SUN Life Financial (SLF) has launched in Cagayan de Oro a new product considered as the first step towards financial security - the Sun StartUp.

Carla Gonzalez, SLF product marketing manager, said the Sun StartUp is the company's first insurance product with affordable payment options specifically designed for those aged 18 until 50 years old.

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Gonzalez said Sun StartUp has life insurance coverage with money back feature and add-on benefit.

"We introduced Sun StartUp because we are encouraging every Filipino to be protected for less than P500 a month premium for 10 years. But this is not just an insurance protection because clients would be given 50 percent of their premiums after 10 years," Gonzalez said during a press conference held Wednesday at Gloria Maris Restaurant in Limketkai Center.

The monthly premium depend on the policy holders' age with an assured coverage of P200,000.

Victor M. Ladiona, New Business Manager of Sun Life of Canada (Philippines) Inc. based in Cagayan de Oro, said clients who sign in for Sun StartUp are assured of their payment as this is protected by the Insurance Commission.

"With Sun StartUp, your premium is invested properly the way how business market works. It will not sleep. It will grow as years goes by," Ladiona said.

Unlike the pre-need, Ladiona said the insurance industry is assured of stability because it is regulated by the Insurance Commission, which is very strict in granting accreditation to companies.

"The insurance industry has implementing guidelines that are followed all over the world," he said.

Gonzalez added that based on the policy of the commission, insurance companies are not allowed to invest in real estates.

"Insurance companies are only allowed to invest in stocks or bonds," she said.

Sun Life Financial is an international leader in protection and wealth management with key operations in Canada, United States, United Kingdom, Hong Kong, Japan, Indonesia, India, China, Bermuda and the Philippines.

Ladiona said SLF is traded at the Toronto Stock Exchange, New York Stock and the Philippine Stock Exchange.

In the Philippines, SLF is in the business of life insurance, mutual funds, pension and education plans, represented by Sun Life of Canada (Philippines) Inc. for life insurance, Sun Life Asset Management Company Inc. as the fund manager and principal distributor of the Sun Life Prosperity Funds, and Sun Life

Financial Plans Inc. for pension and education plans.

Gonzalez said Sun Life of Canada (Philippines) has been in the country since

1895 and is one of the largest and most trusted insurers in the country with almost a half a million policies in force.

"We have been in the Philippines for 115 years and we are currently expanding our presence in the provinces to reach out to more Filipinos," she said.

Sun Life Financial, according to Gonzalez, has $430 billion (Canadian dollars) in assets under management with over 20 million customers worldwide and 180,000 world-class financial advisors.

Those interested to avail of SLF's products may visit its Cagayan de Oro office at the 2nd floor of the PhilFirst Insurance Building at the corner of Aguinaldo and Borja Streets.