FAQs

You can access your policy information conveniently through various Sun Link Systems:

• Client Service Center 849-9888
• Domestic Toll Free 1-800-10-SUNLIFE (7865433) using a PLDT Line
• E-mail Address: sunlink@sunlife.com
• Website : www.sunlife.com.ph

You may also visit any of our Client Service Centers. For your protection, we may require you to present two (2) original, government-issued, photo-bearing valid IDs (i.e. not expired), and/or answer questions to establish your identity.

You may pay through any of the following:

• Sun Life Client Service Centers
• SunLink Online e-payment
• Sun Life Financial advisors (Please ask for a Provisional Receipt.)
• Collecting Banks:
  1. Bank of the Philippine Islands (BPI)
  2. Security Bank & Trust Company (SBTC)
  3. Rizal Commercial & Banking Corporation (RCBC)
  4. Banco de Oro (BDO)
  5. UnionBank of the Philippines (UnionBank)
• ATM Facilities:
  1. Bancnet
• Others:
  1. SM Bills Payment Center
  2. Bayad Center
  3. Smart Money

Other payment arrangements are also available. Please call us for more details.

Important Reminders:

Please make your checks payable to Sun Life of Canada (Philippines), Inc.

To ensure that your payment is properly credited to your policy, always bring your billing notice when paying.

Please submit any of the following:

• Back portion of the premium notice
• Letter of request with signature
• Address and Contact Information Change Request form

Contact us via any of our SunLink Systems. We encourage you to use your own mailing address (i.e. not that of a third party) for the timely receipt of correspondences from us.

Investing in Mutual Fund is similar to buying shares of a company. Your share has specific value, which will vary from day to day.

The term used to determine the value of your investment in Mutual Funds is referred to as the Net Asset Value Per Share (NAVPS). NAVPS is calculated daily at the end of trading day, so the price of your investment changes from day to day.

One can calculate the NAVPS by dividing the total assets less total liabilities by the number of shares outstanding:

NAVPS = (Total Value of Fund Assets - Fund Liabilities) / Number of shares outstanding

To deposit your cash investments in the Peso-denominated Funds:

Accredited Banks Account No. and Charges on Peso Deposits:

• Banco de Oro 00046-004225-4
  With charges for deposits outside Metro Manila

• Bank of the Phil. Islands 0073-1798-07

• Chinabank 203-103621-6
  With charges for deposits outside Metro Manila

• Citibank 5-602714-022

• HSBC 000-270579-070

• Land Bank 1801-0249-00
  With charges for deposits outside Metro Manila

• Maybank 01-059-003283-8
  With charges for deposits outside Metro Manila

• Metrobank 066-3718-10691-6
  Cash deposits, with charges*

• Phil. National Bank 390-5704000-12
  With charges for deposits outside Metro Manila

• RCBC 3-001-00840-3
  With charges for deposits outside Metro Manila

• Security Bank 0514-020724-200
  With charges for deposits outside Metro Manila

• Standard Chartered 014-0953811-004
  With charges for deposits outside Metro Manila

• UCPB 104-165963-8
  With charges for each deposit slip

1. -Local checks and Manager/s checks will be subjected to 3 banking days clearing, while regional checks shall clear after 7 banking days. Out-of-town checks will clear after 31 banking days.
2. -Investments made through fund transfer are subject to bank charges.

To deposit your cash investments in the Dollar-denominated Funds:

Accredited Banks Account No., Clearing and Charges on Dollar Cash Deposits:

• Banco de Oro 100-046-006383-9
  Minimum of 7 banking days clearing*

• Bank of the Phil. Islands 1624-0061-07
  With bank charges for amounts above $5,000
  Minimum of 5 banking days*

• Citibank 5-602714-057
  No clearing.
  No charges.

• Deutsche Bank 1204-668-305
  No clearing.
  No charges

• Maybank 01-759-000153-0
  15 days clearing.
  With charges.

• Metrobank 066-2066-10860-5
  14 banking days clearing.
  With bank charges for amounts above $5,000*

• Phil. National Bank 390-5704000-20
  Minimum of 10 banking days clearing.
  With charges for deposits outside Metro Manila

• RCBC 8-001-00967-3
  No clearing*

• Security Bank 0514-020724-201
  15 banking days clearing.
  With bank charges for amounts above US$5,000.

• Standard Chartered 905-5349103-349
  No clearing.
  No charges.

