It’s truly an unprecedented time, with the coronavirus pandemic continuing to ravage communities across the country. Even worse, it’s showing no signs of slowing down yet as more new cases are recorded everyday. And it’s seemingly becoming too much to handle for a lot of people.
We rarely dwell on the consequences of life’s uncertainties. The ongoing health crisis, however, has awakened many of us to the grim reality of our mortality. It magnifies the great risk that we all could leave our loved ones at any moment, be it by natural causes, an accident, or in this case an infectious virus. While you may feel helpless at the thought of such possibilities, there are actually steps you can take to prepare you and your family for what might be waiting around the corner.
That’s where life insurance and critical illness insurance coverage comes in. Life insurance financially protects people dependent on your income in case of your untimely passing. Critical illness insurance, meanwhile, gives you a lump sum amount, which you can use for treatment and other expenses, in the event that you get diagnosed with a life-threatening illness. These two lines of insurance have always been essential, but they’re urgently needed now, more than ever, with COVID-19 threatening our lives on a daily basis.
Just as an exercise, try to close your eyes and imagine what will happen to your wife, your son, your parents, or whoever it is that you’re supporting with your income in the unfortunate event that you die. Ask yourself: Will my loved ones be financially secure without me around? Yes, it’s not fun to think about such events, but accepting that they can happen at any time and doing something about it now is key to softening their impact in the future.
This is not to say that getting coverage should take top priority in the things you spend on. Money is tight for a lot of us these days, and understandably, you’ll want to spend on your immediate needs first before anything else. But, if you have more than enough to cover your bare necessities, life insurance and critical illness insurance are something you definitely should consider, especially if you’re the breadwinner of a family.
The good news is that life insurance doesn’t have to be expensive. However, if money is really a problem, you can purchase term insurance to start with. Term insurance lets you enjoy flexible protection for temporary needs, with the rate of premiums being determined by the payout amount and your health status. The general rule is that the younger and healthier you are, the more affordable premiums are.
Having critical illness insurance coverage, on the other hand, can ease the financial burden of being diagnosed with these or other deadly diseases and help you focus on what’s most important: your recovery.
Consider having these lines of insurance as investments of sorts that allow you to continue your responsibility of providing for your family even when you’re no longer around.
Here are some affordable options from Sun Life Financial that you might want to consider:
Term Life Insurance -
SUN Safer Life - 5 Year Renewable and Convertible Term lets you enjoy these benefits:
- MAXIMUM PROTECTION AT A MINIMAL COST
- Enjoy maximum life insurance coverage equal to 200% of the Face Amount, at a cost that is more affordable than most permanent life insurance products. Availing of supplements or riders may also provide additional protection in case of accidental death and disability.
- LONG TERM RENEWABILITY
- Your coverage automatically renews every 5 years without evidence of insurability up to age 74 with premiums adjusted based on the Insured's attained age upon renewal, unless otherwise terminated.
- HASSLE-FREE CONVERSION
- Opt to convert your coverage, in whole or in part, to any eligible life or endowment insurance product (including VUL) prior to the policy anniversary on or following the Insured's age 65. Any additional benefit contained in the original policy may be included in the new policy if premiums are payable for life. Upon conversion, you will enjoy the same protection from the new product while payment terms and other benefits may vary, based on the new product selected.
- FLEXIBLE PREMIUM PAYMENTS
- Pay your premiums in Annual, Semi-Annual, or Quarterly mode, whichever is most convenient to you.
Critical Illness Insurance -
SUN Fit and Well Advantage lets you enjoy these benefits:
- HEALTH AND WELLNESS BENEFITS
- Enjoy special access and privileges to various wellness activities that will help you stay fit and healthy.
- CRITICAL ILLNESS COVERAGE
- This offers critical illness benefit to shield you from financial burden caused by any of the 114 covered critical illness conditions and additional cash benefit upon first diagnosis of any covered specific cancer condition.
- HOSPITAL CONFINEMENT BENEFITS
- In addition to the Critical Illness Coverage, this provides additional benefits to cover expenses related to hospital confinement, home recovery and palliative care.
- GUARANTEED CASH BENEFITS
- As early as age 65, you may advance 5% of your policy's Face Amount for 8 consecutive years. This gives you a steady income stream that you can rely on during your golden years.
- LIFE INSURANCE PROTECTION
- Secure your loved ones' future with guaranteed life insurance protection equivalent to the policy's Face Amount less any previous amount paid for Minor Critical Illness Benefit and/or cash benefits. You may also enhance your benefits with the addition of riders or supplements which provide protection for contingencies such as accidental death and disability.
- SPECIAL BONUS AND DIVIDEND EARNINGS
- Be rewarded with a special bonus at the end of the premium paying period, and annual dividend earnings thereafter which you may opt to get in cash or leave with Sun Life to accumulate.
- LIMITED PAYMENT PERIOD
- Pay your premiums for 10, 15 or 20 years via Annual, Semi-Annual, or Quarterly mode, whichever is more convenient to you. Monthly payment through Auto-Debit or Auto-Charge may also be arranged after payment of the initial quarterly premium.
Note: Benefits indicated above are subject to the specific guidelines set by Sun Life and the actual provisions of the insurance policy contract.
Of course, these aren’t the only plans offered by Sun Life to secure you and your family’s future. You can shop around and find the best one that fits your budget and needs the most.
Remember, there’s no such thing as a “best time” to get covered with life insurance and critical illness insurance. We need them in just about every step in life, so having them early on is always a big help.
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