General Information Money Matters

Adulting 101: My Sunlife Variable Universal Life Insurance (VUL)

Sun Life VUL

There’s just something so “adulty” about the word insurance, don’t you agree?

A VUL is a variable universal life insurance. According to Investopedia, a VUL is a form of cash-value life insurance that offers both a death benefit and an investment feature.

This post is actually 6 months late because I got my very first life insurance policy way back in December last year. I had a draft started, but I never got around to actually writing it. But I remembered it a couple of days ago because my payment was already due lol. Also, a couple of my previous officemates were asking about the VUL. Why did I get Sun Life’s VUL? This is not a sponsored post; I just want to tell you about it.

I never planned to get an insurance policy. Job and I, we decided to start investing in a mutual fund, so that’s what I looked for. After doing some research and comparison, I decided to go pay the local Sun Life office a visit.

Sun Life Davao

(Trivia: During the Expo Mom bazaar in Abreeza last year, one of the booths I visited was Sun Life’s. I got in touch with an agent and even left my details and contact number with her. But she never got back to me, so I just went ahead, visited the main office, and got another agent.)

I met my financial adviser, Paul Chavez, there. I inquired about mutual funds since it was my original purpose, but upon interviewing and assessing me, Paul suggested I get a VUL instead. There were three main reasons that convinced me:

  • First, I have a son who is dependent on me, and he will surely benefit from his parents’ life insurance.
  • Second, we have nothing else (yet) in our portfolio. Because this was our first investment, it’s more prudent to prioritise protection over plain growing of money.
  • Third, it’s not like the money won’t be growing. The projected returns is quite high and we’re getting protection, so yes they’re right – it is like getting the best of both worlds.

Aside from that, there are more benefits outlined here including the VUL’s liquidity (you can withdraw your money if you need it, and it’s called “withdrawal,” not a “loan) and the flexibility of premiums (I treat my VUL as a bank and put in more money if I have extra). Because you can just Google the benefits of getting a VUL, and since I already described a few, I won’t be focusing on that anymore. Let’s talk about my personal experience and impressions.

Why I’m Happy With My Sun Life VUL

1. Because Sun Life is the biggest insurance company in the country and even outside, I feel safe that I am investing my money with the right company. You can do your own research about it and see for yourself the past performance of Sun Life.

2. I have a great agent and I’m very satisfied with the service. Paul is very diligent in reminding me about my due dates, and if I cannot go to the office myself to pay, he adjusts and personally visits me to get my payment. Unfortunately, not all agents are built the same, so please be wise in choosing the right person.

3. There are no penalties for late payments. While I always pay my bills on time, there are circumstances beyond our control (just like what happened to BPI recently).

4. The payment scheme is very flexible. When I first got my policy, I was paying monthly. However, it has gotten more taxing since my schedule is tight, so they changed my mode of payment to quarterly. Just like that!

Sun MaxiLink Prime

5. It’s surprisingly affordable. One of the reasons why I delayed getting an insurance is the cost. Upon inquiring, I was pleasantly surprised to know that it’s not only affordable, it’s also flexible. I have the Sun MaxiLink Prime, and to give you an idea of how much my monthly payment is, let’s just say it’s even cheaper than our Davao City electric bill.

6. Unlike mutual funds and other investment vehicles, a VUL withdrawal is not taxable.

7. Unlike regular insurances, a VUL doesn’t need to fulfil a single, specific need e.g. education. With a VUL, you can decide how you want to use your money, whether you want to use it to fund your child’s college education or build your retirement fund.

I can think of other benefits, but I’m sure a Sun Life financial advisor will be able to better explain it to you. If you think you can benefit from a VUL, try consulting with an advisor. It’s free anyway. In my experience, they didn’t try to upsell me; they looked at my monthly income and my expenses and came up with something that will not be too burdensome for me. All I can say is if you want to protect your loved ones, you need to look into this.

If you’re from Davao and want to consult a Sun Life financial advisor (not all agents are made the same — there are inactive/lazy/unknowledgeable ones who just want to make a sale), send me a message or leave a comment and I’ll give you my advisor’s number.

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  • Reply Neri Ann June 13, 2017 at 12:18 am

    Yay on number 3! Lage din ako late magpayment and usually nga umaabot pa ng 3 months na hindi nakakapag bayad then make up to it on the following months. I also tried withdrawing from the gained funds nung nakamaternity leave ako and I must say mas maganda sya kesa magloan ka na may interest pa.

  • Reply jeany June 14, 2017 at 11:55 am

    Will they cater clients who would only like to invest on Mutual funds?

    • Reply Maan June 15, 2017 at 1:57 pm

      They will! I suggest, however, that you hear out a trusted financial advisor’s advice especially if it’s your first time investing.

      • Reply Jeany June 16, 2017 at 8:22 am

        That’s good to hear. I’m only interested with mutual funds and hoping that I could start investing with it soon. Thanks for the info Maan.

