Sun Peso Provider – Guaranteed Insurance Plan with Endowment

Update – Sun Peso Provider is now replaced by Sun Smarter Life Elite and is no longer offered. 

In one of the many presentations I’ve done lately, one person asks. “Aside from Variable Unit Linked (VUL) Insurance (referring to Sun Maxilink Prime), what limited, guaranteed pay insurance of Sun Life can you recommend? I want the ones that give endowment benefit and dividends. I’m sure Sun Life also have that, he added.

I paused for a second to think since almost all of my personal insurance policies are VUL (except one – Sun Life Assure). And then it hit me. I’ve actually recommended one to my friend Nelson before – Sun Peso Provider 10/ Sun Peso Provider 5. He too, also wanted something that is guaranteed, limited pay, with endownment benefit and have dividends.

Guaranteed vs. Variable

When we say guaranteed plan, these are actually traditional insurance policies that have fixed cash value no matter if the economy is good or bad. Unlike VUL plans where the fund value greatly benefits when the economy is good. And is affected when the economy is bad. And since it is guaranteed, one can only expect that it is a little expensive and the returns are not that high. Death benefit for both traditional and vul plans are guaranteed. Don’t be confused though. With traditional, cash values and death benefit are both guaranteed. With VUL plans, only the death benefit is guaranted. Fund values are not.

What’s endowment benefit?

When we say endowment benefit, there is an amount guaranteed to be paid out over a certain period of time. For example, starting on the 5th year of the plan and every 2 years thereafter, the policy owner is entitled to receive 6% of the face amount.

Or in layman’s term, say I get a 5 years to pay policy with a face amount of P1,000,000. On the 5th year of my payment, I will receive 6% of P1,000,000, which is P60,000.00. And it doesn’t end there. Every 2 years while I’m still living, I’m entitled to receive P60,000.00. Imagine if I get it at age 30 and I live up to age 80. The total amount that I’ll receive is around P1,440,000 in endowment alone. Not bad, isn’t it.

What about Dividends?

Dividends unlike endowment benefit are not guaranteed. More often, these are given yearly ranging from 4.00% to 5.25%. It used to be higher though.

Do they also have Fund Value like in VUL Plans?

Traditional or guaranteed insurance plans have Cash Value instead of Fund value. Guaranteed plans starts to have cash value at end of year 1. Unlike in VUL plans that you can partially withdraw the fund value, cash value in traditional plans are loaned. And when we say loan, you will be asked to pay later with interest.


Sun Peso Provider
Sun Peso Provider with Piolo Pascual


Sun Peso Provider

So much for that. Let’s discuss the details of Sun Peso Provider and why is it a good insurance and investment at the same time.

By definition and straight from Sun Life Financials’ website

Sun PesoProvider is a participating whole life insurance plan that provides lifetime insurance protection equal to 200% of the face amount and a guaranteed anticipated endowment benefit and with limited premium paying periods of 5 and 10 years.

Sun PesoProvider5 ( 5 year pay)

Sun PesoProvider10 (10 year pay)

This is a participating whole life insurance plan that provides lifetime insurance protection equal to 200% of the face amount and a guaranteed anticipated endowment benefit of 6% of the face amount starting at the end of the 4th year and every 2 years thereafter for life. The plan also provides cash value, which you can borrow for future needs. It also generates policy dividends* which can be withdrawn in cash, left to accumulate, used to increase coverage or used to reduce premium payments. Special premium rates are available for non-smokers^. Product is offered at a minimum face amount of P 200,000.

* Availability of dividends are dependent on the scale of dividends and rates of dividend accumulations which are likely to change during the policy’s lifetime.
^ A person who has not smoked a single stick within the last 12 months is considered a ‘non-smoker’.


