Professional Documents
Culture Documents
IN TR ODUCTION
Learning Objectives
De nition of Terms
TR ADITION AL PR ODUCTS
Traditional Products
SUMMAR Y
Summary
SCEN AR IOS
Scenario 1
Scenario 2
Scenario 3
KN OWLEDGE CH ECK
Knowledge Check
Congratulations!
Learning Objectives
Definition of Terms
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
Traditional Products
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.
LEARN MORE
Lesson 4 of 12
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Term
LEARN MORE
Lesson 5 of 12
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
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you for your patience.)
Complete the content above before moving on.
To review...
Choose the insurance type(s) that have products that provide retirement and
education benefits.
Term
Whole Life
Endowment
SUBMIT
Next: Summary
Review the key takeaways of this module.
LET'S WRAP IT UP
Lesson 6 of 12
Summary
Traditional Plans
3. Implicit charges.
4. Participating & Non-Participating (DIVIDENDS are for Participating Plans only and are not guaranteed.)
Traditional Products
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.
Next: Scenarios
Let us test your knowledge with real-life examples.
LET'S GO!
Lesson 7 of 12
Scenario 1
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Scenario 2
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you for your patience.)
Scenario 3
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you for your patience.)
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
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
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.
Education Plan
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
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 11 of 12
Congratulations!
DOWNLOAD
Lesson 12 of 12
Traditional_Products.pdf
9.3 MB
Click the EXIT MODULE button to exit. You may proceed to the next module.
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