• UCPB 01-104-300835-0
  10 banking days clearing*

  1. -Investment made through PDDTS or wire transfer are subject to bank charges.
  2. -All dollar check investments are subject to a minimum of 21 to 31 banking days clearing and bank charges.

*Clearing date for deposits in bank as well as bank charges are based on prevailing bank regulations and subject to change without prior notice.

If you keep your policy in-force for at least ten (10) years, you may be entitled to a loyalty bonus in the form of additional units at the end of the 10th policy year and every five (5) years thereafter. The amount of bonus, which depends on the actual performance of the fund, is determined by the Company from time to time but is currently set at 2% of the average monthly fund balance of the preceding past five (5) years.

You may withdraw a partial amount from your Fund Value in case of emergency. The minimum amount to be withdrawn is Php 5,000.00. The units of the relevant fund/s will be cancelled. However, partial withdrawal from the fund will reduce your death benefit. The amount to be withdrawn is subject to applicable charges indicated in the policy contract.

The following are the requirements:

• VUL Request for Fund Withdrawal Form signed by the following:
  • Policy Owner / Assignee
  • Irrevocable Beneficiary/ies (if any)
  • Witness
• Valid ID

You may switch from one fund to another so you can take advantage of the growth of a particular fund. You may switch for free up to four (4) times within a policy year. If you exceed the limit, there will be a 1% charge on the amount to be switched.

The number of free fund switches and fund switching charge may change subject to the approval of the Insurance Commission.

The following are the requirements:

• VUL Request for Policy Change Form signed by the following:
  • Policy Owner / Assignee
  • Irrevocable Beneficiary/ies (if any)
  • Witness
• Valid ID

You may change the fund allocation of your policy. Fund allocation is the percentage of your premium (after deducting the premium charge) that will be allocated to buy units in each of the funds you have chosen. You may change your policy's fund allocation in two (2) ways:

• Change the percentages to be allocated in each of the funds you have chosen; and/or
• Change the fund where you will buy units

You may change your fund allocation for free up to four (4) times within a policy year. You will be charged Php750 if you exceed the limit.

The number of times you can change your fund allocation for free and the fixed amount to be charged when you exceed the limit may change subject to the approval of the Insurance Commission.

The following are the requirements:

• VUL ““ Request for Policy Change Form signed by the following:
  • Policy Owner / Assignee
  • Irrevocable Beneficiary/ies (if any)
  • Witness
• Valid ID

A VUL policy cannot be converted to a participating insurance policy.

Sun Life Financial is the only company in the Philippines offering a "family of funds". Unlike other mutual fund companies in the Philippines, Sun Life Financial allows its investors to transfer their placements between the Sun Life Prosperity Funds as much as four times a calendar year, without being subjected to any charges or fees. This is because Sun Life Financial believes that investors' needs change over time, and that they should not be penalized for shifting from one fund to another, if so dictated by their prevailing investment requirements. This is part of Sun Life Financial's objective of becoming a total financial services company that is responsive to people's needs.

The decline of the local market, specifically the local stock exchange, is not exactly bad for mutual funds. In fact, this is the ideal time to buy stocks for mutual funds, when the prices are low. When the market improves and share prices go up, as they will, given time, the value of the equity securities will have risen along with them. Mutual funds are long-term investments, which should not be bought or sold based on short-term events.

Mutual funds can serve as an alternative to investing directly in the stock market. The Sun Life Prosperity Philippine Equity Fund invests in equities, which have historically been proven to outpace inflation. Compared with buying stocks directly, mutual funds require a lower initial capital outlay yet allow you to achieve diversification at the same time. What this means is that in mutual funds, for a relatively small amount of money, you can afford to buy into several companies and achieve variety for your portfolio. When buying stocks directly, however, you may have to use a larger amount of money in order to achieve the same level of diversification.

Both Mutual Funds and Unit Investment Trust Funds are fundamentally similar in the sense that they are both pooled funds wherein a group of investors entrust the management of said fund to a fund manager. The fund manager must then manage the funds among certain asset classes usually indicated in the name of the fund such as stocks, bonds or balanced. Thus, the decision of the investor should ultimately be based on the skill and reputation of the fund manager. Similarly, funds are valued under similar accounting standards, such as those governing mark-to- market, and the funds are entrusted to third party custodians. Both Mutual Funds and UITFs are not guaranteed unlike time deposits.

Notwithstanding, there are still important differences. Mutual funds, which are regulated by the SEC are corporations, thus, investors in these funds are shareholders and entitled to all the rights given to shareholders (except preemptive rights) such as participating in stockholders meetings or electing directors. Clients of UITFÓ³, which are regulated by the BSP, are not shareholders and do not enjoy these rights.