Sun Peso Provider Rates

Example computation:

Male, Age 30, Non Smoker
Face Amount (FA) P200,000.00
Death Benefit P400,000.00 (times 2 the face amount)
Endowment Benefit (6% of FA) P12,000 (starting on the 5th year and every 2 years as long as the insured is alive )
Projected Accumulated Dividends(not guaranteed) P493,328.00 (5.25%)P199,930.00 (4.00%)
Guaranteed Cash Value at age 65 P327,786.00
Total Living Benefit at age 65(Cash value + endowment + dividends) P1,306,559 (5.25%)P911,301 (4%)
Your Payment (10 years) P40,886.00 annual or P3,405.50 per month

Another Example for 1M death benefit

Male, Age 30, Non Smoker
Face Amount (FA) P500,000.00
Death Benefit P1,000,000.00 (times 2 the face amount)
Endowment Benefit (6% of FA) P30,000 (starting on the 5th year and every 2 years as long as the insured is alive )
Projected Accumulated Dividends(not guaranteed) P1,233,321.00 (5.25%)P499,826.00 (4.00%)
Guaranteed Cash Value at age 65 P819,465.00
Total Living Benefit at age 65(Cash value + endowment + dividends) P2,052,786 (5.25%)P1,319,291(4%)
Your Payment (10 years) P101,615.00 annual or P8,468.00 per month

Advantage over VUL

And do you know what’s good about this Sun Life product? Aside from the fact that everything is guaranteed (except for dividends, of course). Traditional products like Sun Peso Provider, you may actually pay using your credit card. That way, you can also get to enjoy the freebies that your credit card gives you.

But then again, always be diligent in paying your credit card on time in full. Coz if not, you’re not doing a good job in investing thru credit and loans.


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Garry Zaldy de Castro is an advocate, Financial Advisor, Certified Investment Solicitor (Mutual Fund Representative), blogger, IT practitioner, husband to Aileen and a dad to Jacob and JohnD. He started Financial Planning Philippines in 2008 just to share his financial learning to friends, relatives and anyone who wishes to be financially independent.


  1. Hello!

    I got the sunpeso provider 10 , non-smoking/female, on march 2010 at the age of 26.
    But I am paying 104165.01 annual payment. I was advised the younger you are the cheaper the premium payable. But as i based on your computation for the same face amount of 500k and non smoking/male at age 30 , it is only 101165.00? Could i have been overcharged?

    Would appreciate your reply to
    Thank you:)

    1. Hi Ellah, perhaps you have other riders (additional benefits) that’s why it’s a little higher. I don’t think that any financial advisor can overcharge you since it is computer generated (proposal system) and cannot be altered.

      Hope this gave you a peace of mind. 😀

      1. Super! So kind of you. Thank you for the very quick reply :))

        Do you have any advice on VUL? The agent offered me Sun flexilink85 and until now i have not fully pictured how it works. Does this have specific number of years to pay (5/10) or lifetime?
        The Guaranteed/ Participating Policy system is way faster to understand. Do you have also sample computations for non-participating, variable insurance policy for 500k Face amount with/without riders?

        Thank you 😀

        1. Hi Ellah, instead of SunFlexilink85, try asking for a Sun Maxilink Prime proposal. I’m not sure if you read this post – it’s actually the details of sun maxilink prime.

          If you’re asking why Sun Maxilink Prime instead of Sun Flexilink – here’s the answer – youngsters like us, I’d say we’ll benefit more on VUL rather than limited pay, guaranteed plan since we have a lot of time ahead of us. It’s just that the risk is on us since it is mark to market, that’s why the so called ‘variable’.In case you need help, let me know. I might be able to personally help you getting Sun Maxilink Prime.

          1. Went over the link…sounds really interesting. Not sure though if that’s the best plan for single status working abroad but i do really appreciate your very helpful explanations and recommendations. Will definitely let you know if I make up my mind
            Thanks much once again Mr. de Castro :)))

        1. It’s actually different from Maxilink Prime as this one is guaranteed with endowment. No matter if the economy is up or down, you’ll receive your endowment benefit + the cash value is fixed.

          1. Nope it’s not. But you can get a loan depending on the current cash value of your plan.

            Just an update : Sun Peso Provider has been replaced by Sun Smarter Life – watch out for my post on that.

          2. Usually may 30 day grace period. If more than that, may Automatic Premium Loan where the payment is taken from the cash value – un may interest when you pay.

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