Frequently Asked Questions on VUL Payments SchedulePosted by Garry De Castro on January 6, 2014 Blog | Tags: sun life payment | 263 comments
For more detailed answers regarding Sun Life Payment / Premium Options, please check my other page found in here – http://www.garrydecastro.com/frequently-asked-questions-on-sunlife-payments-vul-plans/
- Mode of payment is quarterly, can I change to Annual? or vise versa?
Answer – Yes, you may change mode of payment anytime as long as it’s advanced. That way, you won’t be lagging in your payment schedule. However, say your initial mode is quarterly and you paid in Annual, you will still receive the quarterly billing since it’s computer generated. In case you don’t want to receive the quarterly billing, we need to change that in paper, there’s a form we need to submit. Or you may simply ignore the quarterly billing.
- Can I pay on a Monthly basis? I started annual but I want to change to monthly. What to do?
Answer – You can pay monthly as long as it is advanced. Ideally, to do monthly payments, initial payment is either quarterly, semi annual or annual. So you pay the first 3 months, then you immediately pay the monthly the next month. That way, when the next billing comes, you already completed the 3 months in advanced. Same goes with Semi Annual and annual. It has to be advanced.
- Can I pay in Advance? I want my Sun Maxilink Prime policy to be paid in just 5 years.
Answer – Yes, pwede. For example, your plan is P30k a year for 10 years. Instead of paying 30k a year, you may do P60k a year for 5 years. As long as you fulfill the total payment of 300k in 10 years or less, that’s ok.
- Can I pay a little more than my billing? My quarterly billing is P7,156.75, I always get irritated with the ‘butal’.
Answer – Yes, you can pay any amount to be exact. In the example, instead of P7,156.75, you can actually pay P7,200 or P7,500. Any excess payments that you make will be added to the fund value, so it will not go to waste.
- Can I pay my Sun Maxilink Prime using credit card? Sayang kasi ang points.
Answer – Sad to say, credit card payments are not allowed for VUL type plans. Idea is that, credits should not be used for investments. But for traditional plans like Sun Life Assure / Sun Safer Life / Sun Smarter Life, credit card payments are allowed.
- I haven’t paid for like 12months to 1 year. Can I still make deposits to my policy? Can I still make up for skipped payments?
Answer – The good thing with VUL plans is that, it doesn’t automatically lapse or terminate. If you haven’t received any notification that your policy lapsed, most likely, it is not. If it’s not yet lapsed, yes, you may continue your deposits. You can also make up for skipped payments. If unsure on how much you should pay, let me know so that we can take a look at your policy.
- How do I pay using online banking?
Answer -If you’re online banking is BPIexpressonline.com, do the followingEnroll First
– Login to your bpiexpressonline.com account
on the Menu, go to Payments and Reloading -> Bills Payment -> Enroll All Other Bills
– Company Name is Sun Life of Canada (SUNLIF)
– Reference Number is your Policy Number
– Click SubmitMake Payments
– go to Payments and Reloading -> Bills Payment -> Pay Bills Today
Pay (choose from Drop Down – SLF…)
Check this page for screenshots – How to Pay Sun Life? – click here