A Complete Guide to Perks and Benefits
Sun Fit and Well is the most comprehensive health insurance from Sun Life. It covers 114 critical illnesses up to age 100. Also, it gives guaranteed cash benefits and dividends while protecting you from financial struggles you might face when you get critically ill.
READ: Sun Fit and Well | A New Generation Wellness Plan
Do you know the reason why many critically ill patients die?
If you think about it, there are several medical breakthroughs.
But why?
Sadly, everything comes at a price that most of us cannot afford. So, it doesn’t matter how advanced medical treatment gets if we cannot afford it.
That is when Sun Life offered a comprehensive health plan to address this need. Something that can help you access the treatment needed when you get hit by a critical illness.
10 Reasons Why You Should a Get Sun Fit and Well Plan
I know you are a responsible person. It is to say that you do not want to burden your family with medical expenses. Now, I’ll be sharing with you several reasons why you must inquire and get a Sun Fit and Well plan from me.
So here are the ten (10) reasons why you must get a Sun Fit and Well plan.
1. Pre-emptive Wellness Benefit
Sun Life’s mission is to provide lifetime financial security and healthier lives. With that in mind, they created the GoWell community, wherein members can access diverse health and wellness information, events, activities, and workouts.
You will automatically become a gold member once you avail of this plan. And these are the benefits you can enjoy.
- Gold card- you will receive a personalized membership card to be delivered by your advisor.
- Health and wellness content in gowell.com.ph
- Enjoy community workouts with other GoWell members and Financial Advisors.
- Fitness Classes: Get up to 20 FREE group classes per month in partner gyms.
- Perks and Privileges: Get discounts and freebies from partner establishments.
- Rewards: Earn points by joining events and by reading articles from the GoWell website, and get a fitness watch, mug, etc.
2. Guaranteed Limited Pay
Sun Fit and Well is a limited pay plan, which means you will not be required to pay after the payment period. So in this plan, you have more flexible and secured options of 10, 15, or 20 years.
READ: Sun Maxilink Prime | The Best-Selling VUL Plan of Sun Life
3. Life Insurance
Sun Fit and Well provides life insurance coverage equal to the face amount, less minor claims if there are any. It is something that your family can use to continue the dreams you have made together even when you are gone.
4. Comprehensive Critical Illness Benefit
It covers 114 kinds of critical illnesses, providing you with comprehensive health coverage. So, you can focus on your healing rather than thinking about where to get the money.
There are two kinds of critical illness claims to get from this plan.
Minor Critical Illness Benefit
If diagnosed with a minor critical illness, you will receive 20% of your face amount. You can claim this benefit for a maximum of 3 claims, but it should be from different critical illness categories. In addition, the 3rd claim is only 10% of the face amount.
Major Critical Illness Benefit
You will get 100% of the face amount if diagnosed or treated with any major critical illness.
5. Treatment and Rehabilitation Benefits
Sun Fit and Well provides hospitalization benefits to supplement the amount you will get from being critically ill.
Hospital Income Benefit: you will receive 0.125% of the Face Amount per day if hospitalized because of a critical illness. If confined in an ICU, this amount will double.
Post-Hospitalization Benefit: you will get a fixed amount of Php 5,000 after hospital discharge that you can use for a follow-up checkup.
Home Recovery Benefit: You will get 50% of your hospital income benefit after discharge. It is something to help you while recovering from a critical illness in your home.
6. Palliative Care
You may advance the 10% of your face amount if you get diagnosed with a critical illness with a life expectancy of 6 months or less. Hence, you may use this amount to manage the pain associated with your illness.
7. Specific Cancer Booster
If you get any specific cancer listed below, you will get an additional 50% on major critical illness claims, hospital income benefits, post-hospital benefits, home recovery benefits, and palliative care.
8. Guaranteed Cash Benefits
Sun Fit and Well also accumulates guaranteed cash value that you can lean on when there is a great need. Unlike VUL plans, it will not suffer from stock market crashes, just like what we are experiencing with the COVID-19 pandemic. You can loan from your policy with a lower interest than banks.
9. Earn Dividends
Sun Fit and Well is a whole-life participating plan. It means you are eligible to earn yearly dividends. It is a non-guaranteed benefit that you can get or leave in Sun Life to accumulate interest.
10. Endowment Benefit
At age 65, you will get an annual endowment benefit equal to 5% of the face amount for the next eight (8) years. Like dividends, you may also leave it with Sun Life to earn interest.
Sun Fit and Well Advantage 10 Proposal
The best way to understand this plan is by a sample proposal. So now, I’ll be showing you a quotation for Sun Fit and Well Advantage 10 that I created for myself.
Federico Suan, Jr. | 25 yrs old | Male | Non-smoker
Annual Premium: Php 52,860
Semi-Annual: Php 28,015.80
Quarterly: Php 14,536.50
The life insurance coverage is Php 1 Million for a Php52,860 annual premium. If you’ll notice, it becomes slightly expensive when you pay it semi-annually or quarterly. Fret not, it is customary in all traditional life insurance, and we call the added price the modal factor.
Thus, you can save more money if you pay it annually.
By how much?
You can save as much as 10% to 12% compared to paying it quarterly or monthly.
Health Insurance Benefits of Sun Fit and Well
So here is the Sun Fit and Well review of its health insurance benefits.
Major Critical Illness Benefit
I will get Php 1 Million if diagnosed with a major critical illness. I can use this amount for the treatment I need so I can recover faster.
