After weighing our options and preparing our payment, the hubby and I have recently gotten ourselves a term insurance from Sun Life Financial. It’s called Sun LifeAssure. As what’s standard, our annual premiums were based on our age. Mine was P5,160 while the hubby’s was a bit higher at P5,585. This is for a coverage of P500,000 with critical illness benefit. For add-ons, we got accidental death and total disability benefits.
Sun LifeAssure is renewed after five years. This means that the annual premiums to be paid for the five-year period (that we signed up for) are fixed. After that, should we decide to sign up again, our premiums will be higher as they will be based on our age again.
Basically, this insurance plan covers 36 critical conditions. If I get diagnosed with any of them, I automatically get the P500,000 full coverage amount for my medical care. If I suddenly die of natural causes, my primary beneficiary gets the same amount. If I die from an accident, the amount my primary beneficiary can claim doubles to P1,000,000. If I get totally disabled due to an accident, my premiums for the five-year period will be paid by the insurance company on my behalf. Whichever comes first.
We opted for a low coverage since we have no dependents yet. We believe this is the best option for us right now. We’ll just change it as the need presents itself. What’s important is that, from now on, we can sleep more peacefully knowing that we are covered if in case something bad happens to us.