Traditional Products

Explore the solid insurance products Sun Life is known for.

IN TR ODUCTION

Learning Objectives

Sun Life’s Purpose

Money for Life and Quick Product Review

De nition of Terms

TR ADITION AL PR ODUCTS

Traditional Products

Traditional Product Types

Traditional Products Overview

SUMMAR Y
 Summary

SCEN AR IOS

Scenario 1

Scenario 2

Scenario 3

KN OWLEDGE CH ECK

Knowledge Check

ACH IEVEMEN T B ADGE

Congratulations!

DOWN LOADAB LE H AN DOUT

Downloadable Module Handout

Lesson 1 of 14

Learning Objectives

By the end of this module, you will be able to:

1. Characterize Sun Life's traditional life insurance

2. Differentiate between the three traditional
products: Term, Permanent, and Endowment
Lesson 2 of 14

Sun Life’s Purpose

Roland Cayubit

How do Sun Life's product solutions help Clients achieve their financial needs?

It begins with the Company Purpose:

Sun Life’s PURPOSE

is to help its Clients achieve
lifetime financial security
and live healthier lives.

Sun Life delivers this promise through its products & distribution channel -- the Sun Life Financial Advisors.

This Purpose Statement is connected to Money for Life (MFL).

MFL is the outcome that we aspire for all our clients --- that they will be financially prepared for the many events
that will happen throughout their lifetime.

Complete the content above before moving on.

Lesson 3 of 14

Money for Life and Quick Product Review

Roland Cayubit

Watch this short video to review MFL.

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patience.)

Complete the content above before moving on.

You may know a variety of insurance types such as life, health, non-life, and general. Life insurance has two designs:
Individual Life and Group Life.

Complete the content above before moving on.

Lesson 4 of 14

Definition of Terms

 You can access this later on by using the Table of Contents.

Life Insurance
–
A financial tool designed to protect individuals against financial hardship in the event of a loss

Insurer
–
The insurance company

Insured
–
The person whose life is covered under the insurance policy
Policy Owner/Applicant
–
The person who is buying or applying for life insurance

Beneficiary
–
The person who is designated to receive the insurance proceeds upon death of the insured

Face Amount
–
The amount stated in the policy as payable under a life insurance policy if the insured dies while the policy is in
force

Premium
–
Sum of money given by the insured as a consideration for the insured’s promise to indemnify or replace a loss
(w/modal factor)

Cash Values
–
The guaranteed amount received in case the plan is terminated prior to the death of the insured or maturity of the
policy, provided that premiums are paid as scheduled
Dividends
–
The return of excess premium paid annually, if any, to owner of a participating life insurance policy based on
insurer’s performance and experience over a given a period

Death Benefit
–
The amount payable upon death of the insured

Maturity Benefit
–
The amount payable if the insured outlives the protection period

Complete the content above before moving on.

Lesson 5 of 14

Traditional Products


 

Click the image to enlarge.

You may know a variety of insurance types such as life, health, non-life, and general. Life insurance has two designs:
Individual Life and Group Life. This module covers a family of life insurance products that falls under Individual
Life, known as Traditional Products. Traditional products are further grouped into three types: Term, Permanent
or Whole Life, and Endowment.
Click Traditional above to learn more.

Complete the content above before moving on.

Next: Types of Traditional Products

How do the three traditional product types differ?

LEARN MORE
Lesson 6 of 14

Traditional Product Types

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patience.)

Complete the content above before moving on.

To review...
Drag each feature onto the appropriate product type.

Term

"Temporary" protection No savings component

Permanent or Whole Life

Pays a percentage of the face 2 Kinds: Regular-Pay and

amount up to the age of 100 Limited-Pay
 Endowment

Pays a life bene t if insured

survives a de ned term

Complete the content above before moving on.

Next: Traditional Products Overview

See a sampling of traditional products and how they work.

LEARN MORE
Lesson 7 of 14

Traditional Products Overview

The flashcards below offer a bird's-eye view of Sun Life's traditional product offerings. Just pay attention to the
groupings under each type (Ordinary Term, FCI and Pregnancy Care, etc.) - the products themselves (SUN Senior
Care, Sun StartUp, etc.) and their details are not covered in this module.

