way that when the next due comes, it will automatically debit on your mutual fund account.
Update: Sun Fit and Well now accepts quarterly for all applicable issue ages.