I have long been thinking of getting a life insurance from Sunlife. And finally last year, on my birthday month, I was able to get one for myself.
I was insured at the age of 33, with Basic Plan of Sun MaxiLink Prime - Non Smoker with 500,000 benefit amount with annual regular premium of 26,600 or 73 pesos per day.
I choose to have the best value of my money thru this product, which is an investment-linked life insurance plan where a portion of my premium payment will be used to pay for the cost of insurance and the other portion will be place as investment fund.
Policy holders can choose to pay on annual, semi-annual or quarterly basis.
I am paying my premium on Quarterly basis and was done with my 1st quarter of payment. Since I have a BDO Savings Account, I conveniently transfer my payment online which I did monthly. I paid 2,000 pesos on my 1st and 2nd month, and paid 2,650 for my payment due date which equals to 6,650 pesos per quarter.
Well, the monthly payment works well with me, as I believe I can easily managed paying our monthly bills if I did it with my own monthly installment basis.
But now, I vowed to pay 3,000 or more monthly providing an excess amount for the investment fund. This plan is payable for 10 years... so at the age of 43, I am done paying with my premium and can choose to withdraw the money as long as the fund value does not equals to zero.
This means, the money that I grow thru Investment fund can be used as college fund for my son!
That's practically the main reason I availed this plan, I can insured myself with the benefits of having my money grow for future expenses.
And, assuming that I don't touched the money until my retirement age of 65, my projected benefit amount equals to 3,457,504 with average annual investment return of 10%. Sweeet!
Well, who wouldn't want to retire a millionaire?
Truly, a brighter future awaits when you are well-prepared. That's the exciting thing about learning to save and invest as early.
Just like what I did, you better Request a Proposal to get started!