Sun Life Financial, through its subsidiaries worldwide, has been managing mutual funds for several decades. In fact, the oldest mutual funds in the United States and Canada are managed by members of the Sun Life Financial group of companies. The Sun Life Financial group of companies manage a combined total of CDN$388.7 billion of assets under administration as of September 30, 2008.

Locally, the investment management of our funds will be handled by our investment team in Manila. They presently manage assets in excess of Php 86 billion as of end-June 2007.

You will get your redemption proceeds in a few days (maximum of seven business days) from the time your redemption order was received by our head office in Manila. The value of the redemption proceeds that you will receive will be based on the Net Asset Value per Share (NAVPS) applicable on the day your transaction was processed.

We offer our investors two purchase options when they place their money in our funds:

The first option (Option A) is to pay an up-front sales charge, depending on the amount invested or upon investing. This sales charge is what we call the front-end load, and is used to cover expenses related to the distribution of the funds.

The other option (Option B) is the back-end load which allows the investor to pay the sales charge upon redemption (selling shares to the fund), or even avoid paying the sales charge altogether, as long as he remains invested in the fund for at least five years. The deferred sales charge is on a decreasing annual basis, and reaches zero after five years.

For the peso-denominated funds, the required minimum initial investment is Php 5,000 for Options A & B. For the dollar denominated funds, the minimum initial investment is USD 1,000 for both options.

Subsequent investments are not a requirement. However, should you wish to increase your investment in the funds, the minimum amount for subsequent investments is Php 1,000 for the peso funds and USD 200 for the dollar denominated funds. This applies to any of the two purchase options.

We strongly advise our investors to regularly set aside a fixed amount of money for investments, regardless of the NAVPS. This way, you automatically buy more shares when the price is low, and fewer shares when the price is high. This kind of discipline is what we call Peso Cost Averaging.

Mutual funds are essentially long-term investments. You can get the maximum benefits from a mutual fund if you leave your money with the fund and let it grow. At the same time, the rate at which your money will grow cannot be predicted because when you invest in a mutual fund, you are investing in a diversified portfolio of securities that normally fluctuate in value. The securities markets in which mutual funds invest tend to rise and fall over the short-term, as will the value of your investment. Your ability to withstand short-term volatility will generally result in greater returns over the long-term.

Mutual funds offer several levels of investor protection. First, they are regulated by the Securities and Exchange Commission of the Philippines.

Second, every mutual fund corporation has a Board of Directors to whom it reports and whose primary duty is to protect investors' interests. Each fund has a different Board of Directors and each board is composed of a majority of people who are not connected with Sun Life Financial or any of its subsidiaries.

Third, mutual fund securities are held by a reputable custodian and do not form part of the assets of the company managing the fund. The custodian banks of the Sun Life Prosperity Funds include Citibank, N.A., Deutsche Bank, A.G., and Hong Kong and Shanghai Banking Corporation Limited. They keep all stock certificates and any other documents that evidence ownership of the funds' assets. The primary purpose of having a custodian is to safekeep the assets of the funds.

You may place investments in the Sun Life Prosperity Funds under your name in trust for your child. Simply fill-out and indicate in the application form that the account is "in trust for" (ITF) the name of the child and accomplish a Confirmation of Trust agreement, available upon request from our Investor Services Department. Make sure that you provide a photocopy of your child's birth certificate when placing investments under an ITF account. However, please note that the investment will not automatically be placed under the name of the child, when he/she reaches the age of majority. A written request must come from you in order for the transfer to take effect.

Investors are charged depending on the purchase option they have opted for. These are the following

The Front-End load (Option A) sales charges are applied against the original capital at the time of purchase (plus 12% VAT) depending on the amount invested. This stands as a compensation for the registered representative and covering expenses related to the distribution of the funds.

The Back-End load (Option B) allows the investor to pay the sales charge (plus 12% VAT) only upon redemption, or even avoid paying sales charges as long as they remain invested for at least five years.

To compute for the number of shares bought, we simply divide the investment amount by the Offering Price

Offering Price - is equivalent to the NAVPS plus applicable sales charge:

No. of Shares Bought = Amount of Investment / Offering Price

Please make sure that all details indicated in your policy contract are correct. If there is any error, inform us immediately so we can correct your policy records.

For all transactions and inquiries, always be ready with your policy number.

