Sun Life PH urges Filipinos to embrace estate planning


SUN Life Financial Philippines urged Filipinos to embrace estate planning in passing on their properties to their heirs in order to avoid problems about high estate taxes.

“Many in the Philippines are not aware that when they are gone, the heirs would have to pay estate taxes before assets can be transferred to them,” Mylene Lopa, Sun Life Financial Philippines chief marketing officer, said at a media briefing in Pasay City late Saturday.

“All of that will be taxed by the government by the time it is transferred to the heirs. And many are not aware that insurance can be the solution to that problem,” she said in a mix of English and Tagalog.

Because of this, she said Sun Life has come up with a new campaign to encourage and make Filipinos knowledgeable about transferring their assets to their family. The campaign, dubbed as “Leaving a Legacy,” aims to secure the properties of its clients in the retirement stage via estate planning.

“We are coming up with this campaign to ensure that whatever they toiled for during their working years, they can pass on to the next generation and to their loved ones,” she said.

“It’s essential for those who wish to control the disposition of their assets after their death, and to settle the taxes imposed by government on the estate,” she said.

To remove the burden of estate taxes from the heirs, clients are advised acquire a life insurance policy during their lifetime so that at the time of their death, money is remitted to the heirs as the irrevocable beneficiaries, which is not subject to estate tax.

The proceeds, Sun Life said, may serve as the liquid fund to pay for the estate tax or the “pamana” or legacy itself.

The campaign targets retirees who want to enjoy their retirement years in comfort.

Sun Life said it has named Charo Santos-Concio, former ABS-CBN president and CEO, as the brand ambassador for its retirement segment.

“These are not simply assets but my pamana for my apos [legacy for my grandchildren]. This is why estate planning is very important to me. By preparing early, utilizing the right instruments, and with the help of Sun Life, I am confident that my family will feel my love through the legacy I leave behind,” Santos said.

“Since last year, we’ve been promoting money for life. Sun Life has been in the country for 122 years and our advocacy and our mission is to really provide a lifetime financial security for Filipinos,” Lopa said.

Lisbet K. Esmael


Please follow our commenting guidelines.

Comments are closed.