Sun Life announces new insurance offering for HNW clients
Sun Life announces new insurance offering for HNW clients | Insurance Business Asia
Insurance News
Sun Life announces new insurance offering for HNW clients
New proposition comes amid record wealth inflows into Singapore
Insurance News
By
Kenneth Araullo
Sun Life Singapore has announced a new insurance product aimed at catering to the needs of affluent, high-net-worth (HNW) and ultra-high-net-worth (UHNW) client segments in the country.
Called SunBrilliance Indexed Universal Life, the new proposition comes as record wealth inflows into Singapore, and with it a growing number of HNW and UHNW families prioritising their wealth preservation and succession planning needs. The new product is the latest under Sun Life Singapore’s solutions for HNW clientele, all off the back of its successful Future – S Whole of Life policy.
Some of the new product’s key offerings include lifetime coverage for protection, high potential growth through an indexed account linked to the S&P 500 index performance with a possible 20% of index return, and downside protection with 0% p.a. floor on the indexed account return. A Legacy Plus feature also allows the death benefit to be paid out in annual instalments for up to 10 years, with Sun Life being the first and only insurer in Singapore to offer this benefit.
The proposition also comes with a high degree of flexibility to enable premium to be allocated among investment options based on preference, in addition to smoothing investment volatility with dollar cost averaging to spread the premium allocated.
In conjunction with the launch of the new HNW product, Sun Life Singapore also announced its inaugural philanthropic pledge in partnership with Community Chest. The pledge is executed in the name of Sun Life Singapore and will be managed and disbursed in accordance with the insurer’s philanthropy goals and covering four areas of need, including type 2 diabetes prevention, care, awareness, and education, mental health, community initiatives that drive DE&I, and disaster relief.
Sun Life Singapore chief partnership and marketing officer Michael Wei said that this new product was developed to recognise the opportunity of Singapore proving itself as Asia’s preeminent wealth hub, bolstered by favourable business and financial environment as well as a stable geopolitical landscape.
“The decades-long experience of Sun Life as a market leader and pioneer of Affluent, HNW and UHNW insurance in Asia puts Sun Life Singapore at the forefront of this growing segment, and Sun Life Singapore will continue to leverage our expertise to serve the needs of our clients in securing their future for generations to come,” Wei said.
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