You can access your policy information conveniently through various SunLink Systems.

Client Care : 849-9888 Domestic Toll Free 1-800-10-SUNLIFE (7865433) using a PLDT Line
E-mail Address: sunlink@sunlife.com
Website : www.sunlife.com.ph

You may also visit any of our Client Service Centers. For your protection, we may require you to present two (2) original, government-issued, photo-bearing valid IDs (i.e. not expired), and/or answer questions to establish your identity.

Payment for your life insurance policy or “premium“ must be made on or before the due date as shown in the policy contract. If you are not able to pay on your due date, you may still pay for your premium within the 31-day grace period to avoid lapsation. You will receive notices to remind you of your payment.

You may opt to receive your notices through our e-notice facility. Simply register to SunLink Online and click the e-notice button for enrollment. Please note that printed copies will no longer be mailed once you sign up for the e-notice.

If you are unable to pay your premium within the grace period, your policy may lapse resulting in loss of benefits.

You may pay your premiums through any of the following channels:

• Wire transfer to any of our authorized collecting bank partners (please refer to the list of our collecting banks)
• PNB Overseas Remittance Center

Applicable charges and bank fees will be for your account.

Changes that may happen in your family, career, or financial situation may require amendments in your policy contract. In such cases, you will be required to get the consent of an irrevocable beneficiary for any change that will affect the coverage and benefits of the policy.

The consent of an irrevocable beneficiary will always be required when you exercise certain rights and privileges as the Policy Owner such as availing of a policy advance, changing beneficiaries, surrendering/amending/assigning the policy and other changes.

If your irrevocable beneficiary is a minor, he/she should be represented by his/her parents or court-appointed guardian following the provisions of Philippine laws.

Here are the different changes that may be applicable to a policy. Check your contract to know which ones are applicable to yours:

• Reduction/Increase in Coverage
• Correction of Birthdate/Sex
• Addition/Deletion of Riders
• Change from Smoker to Non-Smoker Rate
• Removal of extra rating due to Occupation/ Avocation/ Medical
• Change in Mode of Payment
• Change in Mailing Address
• Transfer of Ownership
• Assignment of Policy as Collateral
• Conversion of Term Plan to Participating Plan
• Fully Paid-Up/Reduced Paid-Up Life/Paid-up Term
• Change of Plan
• Change in Premium Payment Default Option
• Change in Fund Allocation /Switch in Fund Allocation

Note: Forms are available at our Client Service Centers and at www.sunlife.com.ph.

Title changes refer to changes relating to names, titles, relationships, beneficiary/ies among others.

• Non-Financial Amendment Form
• Original or certified true copy of the legal document supporting your correct/new name (E.g. birth certificate, marriage contract, adoption papers)
• Valid ID

You may assign your life insurance policy contract as collateral security to your creditor (i.e. a bank if you apply for a mortgage loan) by submitting the following:

• Assignment as Collateral Security Form signed by the Policy Owner and the irrevocable beneficiary/ies, if any
• Valid IDs of the Policy Owner and irrevocable beneficiary/ies, if any

After you have completed your mortgage payment, submit a Release of Assignment as Collateral Security Form duly signed by your assignee to update your policy records.

Requirements:

If assignee is an individual

• Assignee’s signature on the form
• Assignee’s valid ID

If assignee is an institution (i.e. bank or company)

• Signature of two (2) authorized signatories
• One (1) valid ID per authorized signatory
• Original copy or Certified True Copy of the Corporate Secretary’s Certificate
  • authorizing the signatories to sign on behalf of the Institution; and,
  • approving the release of the assignment of the policy contract

You may transfer the ownership of your policy to another person or entity by submitting the following:

• Absolute Assignment for Value Form signed by the Policy Owner and the irrevocable beneficiary/ies, if any
• Valid ID of the Policy Owner and irrevocable beneficiary/ies, if any, and new Policy Owner

Note: Transfer of ownership between spouses is not permitted by law.

You may change the death or endowment beneficiary/ies while your policy is in-force.

The primary death beneficiary will receive the death benefit.

The contingent death beneficiary will receive the death benefit if all primary death beneficiaries are deceased at the time the benefit becomes payable.

The endowment/maturity beneficiary will receive the endowment/maturity benefits.

If the endowment beneficiary is already deceased at the time the benefit is payable, payment will be made according to the hierarchy of beneficiaries specified in your contract.