It is also the amount my family will get if I die for whatever reason.
If I die early, it will give me peace of mind that my younger sister can continue her education and my grandmother can still buy her medication.
Total Disability Benefit (TDB)
Sun Life will waive my payment dues if I get disabled due to an accident within the paying period of 10 years. It means I don’t have to pay for the plan and still enjoy its benefits. Thus, it is another layer of protection.
Accidental Death Benefit (ADB)
If I die due to an accident, my beneficiaries will get an additional Php 1 Million on top of the life insurance coverage. Thus, my beneficiaries will get Php 2 Million.
Minor Critical Illness Benefit
I can get Php 200,000 once I become diagnosed with a minor critical illness. Also, I can claim up to 3 times, but the 3rd claim will only be Php100,000. Nonetheless, it’s still a huge help to me.
Specific Cancer Booster
I will get Php 500,000, on top of the major critical illness claim, if I get diagnosed with any of the 16 major cancer conditions. Aside from it, I will also receive an additional 50% on hospital income benefits, post-hospital benefits, home recovery benefits, and palliative care.
Hospital Income Benefit
I will receive Php 1,250 per day if I get confined due to a critical illness. I can claim up to 90 days of confinement per group of critical illness, up to 4 groups.
If confined in ICU, I will get a double amount of Php 2,500 per day.
READ: Top 10 Life Insurance Companies in the Philippines
Post Hospitalization Benefit
I will receive Php 5,000 following the hospital discharge. In this case, I can use this amount for a follow-up checkup. This is a one-time benefit per group of illnesses, a maximum of 4 groups.
Home Recovery Benefit
I will get Php 625 per day following the hospital discharge. It is computed based on the number of days confined in a hospital.
So, for example, if confined for 30 days then I will get Php 37,500 as my hospital income benefit, Php 5,000 as my post-hospitalization benefit, and PhpPhp18,750 as my home recovery benefit.
Palliative Care Benefit
I will get Php 100,000 if I become terminally ill with a life expectancy of 6 months or less. I can use this amount for my palliative care to provide me relief from pain and stress up to my passing.
Cash Savings of Sun Fit and Well
You might be thinking, what if I did not get ill? What are the benefits that I can enjoy from this plan?
So here are the benefits I can get even if I did not get a critical illness.
Special Paid-up Bonus
After ten (10) years, I will receive a paid-up bonus of Php 27,709 that I can get or leave with Sun Life to accumulate interest.
Guaranteed Savings and Dividends
When I turn 60, I will have Php 563,700 in Guaranteed Savings. My policy may also accumulate dividends of around Php 268,778 at age 65.
Endowment Benefit
I will also get a yearly Endowment benefit of Php 50,000 from age 65 until 72. It may not be a large sum, but who wouldn’t be happy to receive something during retirement?
I’m sure I’ll be happy when the time comes 🙂
Total Amount Paid vs. Benefits
You might be starting to like the plan already, but the crucial question is, “Is it worth it.” If we based it on the sample computations above, the total amount I would have to pay for a Php1 million health insurance coverage is Php528,600. At a glance, it is a large sum of money.
If you compare the two (2) figures, then it might look like an okay deal. However, it may not be good enough to convince you.
So, we have come up with something to help you paint a better picture; compare the total amount paid with the maximum benefits you can get.
Then it may look something like this.
Maximum Benefit (MB)= Face Amount + 50% from Cancer Booster + (0.125%/day for Hospital Income Benefit + Post Recovery Benefit + 0.0625% for Home Recovery Benefit) + Paid-up Bonus + Dividends per year + 5% of FA as Guaranteed Cash Benefit for 8 years
If we put the digits together, then this is how it looks.
MB = 1Million + 500k + 0.125%(1Million)(90 days)(4 groups)(2, if admitted in ICU)(1.5 from booster) + 5,000(1.5) + 0.0625%(90)(4)(2)(1.5) + (non-guaranteed benefits i.e. paid-up bonus and dividends) + 5%(1Million)(8)
MB = Php 3,932,500 + (paid-up bonus and dividends)
Is Sun Fit and Well worth it?
As they say, “Numbers do not lie.” It is a great deal if I have to pay Php 52,860 per year in 10 years for a Php 3.9 million benefit. Isn’t it?
So, get yours now!
Inquire NOW!
It’s not just about the plan—it’s about you. That’s why we’re offering a FREE financial planning session via Zoom or in-person to discuss this plan. We’ll address all your concerns, tailor the plan to your needs, and make sure the plan aligns with your goals. Best of all, it’s absolutely free and comes with no obligation. Inquire NOW!
Quick Summary
Sun Fit and Well is a participating whole-life plan that offers comprehensive life and health protection. It addresses the needs of Filipinos for medical treatment due to the leading causes of death like cancer, stroke, heart attack, etc.
Sun Fit and Well have 3 variants, and these are Sun Fit and Well, Sun Fit and Well Plus, and Sun Fit and Well Advantage.
You may pay it in 10, 15, or 20 years.
Sun Fit and Well covers a total of 114 critical illnesses. It includes 64 major critical illnesses, 34 minor critical illnesses, and 16 specific critical illnesses.
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Federico is an electronics engineer, financial blogger, insurance agent, and a certified investment solicitor. A multi-awarded financial advisor with clients ranging from lawyers, doctors, engineers, accountants, business owners, company directors, and OFWs to minimum wage earners had sought advice from him in achieving lifetime financial freedom.