  • Reply Berlin | Momi Berlin June 14, 2017 at 9:11 pm

    I also got a Sunlife VAL for myself and my two boys. I feel a little safer with insurance, knowing I have money to leave them in case something happens to me. I got it about seven years ago. But when I resigned from work, I wasnt able to pay for my quarterly premium. The last time I checked, my earnings are paying for it. But I still need to save for that and it is something I need to do asap.

  • Reply Michi June 15, 2017 at 7:35 am

    I’ve been reading a lot of good reviews about Sunlife VUL. I’m planning to get one too kaso ayaw ko kung sa office pa magpay, gusto ko pwede online or sa payment center. lol. Pero ang nice if you can withdraw it anytime. 🙂

    • Reply anony August 21, 2017 at 11:34 pm

      hi mitch.
      lots of ways to pay at sun life financial. u can pay it any center or bank

  • Reply Above Precious Rubies June 15, 2017 at 3:00 pm

    Congratulations, Maan! I’m older than you pero nauna ka pa nako pag abot sa mga ingon ani. For me, ang financial world ay parang malaking jigsaw puzzle pa. Nosebleed pa ako kadalasan sa mga terms. lol. Pero like you, gusto pud ko matuto about mutual funds and investing. Berlin is telling me about IUTF pero was pako kaadto sa bank to inquire. This one is interesting din, chikka diay, basin makauli mi ug Tagum for good so at that time, kung wala japon koy investment, pangutan-on taka about aning Sunlife VUL kay daghan2 najud ko nabasa nga maayo about ani. lol.

    • Reply Maan June 16, 2017 at 3:21 pm

      Sure thing pating! Planning to invest in UITF pud (puhon) pero for now, I agree with my financial adviser jud na for the first investment, dapat included ang protection. 😀

  • Reply Nerisa June 16, 2017 at 9:38 am

    congrats! investing is really something moms like us need to focus on. We need to make sure that our little kids’ future will not be wasted. I am into a different kind of investing, but i will surely take a note of VUL.

  • Reply EINz June 16, 2017 at 10:35 am

    Congratulations for getting one! I also got Sunlife Maxilink and tried to pay more than my premium to allocate the excess for investment. This is only the beginning, soon you’ll be inspired to get other investments for added financial security.

    I got BPI uitf and BDO Retail Treasury Bond, and was planning to avail BDO’s Money 8 Secure, I even got St.Peter plan. Hehe

    I guess that’s the effect of adulting, and now I am getting ready for being a responsible one.

    • Reply Maan June 16, 2017 at 3:19 pm

      Haha I have a St. Peter plan, too! I’m looking into other investments but for now, just focusing on one muna 😀

  • Reply Celerhina Aubrey June 21, 2017 at 3:01 pm

    My due is quarterly pero I pay every sweldo. Hahaha! Mali ba yun? Sabi ng financial adviser ko ok lang daw. Enebetelege? Hahahah!

    • Reply Maan June 21, 2017 at 6:12 pm

      Yep okay lang yan! My old arrangement was monthly pero my financial adviser changed it to quarterly kasi yung schedule ko, medyo unpredictable. Actually there’s no difference naman if you’re paying the same amount. You can even pay more if you want kung may extra 😀

  • Reply Czjai June 27, 2017 at 5:40 pm

    It’s nice to know that they don’t have penalties for late payments. I might consider getting a VUL from SunLife, too. Tapusin ko lang muna yung binabayaran ko sa Generali aka BDO Life. 🙂

  • Reply Rayrose Samson June 27, 2017 at 10:56 pm

    saving up to insurance is a great deal.

  • Reply Janice June 29, 2017 at 11:27 pm

    I have been looking into investing on insurance as well because I don’t have one yet. It’s good to know that this VUL is very flexible and affordable. Looks like exactly what I need too.

  • Reply Jackie June 30, 2017 at 6:56 pm

    I also know someone who’s a great Sunlife agent, and she explains really well and is even inspiring! Except she’s in MM. If I know anyone from your area I’ll surely recommend! 🙂

  • Reply Lhourdes Mercadero July 1, 2017 at 10:52 pm

    I’m planning to get one this year. I’m reading a lotnof good reviews about it. I’m from Manila so I think I need agent who also live here in Manila.

    • Reply Berna December 29, 2017 at 10:34 pm

      Hi lhourdes im berna a finanacial advisor

  • Reply TweenselMom July 16, 2017 at 5:49 pm

    It’s so inspiring to read how so many moms are into investing. I’ll definitely take a look at VUL and that one where they don’t charge late payments is a very good thing for me. Thanks for your clear and well written info, short as it was.

  • Reply Zel July 31, 2017 at 4:04 pm

    Hi Maan! Thanks for your post about Sunlife’s VUL. I’m currently browsing for Sunlife insurance review/comparison and was brought to your blog. Would like to know if your policy includes CIB/HIB or just the basic coverage? I’m not sure which one to get.