• Duly-signed Non-Financial Amendment Form
• Original or certified true copy of the legal document supporting your beneficiary's correct (e.g. birth certificate, marriage contract, adoption papers)
• Valid ID

• Duly-signed Non-Financial Amendment Form
• Valid ID

Reinstatement is the process of putting your policy back to active or “in-force“? status.

Refer to the Reinstatement provisions of your policy contract.

• Reinstatement Form
• Reinstatement cost
• Evidence of insurability, as may be required
• Valid ID

• Client Service Centers
• Sun Life Financial Advisor
• Client Care: (632) 849-9888
• E-mail: #PHIL_Claims@sunlife.com
• www.sunlife.com.ph
• Text/SMS to 0908-8968278
  
  SUNLIFE<space>CLAIMS<space<Insured/s name/Date of birth/Type of claim
  
  Date of birth format: mmddyyy
  Type of claim: Death or Others
  
  E.g. SUNLIFE CLAIMS Juan dela Cruz/09081965/Death

• Claimant's Statement
• Certified true copy of the Death Certificate (blue form is not acceptable) signed by the Local Civil Registrar with official seal, Local Civil Registry number and documentary stamps
• Other forms or documents which may be required at the time of claim

There is a checklist of requirements posted on our website. Claimants will also receive a copy of the checklist as soon as the Company is notified of the claim.

• Claimant's Statement
• Attending Physician's Statement
• All documents related to the life insured's medical treatment
• Police Report (if applicable)
• Other forms or documents which may be required at the time of claim

There are no requirements needed to claim your policy maturity benefit except when the claim will be made, on your behalf by your spouse or designated beneficiary who is a minor. Guardianship requirements under Philippine law should be submitted for a minor designated as the endowment/maturity beneficiary. If your spouse is the named endowment/maturity beneficiary, an NSO-issued marriage certificate is required.

A maturity notice will be mailed to the endowment/maturity beneficiary prior to maturity date.

• Ensure that all your records are organized, updated and accessible. Additional documents may be required depending on the designation of beneficiary/ies in the policy contract.
• Check if your beneficiary designations are updated or consistent with your wishes especially in the case of a change in your status (e.g. from single to married).
• Immediately file a Release of Assignment as Collateral Security as soon as your mortgage/loan is fully paid to update your beneficiary designation.
• Submit all necessary documents as specified in the Claim Requirements Checklist.

Claims are generally paid in the form of crossed checks. This protects your beneficiary since a crossed check can only be deposited to the account of the payee. Sun Life may also deposit claim proceeds directly to the bank account of the beneficiary upon receipt of appropriate Request form.

A check will be sent through the Sun Life Financial Advisor on record unless advised otherwise by the client.

Living benefits - Life Insured/Owner
Death benefits - Death Beneficiary/ies
Endowment/Maturity benefits - Endowment/Maturity Beneficiary/ies

Note: If no endowment/maturity beneficiary is designated, the Policy Owner will automatically receive the endowment/maturity benefit.

Death claims meeting our “speedy“? case criteria are generally processed within twenty-four (24) hours from receipt of complete claim requirements. Claim processing for “non-speedy“? cases, however, takes longer to ensure sound and fair settlement. Kindly get in touch with us through #PHIL_Claims@sunlife.com for more details.

The living benefits will be paid to you as the Policy Owner unless you sign a Waiver of Benefit Form during new business application. If such waiver is signed, living benefits will be paid to the life insured.

A dividend is an amount or money returned to the Policy Owner of a participating insurance policy. It results when actual mortality, investment earnings, expenses and other factors are more favorable than expected when premiums were set. Policy dividends are not guaranteed.

Only participating policies earn dividends.

A Policy Owner has the following options in using dividends:

• Paid-Up Addition - Dividends are used to purchase additional insurance coverage.
• Premium Reduction - Dividends are used to pay the current year/s premium. If the dividend is insufficient to pay the full year/s premium, you will be billed for the difference. If the dividend is in excess, this amount will be given to you in the form of check.
• Dividend Accumulation - Dividends are left with the Company to accumulate at the declared rate.
• Cash - Dividends are paid yearly to the Policy Owner in the form of check.

A dividend option may be changed any time as long as your policy is in-force. Simply complete a Dividend/Endowment Benefit Authorization form.

Evidence of insurability may be required if you so desired that the existing dividend accumulation be applied as Paid-up Addition.

• Duly-signed Dividend/Endowment Authorization Form
• Valid ID

An anticipated endowment is a guaranteed cash benefit that is usually equivalent to a percentage of your face amount. This is paid out by the Company at intervals specified in your policy contract. Not all policies have this feature.

