FAQs

When you are filing a claim:

•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

To file a death claim, you require:

•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 here. Claimants will also receive a copy of the checklist as soon as the Company is notified of the claim.

To file a living benefit of a life insurance claim, you will need:

•Claimant's Statement

•Attending Physician's Statement

•Police Report (if applicable)

•Other forms or documents which may be required at the time of claim

Read how to file a claim for more details.

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.

The following documents are required for a living benefits 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
  

You can file a claim at these locations:

•Client Service Centers

•Sun Life Financial Advisor

•Client Care: (632) 8849-9888

•E-mail: #PHIL_Claims@sunlife.com

•Text/SMS to 0908-8968278

The Text/SMS should have the following format:

"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"

A list of Sun Life Financial Offices in the Philippines can be found here.

Read how to file a claim  for more details. 

Death claims meeting our “speedy“ case criteria are generally processed within twenty-four (24) hours from receipt of complete claim requirements. 

Death 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.

Read how to file a claim for more details.

For living benefits in a life Insurance claim:

• Life Insured/Owner

For Death Benefits:

• Death Beneficiary/ies

For 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.

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.

The client has several options to receive his/her claim:

1. Pick up at a client designated Client Service Center.
2. Send check through Advisor. 
3. Deposit to a client designated bank account.

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

Client Portal

Manage your account and access policy information by registering in the My Sun Life client portal. Learn how to register and download the Sun Life PH mobile app.

Client Care

•(632) 8849-9888

•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 will 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.

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/Hobby/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 here.

Name Change Request and Change Beneficiary forms (c/o Claims and Titles) ;Original or certified true copy of the legal document supporting your correct/new name (E.g. birth certificate, marriage contract, adoption papers)  ;Valid ID 

Please submit any of the following:

• Back portion of the premium notice

• Letter of request with signature

• Address and Contact Information Change Request form

The forms required can be found here.

Alternatively, you may update your contact information through the My Sun Life Client Portal or the Sun Life PH mobile app. Learn how to register to the My Sun Life Client Portal and download the Sun Life PH mobile app.

1. Duly-signed Name Change Request and Change of Beneficiary forms (c/o Claims and Titles)
2. Valid ID

1. Duly-signed Name Change Request and Change of Beneficiary forms (c/o Claims and Titles) 
2. Original or certified true copy of the legal document supporting your beneficiary's correct (e.g. birth certificate, marriage contract, adoption papers) 
3. Valid ID 

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.

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

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.

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

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.

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. 

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

The reinstatement provision differs according to each contract. Please refer to your contract for more information. You can also reach out to your Sun Life Financial Advisor for more information or contact us here.

To reinstate your insurance policy, you will need:

•Reinstatement Form

•Reinstatement cost

•Evidence of insurability, as may be required

•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 

1. Assignee's signature on the form
2. Assignee's valid ID

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

1. Signature of two (2) authorized signatories 
2. One (1) valid ID per authorized signatory
3. 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: 

1. Absolute Assignment for Value Form signed by the Policy Owner and the irrevocable beneficiary/ies, if any 
2. 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.

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.

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.

The following documents are required if you wish to surrender your 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

This is the amount of coverage of an insurance policy. This is also called as "Sum Assured". 

In most cases, the Face Amount is also the death benefit, but there are policies in which the death benefit is expressed as a certain percentage of the Face Amount. 

E.g. Death Benefit = 200% of the Face Amount

The date on which the policy or its additional benefits end.

Charge for providing insurance coverage including any additional benefits.

Termination of coverage due to non-payment of premium.

These are options that allow the Policy Owner to keep the policy in-force despite nonpayment of premiums.

The following documents are required to withdraw your dividends:

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

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.

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

The following documents are required to withdraw your anticipated endowment benefits:

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

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.

Statement or proof of physical condition and other factual information to support one's application for insurance, additional benefits, reinstatement, etc.

A type of insurance policy that earns dividends.

A type of insurance policy; with no dividends. 

E.g. Term Insurance.

This is an amount borrowed from the policy's cash value at a specified interest rate. It can be repaid any time. Any unpaid advance plus interest will be deducted from the insurance benefit when it becomes payable. 

The following documents are required for a policy advance:

•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

These are options that allow the Policy Owner to keep the policy in-force despite nonpayment of premiums.

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.

As term insurance:

•Policy will no longer earn dividends

•All additional benefits will be cancelled

•Policy advance will not be allowed

•Policy surrender will not be allowed

Paid-Up Insurance - The cash value is used to purchase paid-up insurance, which provides coverage for the same period as the original policy but at a lower amount depending on the cash value available.

As paid-up insurance, the policy will have:

•Reduced coverage

•Lower dividends

•No more additional or supplementary benefits

Automatic Premium Advance (APA) - The cash value of your policy is used to pay for an unpaid premium. This is considered an advance subject to interest charges. You can check your policy contract for more details.

