Single Premium VUL

[Kaye0323]

Hello all,

I have been planning/wanting to place Single Premium VUL but weighing options. For insurance companies like Sunlife, Manulife, Prulife, Philam, AXA, and Insular -

1) What is the product/plan called for their Single Premium VUL and how much is the minimum investment?
2) How much is the minimum top-up for Single Premium VUL? How much is the top-up charge? And can you do top-ups monthly via Automated Debit Agreement from a bank account (particularly BPI)? If not, ano ang pinaka-convenient na paraan?
3) From the 10th policy year onwards, how many are the free withdrawals and if beyond the free withdrawals, ilang % ang charge?
4) For someone who has more than 1 child and planning to invest on their college education via Single Premium VUL, do you recommend getting a plan for each child, or just getting a single plan and do regular withdrawals when the first child goes to college? What are the pros and cons of the two options? First child goes to college in 10 years.
5) Is there a way to monitor your investment online?

Thank you so much in advance for sharing your knowledge. I have been making my research kaya lang hindi sufficient ang information sa internet and company websites.

[m_lim]

^Hi sis, can you share bakit single premium VUL ang napili mo for "college fund"? ano nakita mong advantage neto compared sa direct Mutual Fund?

thank you.

[Kaye0323]

Hi sis, ito ang nagustuhan ko para kung sakaling may mangyari sa akin before makapag-college yung anak ko, mas madali or hassle-free makukuha ng beneficiaries ko yung fund value dahil insurance product siya. And kung irrevocable pa yung beneficiary, hindi na ako (or rather, sila) magbabayad ng estate taxes.

[onlytechgirl]

^hi sis, I'm a financial consultant from PruLife UK and here is my answer to your queries,

1) What is the product/plan called for their Single Premium VUL and how much is the minimum investment?
–Prulink Investor Account Plus (PIA plus) minimum of 100k, or Pru Millionaire minimum of 1m

2) How much is the minimum top-up for Single Premium VUL? How much is the top-up charge? And can you do top-ups monthly via Automated Debit Agreement from a bank account (particularly BPI)? If not, ano ang pinaka-convenient na paraan?
-for PIA plus, 20k minimum top up and 3% top up charge, balikan kita regarding ADA or PM kita sis

3) From the 10th policy year onwards, how many are the free withdrawals and if beyond the free withdrawals, ilang % ang charge?
-withdrawal charge during the first 5 year lang
1st year – 5%, 2ndyear – 4%, 3rdyear- 3%, 4thyr – 2%, 5thyr – 1%, year 6 and up – 0%
but if nag top up, ex for the 3rd yr ng 50k, and the same year, there will be withdrawal charge of 5% again (start) for the top up amount only. 

4) For someone who has more than 1 child and planning to invest on their college education via Single Premium VUL, do you recommend getting a plan for each child, or just getting a single plan and do regular withdrawals when the first child goes to college? What are the pros and cons of the two options? First child goes to college in 10 years.
-if you do it separately, baka madouble lang yun mga charges(initial charge, policy fee and insurance charge).
-if pag isahin mo naman, then you plan to withdraw after 10 years for your first child then do top ups, or withdraw again for the next child, yun mga withdrawal top up charges naman pero maliit lang.

5) Is there a way to monitor your investment online?
-yes, thru PruAccess online

[perasense]

For Sun Life:

1) What is the product/plan called for their Single Premium VUL and how much is the minimum investment?
- Sun Life FlexiLink1 (minimum 200k investment)
- Sun Life MaxiLink One (minimum 500k investment)

2) How much is the minimum top-up for Single Premium VUL? How much is the top-up charge? And can you do top-ups monthly via Automated Debit Agreement from a bank account (particularly BPI)? If not, ano ang pinaka-convenient na paraan?
-for Flexilink1 minimum 1,000 top up; for MaxiLink One no top-ups allowed.
- Sorry, no ADA for single-pay plans. ADA is available for regular pay plans through BDO and BPI.

3) From the 10th policy year onwards, how many are the free withdrawals and if beyond the free withdrawals, ilang % ang charge?
-you can withdraw from the fund (partial withdrawal) anytime whether 5 or 10 years. Minimum withdrawal is 5,000 pesos.
- Free withdrawal once a year, 1% of withdrawn amount fee for succeeding withdrawals within the year
- No charges for full withdrawal (meaning cancellation of policy) after the 5th year

4) For someone who has more than 1 child and planning to invest on their college education via Single Premium VUL, do you recommend getting a plan for each child, or just getting a single plan and do regular withdrawals when the first child goes to college? What are the pros and cons of the two options? First child goes to college in 10 years.
-personally, I would suggest building separate funds for each child. That way, each child is insured in case something happens to them (hopefully). Additionally, each of them has their own funds and any amount in the fund not used for their college education, they can use to as start up funds for their lives after college (business, grad school, wedding, etc)

5) Is there a way to monitor your investment online?
-Yes, through the SunLink Online Portal

[Kaye0323]

Thanks for the replies! How about for Manulife, Philam, Insular, AXA? Any agents here who can share?

