Do I need to circle back with the Client in 90 days to restart premium payments? What is a premium deferral exception? Unfortunately, for a number of these Clients, their policy has already lapsed and we can’t offer them a deferral unless they pay the outstanding premiums. Language selection is English. Client Care Centre: 1-877-SUN-LIFE (1-877-786-5433). This is the period of time that the Policy Owner is still allowed to pay and keep the policy in-force when payment is missed on the premium due date. His monthly pre-authorized payment date is April 15. There are some policies with contractual premium changes on a policy anniversary. At day 90 of the 90-day premium deferral program, the Client can choose to re-activate their Plus premium and pay all of the Plus premium amounts due. 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 Submit If the Client doesn’t want to pay interest on the deferred amount, we suggest they use the 12-month repayment option. Personal Health is not being included at this time. The Client was paying annually and then switched to monthly for the 90-day deferral. We are working on options to assist Clients with repayment of premiums and will communicate those to you in the coming weeks. What products are included in this exception process? Sign-in help Register now. Waive late payment fees otherwise due, including any interest permitted pursuant to N.J.S.A.17B:25-3, and not report late payments to credit rating agencies, during the 90-day period; Allow premiums due but not paid during the 90-day period to be paid over the course of Will I still get paid commission during the deferral period? Before sending the payment you must name the customer service number 800-786-5433 for reconfirmation. Yes, it will. Spreading the deferred amount over 12 months is the default option and we’ll apply this for all Clients in the deferral program. With Universal Life policies, the Client may be making payments into the policy that are higher than the cost of insurance (COI) associated with the policy. The Insurance Company has come up with an idea of Birla Sun Life Online Payment. To set up a Direct Credit payment facility, please contact Sun Life Pension Service Hotline at 3183 1888. What happens at the end of the 90-day payment deferral? We understand some Clients will be looking for alternatives. Additional Arizona vaccine resources For info on covid testing at Sun Life visit our COVID FAQ’s for locations & answers to common questions. You won’t be paid on the deferral repayment amount if you were already paid for these amounts while the policy was on deferral. Remember me. 3 Ways to Pay Sun Life VUL Plan thru Credit Card. Can I submit a request on behalf of my client? Aside from the above, you can also pay your Sun Life premiums at SM Bills Payment Center, Bayad Center or Smart Money. Leaving the Client’s payment as monthly and spreading the repayments over 12 months is the default repayment option. This program is available for Clients that want to convert or replace their term policy and need a little more time to do this. True to its commitment to be the Filipinos’ lifetime partner, Sun Life has extended the grace period for late premium payments to 91 … If you can't find what you are looking for, contact us so that we can help you get in touch with the right person. This exception is available to Clients (including business owners) experiencing financial hardship because of the COVID 19 pandemic due to: After you have talked to the Client, if a term renewal extension is needed and the Client meets the eligibility criteria above, please call the call center. Yes, if the Client hasn’t repaid the premiums due or arranged to repay the premiums due, the policy will lapse. We hope many Clients won’t have do this, which is why we are spreading the payments over 12 months. Will I get commissions paid on the repayment amount that’s spread over 12 months? With this fast-paced life, people often forget to pay their SBI Life Insurance premium on time. to improve your experience. The 90-day payment deferral program only applies to policies that were in force as of March 15, 2020. newMy Client was approved to have their policy reinstated but now can’t afford the back premiums. Can they have a term renewal extension? We designed this repayment option to meet most Clients’ needs. We want to ensure Clients understand the 90-day premium deferral and what it will mean in the future. If the Client’s policy is going to renew between March 15 and May 31, 2020, and they have qualified for a premium deferral, they can also have a renewal extension. For the best mobile experience . We’ll continue to pay claims for in force policies as long as there hasn’t been misrepresentation in the application or in the evidence of insurability. Why doesn't Sun Life pay the employer's portion of FICA taxes on STD benefits? ©2014 SBI Life Insurance Company Limited. It is now available for a regular peso-denominated VUL plan up to Php 100,000 per modal transaction. Did you know that the late President Manuel Luis Quezon, our president during the time of WW2, was a Sun Life policy holder? This facility is applicable for traditional Peso and Dollar policies. Yes it is. For example, if the Client defers $500/month over the next three months for their 20-pay plan and they’re in the 5th year of the policy, will the $1,500 due be spread over the next 15 years? Now make your initial payment online by using your bank account or Credit card. With no proof of evidence or any certification to support the death claim of her late husband, Doña Aurora Quezon was still able to receive the insurance proceeds. There’s nothing you or the Client need to do to set this up. At the new renewal date the Client’s premium will automatically increase to the new premium. Unfortunately, we weren’t able to stop the reinstatement notices we send you once a Client has elected to defer their payments for 90 days. 3 Ways to Pay Sun Life VUL Plan thru Credit Card. To be eligible for Waiver of Premium, you must be totally disabled before you retire or reach the maximum age. When You Miss Life Insurance Monthly Payment. The only restriction is that annual premiums will be changed to monthly during the 90-day deferral. newIs Sun Life going to offer premium