Example:
Anticipated endowment = 20% of the Face Amount
Payout schedule: Starting at the end of the second policy year and every two (2) years thereafter.

You may choose to receive your anticipated endowment benefits via:

• Cash - a check will be sent to the endowment beneficiary/ies on record
• Deposit - your endowment benefit are left with the company to accumulate

Yes. To change your anticipated endowment benefit option, submit a Dividend/Endowment Benefit Authorization form.

Yes. To change your anticipated endowment beneficiary, submit an Appointment/Change of Endowment Beneficiary form. Your new beneficiary will receive the endowment proceeds after the approval of such request. Endowment proceeds which were accumulated prior to approval will be given to your former beneficiary.

• Dividend/Endowment Authorization Form
• Valid ID of the endowment beneficiary

Paid-Up Term Insurance - The cash value is used to purchase term insurance, which generally provides the same amount coverage as the original policy but for a shorter period depending on the cash value available.

• Application for Policy Advance signed by the following:
  • Policy owner
  • Irrevocable beneficiary/ies, if any
• Policy Contract
• Valid IDs of Policy Owner and irrevocable beneficiary/ies, if any

You may pay your policy advance anytime or follow a repayment schedule which you can request from us.

Your policy will be terminated and you will lose the insurance protection. Once surrendered, the policy may no longer be reinstated.

You will receive the guaranteed value of your policy plus any dividend less any policy advances with interest. Payment of this amount terminates the policy.

• Cash Surrender Value Form signed by the Policy Owner and the irrevocable beneficiary/ies, if any
• Policy contract
• Valid IDs of Policy Owner and irrevocable beneficiary/ies, if any

Variable unit-linked insurance (VUL) is an insurance policy with benefits directly linked to the performance of underlying funds. It is also called "variable universal life policy," "equity-linked policy" "investment-linked policy" or "variable unit-link policy."

In a participating insurance policy, the premiums, death benefits and cash values are fixed and it is the Company that decides on where to invest the premiums. In a variable unit-linked policy, the death benefits and premiums are flexible and it is the Policy Owner who chooses where to invest his/her funds.

A unit represents your ownership in the fund and is used to determine the fund value at any given point throughout the duration of your policy.

NAVPU is the value of each unit of the fund and is computed every valuation date. It is the basis for buying and selling units. It is also called "unit price".

Forward pricing means that the NAVPU used for buying and selling units is determined on the next immediate valuation.

Fund Value is the total amount of money available in the funds that you selected. To get the fund value, multiply the outstanding units of each fund by their respective NAVPUs then add these together.

The Fund Value varies as NAVPUs fluctuate in value on each valuation date.

Your premiums (net of premium charges) will be invested after receipt of payment. For check payments, premiums will be invested after clearing.

Premium charge is the cost associated with the policy's sales transaction and other related expenses.

Monthly Periodic Charge is the cost of maintaining and administering the policy.

Cost of Insurance Charge is the cost of insurance coverage and other additional benefits

Returns are not guaranteed but based on historical experience, stocks, and in particular, equity funds tend to go up in value over time for investors who are prepared to buy and hold for a long period of time. However, note that past performance is not an indicator of future return.

Yes. While you bear the risk of investing in your chosen fund, it will also give you an opportunity to take advantage of potential returns.

Your VUL policy provides a cooling-off period that allows you to cancel it fifteen (15) days from the time you receive your policy contract.

If you cancel your VUL policy within the cooling-off period, you will get the Fund Value plus all initial charges. After the cooling-off period, you will receive the Fund Value less applicable surrender charge.

Excess premiums are additional premiums that you may use to increase your life insurance coverage and investments. On top of your regular or single premium, excess premiums are used to purchase additional units of your chosen fund resulting in an increase in policy benefits.

Excess Premiums can be a one-time payment or these can be billed regularly together with your regular premiums. These may require evidence of insurability.

If you fail to pay the regular premiums due on your VUL policy, the policy will continue to be in-force provided the Fund Value is sufficient to cover the Monthly Periodic Charges and Insurance Charges. However, we encourage you to pay your premiums on time so that the Fund Value will continue to grow and you may achieve your financial goals.

The Extended Grace Period feature keeps the policy in-force even if the Fund Value is exhausted. However, this is subject to the following conditions:

1. The Policy is within its first year.
2. Regular premiums are paid on or before every premium due date.
3. Total amount of fund withdrawals is not higher than the total excess premiums paid.