Can I withdraw Sun Life after 10 years?

Asked by: Prof. Melany Cummerata PhD  |  Last update: February 11, 2022
Score: 4.4/5 (23 votes)

So you don't have to think about manually doing the payments from time-to-time. It gives you a 2% loyalty bonus starting at the end of the 10th year and every 5 years thereafter. It allows you to withdraw the Fund Value anytime you need the money.

Can I get my money back from Sun Life insurance?

With the plan's “money back feature”, you can get a portion of your money back based on the total premiums paid after 10 years. NOTE: Benefits indicated above are subject to the specific guidelines set by Sun Life and the actual provisions of the insurance policy contract.

Can I withdraw my Sun Life insurance after 10 years?

Cancellation Policy. If you buy a life insurance policy from Sun Life, you can cancel it at any time. Term life coverage will end once you stop paying the premiums, and you won't have to pay any surrender fees.

How long do you have to pay Sun Life insurance?

Pay your premiums for only 5 years, in annual, semi-annual, or quarterly terms. Monthly payment through Auto-Debit or Auto-Charge may also be arranged after payment of the initial quarterly premium. Plan ahead on when you want to start receiving your cash payout.

How do I surrender my Sun Life policy?

  1. Request for a “VUL Request for Policy Surrender Form” from your Sun Life Advisor. ...
  2. 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.

Sun Life VUL MaxiLinkPrime Explained

16 related questions found

How do I cash out Sunlife?

Take out money:

Call the Customer Care Centre at 1-866-733-8612, Monday to Friday, 8 a.m. to 8 p.m. ET.

Is Sunlife a good investment?

Sun Life Financial SLF is well-poised for growth on the strength of its strong presence in Asia, expansion of its global asset management and a sturdy financial position. The Zacks Consensus Estimate for 2020 and 2021 earnings has moved up 7.4% and 4.3%, respectively in the past 30 days, reflecting analysts' optimism.

Which life insurance is best in Philippines?

The best life insurance providers in the Philippines
  • Philippine Axa Life Corporation. ...
  • The Insular Life Assurance Company Ltd. ...
  • BPI-Philam Life Assurance Corporation. ...
  • Sun Life Grepa Financial, Inc. ...
  • United Coconut Planters Life Assurance Corporation. ...
  • Manulife China Bank Life Assurance Corporation.

How can I check my Sun Life contribution?

You can also call the Customer Care Centre at 1-866-733-8612, Monday to Friday, 8 a.m. to 8 p.m. ET.
To check your balance:
  1. Sign in to
  2. Under Investments, click my financial centre.
  3. Under Quick links, choose Balances.

How long do you have to pay if you get a sun Smarter life Classic regular pay?

Dividends can also be left to accumulate. Make payment more convenient depending on your goals. Pay regular or you can opt for a shorter guaranteed payment period of 5 or 10 years only. You may choose to pay your premiums annually, semi-annually or quarterly.

Can I cash in my life insurance policy?

Withdrawing Money From a Life Insurance Policy

Generally, you can withdraw money from the policy on a tax-free basis, but only up to the amount you've already paid in premiums. Anything beyond the amount you've already paid in premiums typically is taxable. Withdrawing some of the money will keep your policy intact.

Is life insurance needed after 60?

For the same reason, broadly speaking, most women in their 60s do not need to buy life insurance. According to financial expert Suze Orman, it is ok to have a life insurance policy in place until you are 65, but, after that, you should be earning income from pensions and savings.

What reasons will life insurance not pay?

If you die while committing a crime or participating in an illegal activity, the life insurance company can refuse to make a payment. For example, if you are killed while stealing a car, your beneficiary won't be paid.

How long does Sunlife take to process a claim?

Most claims are processed instantly and you can access your claim statement right away. You'll receive an e-mail letting you know when your claim payment has been deposited to your bank account, usually in 24 to 48 hours.

Is Sun Life insurance transferable?

Benefits are paid in cash directly to you as the plan holder, making you fee to choose when and what to use it for. The plan is transferable.

What is fund value?

What is fund value? ... The total monetary worth of the units owned by the policyholder is termed as fund value. You can calculate the fund value on a particular day by multiplying the net asset value (NAV) of each unit on that particular day by the number of units held.

How do I pay my Sun Life via GCash?

Pay Sun Life Premiums via GCash
  1. Launch the GCash App.
  2. Choose Insurance. Then choose the most appropriate biller category, which is insurance.
  3. Click Sun Life of Canada Phils.
  4. Fill-out the Form.
  5. Payment Confirmation. Click the confirm button to proceed in paying your premiums thru GCash.

How many years is Sun Life in the Philippines?

Sun Life entered the Philippines in 1895, and established its Cebu operations in the 1960s. As of 2019, Sun Life is the number one provider of insurance products to Filipinos. Sun Life has been in Asia since the early 1890s.

Is Pag Ibig an insurance?

While you may not like the idea of having a mandatory contribution, there are benefits to being a Pag-IBIG fund member. Just think of this mandate as insurance, savings (albeit forced), or even investment.

Who are the top 3 insurance companies?

The top 3 insurance companies are State Farm, Geico, and Progressive based on market share, and they collectively make up over 40% of the market for personal auto insurance companies.

Is SSS an insurance company?

SSS is a social insurance program that aims to provide protection to its members and beneficiaries, while GSIS serves as the counterpart social insurance program for those who work in government. SSS members can avail of maternity, sickness, disability, retirement, funeral and death benefits.

How can I grow my money?

Let's dive into the best tips to show you how to make your money grow!
  1. Set up an emergency fund. Before you even begin to think about how to grow your money, you need to think about your savings. ...
  2. Establish financial goals. ...
  3. Change your mindset. ...
  4. Set and stick to a budget. ...
  5. Pay off your debt. ...
  6. Earn more. ...
  7. Invest, invest, invest!

What is the best investment for beginners?

Best investments for beginners
  1. High-yield savings accounts. This can be one of the simplest ways to boost the return on your money above what you're earning in a typical checking account. ...
  2. Certificates of deposit (CDs) ...
  3. 401(k) or another workplace retirement plan. ...
  4. Mutual funds. ...
  5. ETFs. ...
  6. Individual stocks.

What is the best retirement plan in Philippines?

PERA is a three-in-one investment, savings, and retirement account designed to provide financial security and tax benefits for Filipino adults who save up for retirement. If you've heard of the United States' Roth IRA or Roth 401(k), this is the Philippines' equivalent of it.

Can I withdraw cash surrender value?

Surrender value refers to the amount a person would receive if they withdraw money from their own life insurance policy's cash value. ... After a period of time set in the policy, the policyholder usually can withdraw the cash value without any fees, in which case the cash value and surrender value would be the same.