credits for PHI, due to some services being unavailable right now due to COVID-19? We’ll handle this as an exception. Unfortunately, we can’t waive Automatic Premium Loan interest associated with deferred payment amounts. The Client isn’t returning to work and can’t afford to pay for their policy, or the deferred amount. Bhd., a fully owned Khazanah Nasional Berhad investment holding company, specialising in Insurance and Takaful, incorporated in January 2013. The only difference is that if there is fund value in the policy, the COI will continue to be deducted from the fund value. If the Client does not repay the premiums or arrange to repay the premiums, the policy will lapse and there would be no death benefit payable. A lapse means a life insurance policy is no longer an active contract due to missed premium payments. No. Can they stay on monthly and have the repayment spread over 12 months? (Edited Press Release) Sun Life of Canada (Philippines), Inc. and Sun Life Financial Plans, Inc. (Sun Life) are extending the grace period for premium payments, amid the ongoing enhanced community quarantine brought about by the Covid-19 outbreak.. Why aren’t all policies eligible for the 12-month repayment amount? First, Mary is offered the option to switch her premiums from annual to monthly. Those paying annually If the Client is making their payment annually, and their payment date is within 30 days of the call, we will first ask them if a change to a monthly payment option, by itself, will help with their financial hardship. Unfortunately, for a number of these Clients, their policy has already lapsed and we can’t offer them a deferral unless … If you have one of those products, you'll need to call our partner directly who will be happy to help you. If this works for the Client, the Client Care Representative will transfer them to the Resolution Care Manager. One of the main reasons for offering this exception process is to help Clients keep their valuable life and health benefit intact. Instead, the client will receive a letter letting them know that their policy premiums are being deferred for 90 days and that if we don’t receive repayment (or they haven’t made arrangements for payment) at the end of the 90 day deferral their policy may lapse. ... Register by giving a missed call on 7676690033 or SMS OPTIN on 567679 from your registered mobile number Step 2. The reason we set this up as the default is to make it easier for Clients to repay their deferred payment amount. If the back premiums haven’t been paid, then their policy remains in a lapsed position. Take action and talk to a Sun Life advisor now whom you can trust. Want to retire but haven’t paid off your mortgage? On top of this, Sun Life encourages all its clients to review their policies to see if they are entitled to benefits relating to Covid-19. We are seeing requests for Clients who have already missed payments (before March) and are requesting the 90-day payment deferral. We hope allowing Clients to repay their deferred payment amount over 12 months (rather than all at once) will make it easier and more affordable for them to keep their valuable insurance coverage during this unprecedented time. All individual life and health products, with the exception of Personal Health Insurance are eligible for this exception, provided they were in force as of March 15, 2020. COVID-19 Vaccine & Testing We are unable to offer a waitlist as vaccine allotment changes, based on the limited availability. We wanted to make it easier and more affordable for Clients to keep their valuable insurance coverage during this unprecedented time. newDoes the policy have to be in good standing for the client to be eligible for the 90-day premium deferral? In this case, the Client will not be asked to repay anything at the end of the 90 days if the current fund value is sufficient to keep the policy in force. This facility is applicable for traditional Peso and Dollar policies. In this case, we suggest you work with the Client on a proposed solution and then call the COVID-19 repayment team at 1-888-999-2068 with a proposed alternative arrangement. For Universal Life, if the COI is deducted from the fund value, the deferred payments will not be deducted from the death benefit. Fill out their bills payment slip and indicate Sun Life of Canada (Philippines), Inc. As biller company or payee and don’t forget to write the policy number and policyholder name. You can now pay your Sun Life account via BDO Online! But there’s actually no need to worry about missing due date because Sun Life sends payment notice before the said date to the email address and mobile phone you have provided. Please also provide a voided, blank . (navigate into the submenu with the down arrow key, activate a link with the enter key or space bar, close the submenu with the escape key). – Company Name is Sun Life of Canada (SUNLIF) – Reference Number is your Policy Number. Any payment due under the premium deferral exception process will be deducted from any benefit paid during that time or until such time as the premiums are repaid. The Client will be asked to repay the deferred COI at that the end of the 90 day period . Pay premium payment online at Aditya Birla Sun Life Insurance by using pay online facility which is secure, fast and convenient. Make the check payable to Sun Life Financial and include the policy number on the check. Sun Life Malaysia (Sun Life Malaysia Assurance Berhad and Sun Life Malaysia Takaful Berhad) is a joint venture by Sun Life Financial and Avicennia Capital Sdn. Yes. Can the Client use the cash value of their policy to repay the amount they owe? Q. What should I do? This includes the following policies: You’ll receive commissions on the repayment amounts as they are paid for term policies. When a call is made to the CCC, you or the Client, will be asked the following: “Can you confirm which of the following reasons, if any, apply: If the reply indicated their financial hardship is due to one of the above reasons, they will be offered a premium deferral exception for 90 days. While I always pay my bills on time, there are circumstances beyond our control (just like what happened to BPI recently). Call costs may vary. 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