Sun Life Singapore enhances whole life insurance solution for wealthy Asians
Main benefits include death benefit options and extended expiry age.
Sun Life Singapore has launched SunBrilliance Whole Life insurance solution aimed at high net worth (HNW) and ultra high net worth (UHNW) individuals in Asia.
The enhanced whole life insurance solution aims to provide greater options and further supports legacy planning, the insurer said in a press release.
The new service is in response to a study by Sun Life Asia that found that only 24% of its high-income respondents indicated that they are planning their finances for a horizon of at least five years.
Main benefits include three death benefit options and cash value growth delivered in the form of additions. The death benefit payout options come in a single lump sum or in installments for up to 10 years.
The enhanced service also features an extended expiry age in the Sun MultiX Lifetime on Death Benefit NextGen option.
In Q1, Sun Life's Asia business reported a $177m net income.
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