MANILA, Philippines - Retirement is a concern for many Filipinos. Based on SOLAR, a Study of Lifestyles, Attitudes and Relationships undertaken by Sun Life Financial, 48 percent of Filipinos intend to work well beyond their retirement years to earn a living. For others, retirement means acquiring the bulk of their life’s work pay and additional funds converted from one’s efforts during employment in the hope this will be enough to last them for the remainder of their lifetime. Most depend on their children and relatives to support them through their retirement.
Sadly, due to lack of planning, many Filipinos realize too late that they have not saved enough to spend in their twilight years. As a result, children of retirees end up having to shoulder some of the expenses of their parents, prohibiting them to start saving for their own retirement funds. And so the vicious cycle continues.
Sun Life Financial invites everyone to brave the path of financial preparation and retirement planning with the launching of its latest product, Sun MaxiLink Prime.
A Variable Universal Life (VUL) product, Sun MaxiLink Prime provides maximized life insurance protection of 200% of the Face Amount plus the fund value of the policy. It also provides an investment component that accumulates over time that can be used as a retirement fund.
“An interesting feature of this product is it gives the policyholder a choice to invest a portion of his premiums in five potentially high-yielding funds to grow his wealth and fund future needs such as retirement, says Gregory S. Martin, SLFP Chief Strategic Marketing Officer. “These fund choices would include the Bond, Equity, Balanced, Money Market Fund and MyFuture Funds. Essentially, the policy’s fund value, which includes premiums and investment earnings, can be their retirement fund when the time comes.”
Martin pointed out that through Sun MaxiLink Prime’s lower premium and periodic charges , more money gets invested into the investment funds unlike similar products in the market. A larger amount of invested premiums means faster acceleration of the policy’s fund value, thus a greater opportunity for one’s funds to grow. “Policyholders would now have the chance to prepare for retirement for a shorter period of time or at least ten years*,” Martin enthused.
Easy premium payment facilities have been put in place to enable one to save regularly for retirement through this new product. Sun MaxiLink Prime provides clients the ease and convenience of paying premiums through the monthly auto-debit premium payment arrangement. Furthermore, Sun MaxiLink Prime gives policyholders the assurance that their policies will remain in force during the first year through the extended grace period feature.
“With all these features in place, retirement is possible without having to put the burden on anyone else. Filipinos can now have the chance to prepare and look forward to the promise of a comfortable retirement with Sun MaxiLink Prime. ” Martin concluded.