This is a premium payment default option in which the cash value is used to purchase term insurance with generally the same amount of coverage but for a shorter period.

This is a premium payment default option in which the cash value is used to continue the insurance policy keeping the original coverage period but at a reduced amount.

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.

The fund in which one's premiums are invested in a VUL policy.

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

The date on which the net asset value of the investment fund of a VUL policy is determined.

Percentage of premium to be invested in the VUL funds chosen by the Policy Owner.

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 ₱750 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

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

Mutual funds offer several levels of investor protection: 

1. Mutual funds are regulated by the Securities and Exchange Commission (SEC) of the Philippines.

2. Every mutual fund corporation has a Board of Directors to whom it reports and whose primary duty is to protect investors' interests. 

3. Mutual fund securities are held by reputable custodian banks and do not form part of the assets of the company managing the fund. The purpose of having custodians is to safekeep the documents that prove ownership of the Funds' assets.

A sales load fee* will be charged by SLAMCI as commission when you buy or sell shares or units. The rate will depend on your investment amount or holding period. There are two (2) types of subscription options:

1. Front-End Load – a minimal fee, depending on your investment amount, will be deducted upon initial or additional purchase of shares or units, allowing you to redeem your investment anytime without paying exit fees

2. Back-End Load – an exit fee, depending on your holding period, will be deducted upon redemption, allowing you to maximize your money by getting the most number of shares or units it can buy upon purchase

*Subject to 12% VAT and applies to all Sun Life Prosperity Funds except the Peso Starter (formerly Money Market) and Dollar Starter Funds. 

The following fees are also charged, but these are already imputed in the Funds’ daily price (Net Asset Value Per Share / Net Asset Value Per Unit)

• Management and Distribution Fees

• Transfer Agency Fees

• Custodianship Fees

• Fund Accounting Fees

• Other Fees

Additional investments are not a requirement. However, we strongly advise our investors to regularly set aside a fixed amount of money for investments, regardless of the price or market condition. This way, you can reduce your overall investment cost as you get more shares/units when prices are low, offsetting periods that give you fewer shares/units when prices are high. This kind of discipline is called Peso Cost Averaging.

If you wish to increase your investment in the funds, the minimum amount for additional investment is PHP 1,000 for the Philippine Peso-denominated funds* and USD 100 for the US Dollar denominated funds, regardless of the sales load option (front-end or back-end). 

If you are interested to enjoy the benefits of Peso-Cost Averaging, you may explore our Auto-Invest facility.

*Except for the Sun Life Prosperity Peso Starter Fund (formerly Money Market Fund) and Sun Life Prosperity World Equity Index Feeder Fund, which have minimum additional investment amounts of only PHP 100 and PHP 10,000 respectively.

Here are the different ways you can add to your mutual fund investments:

Through Sun Life channels

• My Sun Life Client Portal
• Sun Life PH Mobile App
• Sun Life Online Payment Page
• Sun Life Prosperity Card
• Sun Life Client Service Center (via Cash Deposit Machine or over-the-counter; a list of Sun Life Client Service Centers can be found here)
   

Through bank partners

• Bills Payment Facility (electronic or over-the-counter)
• Auto-Invest Facility
• Local Bank Deposit

Visit the Mutual Fund Payment Channels

Mutual funds serve as alternatives to investing directly in the stock market. Compared to buying stocks directly, mutual funds require lower investment amounts while allowing you to achieve diversification. This means that for a small amount of money, you can buy into several companies and achieve variety for your portfolio. When buying stocks directly, a larger amount of capital may be required to achieve the same level of diversification.

Investing in mutual funds like the Sun Life of Canada Prosperity Philippine Equity Fund (“Equity Fund”) also allows you to benefit from the expertise of fund managers who perform the stock selection for you.

To compute for the number of shares or units bought, we divide the investment amount by the Offering Price, which is equivalent to the NAVPS/NAVPU plus the applicable sales charge:

Number of Shares/Units Bought = Amount of Investment / Offering Price

Forward pricing is the way in which investments like mutual funds are valued for investors who bought or redeemed (sold) their shares/units. The applicable NAVPS/NAVPU (Offering Price) used to price these shares/units is only determined at the end of every business day when all orders are in and markets have closed.

This means that you do not know the purchase or redemption price until the next business day. This is because the price of a mutual fund will remain static throughout market hours. But when markets close, the closing market prices of each of its underlying assets will determine the mutual fund’s end-of-day price.

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.

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

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

Should you need guidance in investing, your Sun Life Mutual Fund Advisor is always ready to assist you.

Generally, the rates of return in an investment cannot be guaranteed, and a mutual fund is a type of investment that is designed to be held in the long-term in order to achieve potentially high returns.

