Sun Life Assurance Company of Canada Singapore Branch (Sun Life Singapore) has launched an enhanced life insurance solution that aims to provide greater options and further supports legacy planning for affluent, high-net-worth and ultra-high-net-worth individuals in Asia.

The SunBrilliance Whole Life insurance solution provides a robust suite of benefits designed to provide lifetime coverage and facilitate wealth transfer, ensuring that clients leave a lasting legacy for future generations. Its main benefits include:

• Stronger legacy through three death benefit options and cash value growth;
• Extension of coverage with added flexibility, allowing clients to extend the expiry age as long as the policy continues; and
• Death benefit payout options in a single lump sum or in installments for up to 10 years.

According to the Sun Life Asia Financial Resilience Index released in March 2024, a large proportion of Singaporeans lack financial preparedness and underestimate their expenditure levels or the benefits of building a long-term financial plan. Only 24% of high-income respondents indicated that they are planning their finances for a horizon of at least five years.

“This unique insurance solution is a result of listening to our partners to understand the needs of our target audience, integrating feedback and co-creating yet another superior solution for our clients,” says Michael Wei, chief partnership and marketing officer at Sun Life Singapore.

Additionally, the company is extending the scope of its Philanthropic Pledge to cover SunBrilliance Whole Life. With the extension, it is also committing 0.5% of premiums from the solution (capped at US$20,000 per policy) to the Community Chest.

The Philanthropic Pledge, introduced in July 2023, supports Sun Life’s philanthropy goals to drive long-term behavioural change through practical programmes focused on Type 2 diabetes prevention, mental health, diversity, equity, and inclusion, as well as disaster relief.

“Our Philanthropic Pledge marks the first time a life insurer has incorporated upfront philanthropic giving to the community within a life insurance solution. We believe in empowering our clients and others not only to protect their wealth but also to contribute meaningfully to society,” says Wei.