ORDINARY TERM
SUN Safer Life (5YRCT)
CI TERM
Sun LifeAssure (5YRT)
FCI & PREGNANCY CARE
Sun Maiden (5YRT)
Sun Maiden Plus (5YRT)

ORDINARY (REGULAR-PAY)
WHOLE LIFE
SUN Smarter Life Classic Peso
Regular Pay
 SUN Smarter Life Elite Peso
Regular Pay
ORDINARY (LIMITED PAY)

ORDINARY ENDOWMENT
(W/ROP)
Sun StartUp
HOSPITAL INCOME (W/ROP)
Sun First Aid Plus
RETIREMENT/EDUCA-TION
Sun Acceler8
EDUCATION

Complete the content above before moving on.

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patience.)
 Complete the content above before moving on.

To review...

TERM INSURANCE WHOLE LIFE INSURANCE ENDOWMENT INSURANCE

Click the image to enlarge.

 TERM INSURANCE WHOLE LIFE INSURANCE ENDOWMENT INSURANCE

Click the image to enlarge.

 TERM INSURANCE WHOLE LIFE INSURANCE ENDOWMENT INSURANCE

Click the image to enlarge.

 Complete the content above before moving on.

Choose the insurance type(s) that have products that provide retirement and education
benefits.

Term

Whole Life

Endowment
 SUBMIT

Complete the content above before moving on.

Next: Summary
Review the key takeaways of this module.

LET'S WRAP IT UP
Lesson 8 of 14

Summary

Click each key concept to review.

 
 

Traditional Plans

1. Premiums, cash values and death benefit are pre-determined.

2. Policyholders do not have investment options.

3. Implicit charges.

4. Participating & Non-Participating (DIVIDENDS are for Participating Plans only and are not guaranteed.)
 

Traditional Products

Sun Life offers three types:

1. Term is the most basic kind of insurance which pays a death benefit if the insured dies within a set number of years or
"term."

2. Permanent or Whole Life pays a percentage of the face amount in case of death of the insured during the span of his
life or up to age 100.

3. Endowment pays a percentage of the face amount in case of death of the insured during the endowment period a Living
Benefit in case the policy owner survives.

Complete the content above before moving on.

Next: Scenarios
Let us test your knowledge with real-life examples.

LET'S GO!
Lesson 9 of 14

Scenario 1

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patience.)

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Lesson 10 of 14

Scenario 2

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patience.)

Complete the content above before moving on.

Lesson 11 of 14

Scenario 3

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patience.)

Complete the content above before moving on.

Next: Knowledge Check

Let's see how much you've learned.
LET'S REVIEW
Lesson 12 of 14

Knowledge Check
Question

01/05

The guaranteed amount received in case the plan is terminated prior to the death of the insured or
maturity of the policy, provided that premiums are paid as scheduled.

Fund Value

Special Paid-Up Bonus

Loyalty Bonus

Cash Value
Question

02/05

The return of excess premium paid annually, if any, to owner of a participating life insurance policy
based on insurer’s performance and experience over a given a period.

Cash Value

Accumulated Endowment Benefit

Dividends

Return of Premium
Question

03/05

This is a non-participating term plan that offers insurance protection for a certain period of time or a
specified “term” of years. In case of death of the insured during the specified period, death benefit
will be payable. This plan can be renewed to extend your insurance coverage or converted to
permanent policy.

Ordinary Term Insurance

Education Plan

Limited-Pay Whole Life

Variable Universal Life

Question

04/05

This is a participating whole life plan which provides insurance coverage up to age 100 with
premiums payable for life. It has savings component thru Guaranteed Cash Value, Accumulated
Dividends including Endowment Benefits.

Single-Pay VUL

Ordinary Regular-Pay Whole Life

Limited-Pay Whole Life

Pregnancy Care
Question

05/05

Sum of money given by the insured as a consideration for the insured’s promise to indemnify or
replace a loss (w/modal factor).

Endowment Benefit

Fund Value

Premium

Cash Value
Lesson 13 of 14

Congratulations!

You have completed Module 6.

You have earned a badge!

Next: Downloadable Handout
You may download the handout for your review.

DOWNLOAD
Lesson 14 of 14

Downloadable Module Handout

Click the PDF document to download the module handout.

Traditional_Products.pdf
9.3 MB

Click the EXIT MODULE button to exit. You may proceed to the next module.

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