Sun Life Hong Kong launches a new lower cost Guaranteed Whole of Life Protection Product with a unique benefit
As one of the leading High Net Worth Insurers in Hong Kong, Sun Life Hong Kong (SLHK) has responded to the increasing demand from clients for lifetime protection with lower premiums, by launching Generations II – 50, part of SLHK leading Whole of Life (WOL) series.
Speaking to the newly onboard General Manager, Life & Health at SLHK, Christine Yeung, she said that having brought out the comprehensive and popular Generations II – 100 and Generations II – 70 in 2021, we needed to respond to client’s demand to have a guaranteed whole of life par product that meet the needs of different clients at various stages of their life. Be it for needs of wealth planning, estate protection, liquidity planning, or inheritance tax planning, therefore we brought out the new Generations II – 50. It still provides the lifelong protection or business protection of a true WOL product, as well as unique features that enhance the benefit to clients, but the premium is reduced by 15-25% to make it very attractive to a wider range of clients and their needs – both High Net Worth (HNW) and Affluent clients.
Chief Partnership Officer – Brokerage of SLHK David Varley stated that we are delighted to see the response of the market to Generations II – 50 as it hits many of the sweet spots demanded by HNW clients and partners. That being:
- Whole of Life Protection
- Guaranteed breakeven at end of year 25 where clients can cash in their policy and get all their premiums back (on request)
- Double bonuses to grow your wealth through the Reversionary Bonus and Terminal Bonus (declared from the 3rd policy anniversary)
- Jumbo cover of up to US$100m+ Sum Assured
- Non-medical underwriting limit of up to US$3m Sum Assured
- 6 different underwriting classes
Varley also said that one of the things SLHK is proud of is the new and unique feature of the Mental Incapacity Benefit being added to all the Generations II series. This client optional feature allows:
- Policyowner can appoint a family member as the Mental Incapacity Benefit Recipient
- The Mental Incapacity Benefit Percentage options are 25%/50%/75%/100% of Total Cash Value (“TCV”)
- After the Mental Incapacity Benefit (25%/50%/75% of TCV) is paid, the policy value continues to grow for whole of life death benefits
Generations II supports the client and family through the new Mental Incapacity Benefit in case the client loses mental capacity to file a claim. The client may appoint a family member as the Mental Incapacity Benefit Recipient so he or she can file a claim on the client’s behalf if he/she is diagnosed as a Mentally Incapacitated Person. That way, the family can quickly claim from the policy in the event of an emergency without having to navigate complicated and cumbersome legal proceedings.
Speaking to Varley, it is “the overall Generations II WOL series from SLHK, that caters for different client’s needs, that make it a winning Protection proposition for our clients and partners.”
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