    • Reply Maan August 1, 2017 at 8:19 pm

      Hi Zel, as far as I remember, you can add those as riders to your policy, so yes, if you don’t specifically ask for them, you’ll just get the basic coverage 🙂

    • Reply anony August 21, 2017 at 11:40 pm

      hi zel,
      if naa mo cebu, lets have a talk and check some financial analysis and risk
      profiling. para masabtan tanan.

  • Reply A Much Enjoyed Mom's Day Out, Thanks to Sun Life! August 8, 2017 at 11:12 pm

    […] this is an event by a company I truly believe in. Last year, I got myself a VUL (I wrote about my Sun Life VUL recently), and when Job goes home, he’s planning to get one, too. Despite the hectic […]

  • Reply Rovie August 9, 2017 at 7:36 am

    This is very interesting and very timely Mommy. This is one of the reasons why I’ve attended the Mom’s Day Out last Saturday. Sayang ndi tayo nagkita. I’m interested to know more about VUL and if it’s okay with you pahingi na din ng number ng agent mo please. Thank you for this post.

    • Reply Maan August 23, 2017 at 8:47 pm

      Hi Rovie! Super sorry, your comment got stuck in the spam section and I was only able to see it now. Will send it to you! ^_^

  • Reply cheekeegirl August 9, 2017 at 9:52 am

    So inspiring! cge penge naman nang contact nang advisor mo.. thanks!

    • Reply Maan August 9, 2017 at 10:01 am

      I’ll email you ma’am! 😀

  • Reply Gerilen October 9, 2017 at 9:54 pm

    Right on time! I’ll be meeting my financial adviser from Sun Life this coming Thursday. I finally decided to get on Sun Life’s boat after my traumatic experience with another life insurance company na sa simpleng request hindi makaperform, what more pa kapag claiming na ng insurance. I learned a lot. Babasahin ko ulit ito. Will share it with hubby as well so he’ll get an idea of what we’ll be getting. Thanks so much! <3

  • Reply Nini Perez October 16, 2017 at 3:14 pm

    We’ve spoken to two agents from two insurance companies. This is next on our list. Hopefully we can start next year. I truly value what these companies offer us. Mabuti na kasi na prepared.

  • Reply TweenselMom October 16, 2017 at 6:40 pm

    Just got a mutual fund in Sunlife and excited to try their service. I’ll be taking a closer look at VUL also.

  • Reply Rowena Wendy Lei October 16, 2017 at 11:17 pm

    One of the first things I invested in when I got a job after college was a Sunlife policy. That was over 20 years ago and they are still going strong! 🙂

  • Reply Liz A October 17, 2017 at 3:19 am

    I got my first VUL almost 10 years ago from Sun Life too. Too bad that I was not able to continue the payments due to circumstances but I am planning to revive it soon. I also have a few more investment plans elsewhere too. Can’t put all eggs in one basket. 🙂

  • Reply Money Matters: 3 Practicable Tips in Saving Money November 7, 2017 at 8:56 pm

    […] able to begin immediately after making the decision to save again. In fact, I invested in a Sun Life VUL way before I was able to get back on my feet and start saving again. (It only worked for me […]

  • Reply Mafe January 31, 2018 at 1:47 pm

    Hi,I’m only 1 year employed and I’m planning to get a VUL. It will be my first investment if ever. I wanted to get some advice and feedback about it since I’m only new to this.Thank you.

    • Reply Maan January 31, 2018 at 9:53 pm

      My advice is for you to shop around and look for the company that best suits your lifestyle. There’s no one-size-fits-all solution kasi when it comes to insurance. Also, build your emergency fund first if you haven’t yet!

  • Reply Polldy Montero February 17, 2018 at 5:31 pm

    I am planning to have my VUL sa Sunlife. But I just want to know the mode of payment and if ever I want to withdraw a certain amount of money, kailan pwede and saan pwede ma-withdraw yung pera. I heard kasi na thru the financial advisor lang pwede magbayad and magwithdraw. medyo hassle kasi siya on both sides. I hope someone can answer. Thanks!

    • Reply Maan February 17, 2018 at 9:39 pm

      Hi Polldy, I pay directly na sa office. I used to pay through my FA but I can’t pay unless our schedules align, which is a hassle talaga. So I just go directly to the office, no biggie. You can also pay online as far as I know.

      Re: withdrawal, a VUL is much more liquid than your regular insurance so you can withdraw anytime. But it is discouraged since it can affect your policy, baka mag-lapse or ma-terminate if hindi ma-reinvest ang money kaagad. I suggest having an emergency fund outside your VUL para hindi magalaw ang VUL.

  • Reply Precious Marino March 29, 2019 at 2:56 am

    This is a nice blog. If someone here that needs assistance in getting VUL who are from Manila. I can help you out guys. I am a Sunlife Licensed Financial Advisor.

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