Meron kayang insurance company that allows ADA as top-up for single pay plans?

[london]

so i consulted a sunlife agent and got quotes for maxilink one and flexilink1 (both single pay vuls).

i noticed that for maxilink one, in case something happens for the first 2 years (except accident), your beneficiaries are only gonna get the fund value plus insurance charges, s if lugi the first 2 years, lugi ka haha

for flexilink1, on day one, naka enforce na agad yung 25% insurance so you'll get face amount plus 25% insurance.

pero of course, in terms of appreciation, mas lalaki ang fund sa maxilink one.

dahil ang purpose ng pagkuha namin ng SPVUL ay for estate, we'll get flexilink1. insured are already 66 and 69 years old.

[perasense]

@london

The reason why some people prefer Maxilink One is because it is a GIO product, while Flexilink1 is a Standard Insurance product. What's the difference?

GIO means guaranteed insurability option. Meaning regardless kung nagkasakit ka before (kahit cancer pa yan or heart attack) Sun Life will accept the application without requiring  medical exam. That is why meron din syang 2-year limited insurance (accidents only) like the one you described.

Ang Flexilink1 is standard insurance, meaning if the underwriters see something that they feel they need medical tests for (based on age, medical history, amount of insurance, etc), they can require you to undergo medical exam before approving your application.

[mameejhy]

I got a single pay vul (Sunlife Flexilink1 nun 100k pa lang minimum nya) intended for my 10yr old kid's college education.

[m_lim]

bukod sa withdrawal charges for the first 5 years, may insurance charges rin ba ito?

ano pang ibang fees?

[perasense]

@m_lim

there's very minimal fees for single pay. the insurance charge is charged on the initial investment only, and the other fees are just administrative charges.

to give you an example, for sunlife flexilink1, if you invest the minimum required amount of 200k (no riders), the charges will be as follows:

Php 10,100 on initial investment (yr1)
PhP 69 for yr 2
PhP 59 for yr 3
PhP 48 for yr 4
PhP 36 for yr 5
PhP 24 for yr 6
PhP 11 for yr 7

No more charges after this year.

For top-ups, standard charge is 5% of the top-up amount.

[m_lim]

so.. yung Term insurance for my 54yr old mother ay may chance daw ma reject.

good option ba ang SPVUL?

im looking at FlexiLink1 kasi x4 daw ng initial premium ang pwede for Critical Illness.

[onlytechgirl]

^tip lang mga sis, yun single premium is better for investment purposes. if you put riders on it, baka kainin lang ng insurance charges yun for investment sana niyo. and of course this is medium to long term investment for you see and appreciate the return. if you plan to invest, look and compare for the fund performance and price per unit. usually you can see it sa website nila. see sample below; in equity fund
Comparative rates as of Nov 16, 2015

                                                                             5 year return (%)                        Price/unit
Axa Wealth Equity Fund                                              10.70%                                    38.57550
Manulife Affluence / Affluence Builder Peso Equity Fund 10.75%                                    2.24300
Philam Peso Equity Fund                                              5.99%                                     3.31670
Sun Flexilink Equity Fund                                             8.66%                                     3.93030
Prulink Equity Fund                                                     11.29%                                    2.09433

hope it helps future investors..

[fionaapple]

also looking for a good SPVUL for my mother...and my husband.

[bzbee]

considering maxilink1 and flexilink1 for my child's college fund. hope to save enough funds so i can get maxilink1 instead because it seems to have more returns and less charges. and since the purpose is for college fund, we have no plans of withdrawing any amount in the next 18 years. we also don't need medical riders since we have a separate insurance naman for that. not planning on top ups na for this, we'll invest na lang on something else kaysa naman lahat mapunta lang dito.

hope to get some feedback kung tama ba ang intindi ko on this type of insurance.
also want to look at other insurance companies din.

[maydenmb05]

considering maxilink1 and flexilink1 for my child's college fund. hope to save enough funds so i can get maxilink1 instead because it seems to have more returns and less charges. and since the purpose is for college fund, we have no plans of withdrawing any amount in the next 18 years. we also don't need medical riders since we have a separate insurance naman for that. not planning on top ups na for this, we'll invest na lang on something else kaysa naman lahat mapunta lang dito.

hope to get some feedback kung tama ba ang intindi ko on this type of insurance.
also want to look at other insurance companies din.

Yes po, tama po understanding mo. Maxilink1 also does not allow top ups. Siguro by now you already have it?