Sun Life of Canada (Philippines), Inc. is putting the spotlight on estate planning in its newest campaign featuring media mogul Charo Santos-Concio.
Estate planning, which refers to the act of preparing for the transfer of one’s wealth and assets after his death, is not a common practice in the Philippines. “In our culture, it is considered taboo to talk about money; more so if it’s associated with the passing of a loved one, such as the aspect of ‘pamana,’” Sun Life Chief Marketing Officer Mylene Lopa said. “However, the reality is that without proper estate planning, the legacy we’ve worked so hard to pass on to our loved ones may end up being more of a burden if we don’t prepare for its efficient transfer.”
A common example of this is how heirs find themselves unprepared to pay for the estate tax, which must be paid within six months from the death of the loved one. If not settled, a 25% surcharge and 20% interest will be added per year. “All these worries are on top of the grief that the heirs are feeling due to the loss of their loved one,” Lopa said. “There are ways to keep this from happening, and this is why Sun Life would like to enlighten Filipinos on estate planning.”
As part of its efforts to raise awareness, Sun Life has tapped Charo to star in its campaign for SUN Smarter Life.
SUN Smarter Life is a protection product that provides double life insurance coverage until age 100, while the insured lives, thereby ensuring a financially secure future for the family no matter what happens. Should the insured pass away, the insurance proceeds from SUN Smarter Life can be used by the beneficiaries to settle estate taxes.
On top of this, the product provides living benefits in the unfortunate event of terminal illness or emergencies. Supplementary benefits that provide additional protection against contingencies such as accidents, disability, and illnesses may be added to the plan for a minimal amount.
“Sun Smarter Life makes wealth preservation easy. It also gives me peace of mind knowing that when my time comes, my assets will efficiently be transferred to my family,” Charo said.
Charo stars in the campaign with her two granddaughters Julia and Talia, whom she considers are her “real treasures” and are among the reasons why she takes estate planning seriously. “By preparing early, utilizing the right instruments, and with the help of Sun Life, I am confident that my family will feel my love through the legacy I will leave behind,” she said. “With SUN Smarter Life, my loved ones will be well taken care of and will be able to enjoy the fruits of my hard work, no matter what happens.”