Moreover, when you invest in a mutual fund, you are investing in a diversified portfolio of securities that normally fluctuate in value. The markets in which mutual funds invest in tend to rise and fall over the short-term, as will the value of your investment. This is also why past mutual fund performance does not guarantee future performance.

Sun Life, 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 group of companies.

Locally, a seasoned team of investment professionals handles the investment management of our funds.

The number of days it takes for redemptions to be processed depends on your Fund’s redemption turnaround time.

For example, our Equity Fund follows a redemption turnaround time of T + four (4) business days. This means that if you place your redemption order on a Monday before our daily cut-off time, your redemption proceeds from the fund will be priced based on the applicable end-of-day NAVPS on Monday and will be credited to your settlement account on Friday. When determining the settlement date, however, please do not include weekends and non-working holidays.

The value of the redemption proceeds you will receive will be based on the applicable Net Asset Value per Share (NAVPS)/Net Asset Value per Unit (NAVPU) on the day your transaction was processed.

We are committed to protecting your privacy. We keep your financial and personal information confidential. Access to this information is restricted to authorized individuals who are responsible for the administration, processing, and servicing of your contract(s) with us. These may include select employees, advisors, third party service providers, and reinsurers. 

Visit our website to know more about our Privacy Policy.

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.

An authorized representative of an insurance company who sells and services insurance contracts. 

Also referred to as financial advisor or insurance advisor.

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.

"

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".

Investing in a mutual fund is similar to investing in a company. You receive shares/units of participation in a mutual fund in exchange for the cash you contribute. Each share/unit has a specific value, referred to as the Net Asset Value Per Share (NAVPS)/Net Asset Value Per Unit (NAVPU).

The NAVPS/NAVPU is calculated daily at the end of every business day. This considers the income, gains, and losses of the securities your fund is invested in, so the price may change from day to day. You can calculate the fund’s NAVPS/NAVPU by dividing net assets (obtained by subtracting total liabilities from total assets) by the number of shares/units outstanding:

NAVPS/NAVPU = (Total Value of Fund Assets – Fund Liabilities) / Number of Outstanding Shares or Units

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.

A dividend is an amount of money given 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:

If you are a participating Policy Owner, you have the following options on how to use your 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.

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.

The person or entity named in the policy as the recipient of the policy's living or death benefit.

The amount payable by the insurance company to a claimant, assignee, or beneficiary.

The termination of insurance coverage.

For a participating insurance policy, it is the amount of money adjusted for factors such as policy advances or unpaid premiums that the Policy Owner will receive if he/she surrenders the policy to the insurance company. 

For a variable life insurance policy, it is the amount of money calculated by multiplying the unit price of investment fund where the Policy Owner's funds are invested by the total number of units in said investment fund (i.e. unit price x total number of units) that the Policy Owner will receive if he/she surrenders the policy to the insurance company. 

A policy that has been surrendered can no longer be reinstated.

For participating insurance policy, this is the amount available in cash upon surrender of a policy before it becomes payable upon death or maturity.

When the Policy Owner or beneficiary asks the insurance company to pay the benefits covered by the insurance policy.

The amount of money payable to the beneficiary upon death of the life insured.

This is the date when insurance coverage begins. This is also called issue date.

The Social Security System (SSS) is a state-funded system where all income earning members contribute monthly to the fund based on their salary range. The fund is then used for insurance benefits such as sickness, maternity, disability, retirement, death, and funeral expenses.

The Social Security System (SSS) provides insurance benefits such as sickness, maternity, disability, retirement, death, and funeral expenses to its members.

This is a type of insurance that pays out a sum of money either on the death of the insured person or after a set period.

Health insurance is also known as medical insurance. It provides coverage for hospitalization expenses and accidents. The full coverage will depend on your insurance policy. Please contact your advisor for the full details.

Insurance coverage is the amount of risk or liability that is covered for an individual or entity by way of insurance services.

Pre-existing conditions are health problems the insured has before a new health insurance policy coverage takes effect.

A critical illness is a type of disease that may require long-term hospitalization and recovery or may even result in the patient's demise.

Estate planning is the process of managing and disposing of an individual's assets in the event of their death or if he/she becomes incapacitated.

The person whose life is insured under the policy.

Cost of maintaining and administering the policy.

Anniversary of the policy's effective date.

Document which states all the benefits, terms and conditions of the policy.

Owner of a life insurance policy.

Payment for an insurance policy.

Cost of sales transaction and other expenses for the acquisition of a VUL policy.

These are annual, semi-annual or quarterly payments for a VUL policy. It consists of the basic and additional benefit premiums.

Lump-sum or one-time payment for an insurance policy.

A type of insurance policy that provides insurance coverage for a limited period as specified in the contract. This is not a participating policy.