Looking for a Group Life Insurance for your Employees?
Enroll your employees in a Group Life Insurance package. As long as he/she is employed under your company, Sun Life Philippines shall pay the amount of insurance to the Employee, in the event of his death, to his designated beneficiary.
Group Yearly Renewable Term Plan
Sun Life Philippines shall pay the amount of insurance of an Employee, in the event of his death, to his designated beneficiary or beneficiaries indicated to Sun Life Philippines in writing.
If an Employee dies by suicide less than one year after the Effective Date or date of reinstatement of his insurance, the pertinent provisions of the Insurance Code shall apply. Where no death benefit is payable, Sun Life Philippines shall refund all premiums paid from the Effective Date or date of reinstatement of his insurance to date of death.
Each Employee shall have the privilege to convert his group insurance into an ordinary life insurance policy without Evidence of Insurability.
Free Coverage During Conversion Period
Whether or not the Employee actually applied for conversion and pays the first premium, the amount of insurance he is entitled to convert shall remain in force during the 31 day conversion period.
Note: Text content and information is taken from Sun Life Financial’s Website (http://www.sunlife.com.ph)
In Choosing Beneficiaries
Note: You may assign an employee’s immediate family member or relative as a beneficiary if you intent to use this plan as an incentive package for your company. If you intent to use this plan for the company’s risk-management purposes, you may assign the company or another key person in the corporation to be the listed beneficiary.