10Life Financial Limited
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Address: 16/F Greatmany Centre, 109-115 Queen’s Road East, Wan Chai, Hong Kong
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Low entry cost, using an ESG long-term investment strategy to grow wealth
Premium Waiver Benefit Relieves your financial burden
Rooted in Hong Kong for 130 years, dedicated to providing outstanding insurance products
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[Comprehensive Wealth Inheritance] Expected “66” endless wealth? Can ESG savings insurance help the next generation enjoy a prosperous life?
As parents, we all hope to accumulate wealth for the next generation, enabling them to live worry-free in future. In fact, this can be easily achieved through a long-term savings insurance policy. The 富越儲蓄計劃 (referred to as Sun Life EVERMORE) launched by Sun Life Hong Kong Limited (Sun Life) not only helps you accumulate wealth through long-term premium payments, but also serves as a comprehensive wealth legacy tool. It offers six death benefit settlement options, including the market-first1 “partly instalment payment to the beneficiary’s designated age”2, tailored to your personal needs, together with flexible withdrawal options, helping you pass on the fruits of your labour securely across generations.
Table 1: Overview of 永明富越儲蓄
|
Premium payment term |
2 years |
6 years |
12 years |
18 years |
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|
Minimum annual premium |
US$10,000 |
US$2,000 |
US$1,500 |
US$1,000 |
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|
Issue age |
0 to 80 years old |
0 to 75 years old |
0 to 65 years old |
0 to 60 years old |
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|
Policy currency |
US dollars |
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|
Coverage term |
Until the Insured Person (for single life) or the younger Insured Person at the time (for joint life) reaches age 120 |
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|
Premium payment mode |
Annual, semi-annual, monthly |
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|
Maturity benefit / surrender value |
Guaranteed cash value |
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|
Death benefit |
|
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Low entry cost, using an ESG long-term investment strategy to grow wealth
To make wealth transfer tools more accessible to the general public, Sun Life EverBright, in addition to its market-first 2-year premium payment option, now also offers 6-year, 12-year and 18-year premium payment options, so even policyholders with tighter budgets can find a suitable fit.
Taking the 18-year premium payment term as an example, annual premiums can be as low as US$1,000, allowing the policy owner to accumulate wealth in a disciplined manner. Thereafter, guaranteed cash value will be provided, creating stable returns; meanwhile, non-guaranteed dividends3 can enhance growth potential and help the policy owner achieve favourable long-term returns.
In addition, to meet financial goals at different life stages, the plan offers flexible withdrawal options4, allowing the policy owner to withdraw all or part of the accumulated non-guaranteed reversionary bonuses (if any) in cash value.
Sun Life EverBright is the first savings product in the market5 to focus on ESG (Environmental, Social and Governance) concepts, pioneering the integration of ESG principles into its investment strategy. Through a focused investment allocation in assets with high ESG ratings, it flexibly manages risk and optimises opportunities. Institutions with strong ESG performance can generally expect more sustainable returns and lower risk. With Sun Life EverBright's over 130 years of insurance experience, it can help policy owners accumulate wealth over the long term while also encouraging the creation of a sustainable green planet for future generations.
Multiple options, carefully arranging every inheritance detail
Stellar not only allows policyholders to gradually accumulate wealth, but can also serve as a comprehensive wealth succession tool in the long term. This savings insurance product is specially designed with a range of flexible options to suit the unique needs of you and your family, helping you plan for your financial future.
First,Stellar offers an option to change the coverage scope6. You may choose to cover 1 insured person (single life) or 2 insured persons (joint life)7. If joint life is selected, the policy may remain in force should one of the insured persons unfortunately pass away unexpectedly. You may later switch to “single life” or “joint life”6, or change the insured person6, as needed. Both options can be exercised an unlimited number of times, free of charge.
In addition, from the 5th policy anniversary onwards, if needed, the policy owner may exercise the policy segmentation option8 at any time to split the original policy’s notional amount into two or more new policies, enabling wealth to be passed on to designated loved ones.
As for death benefit payment,Stellar provides 6 comprehensive death benefit payment options9 (see table below). The policy owner may arrange different options for each beneficiary according to their needs, enhancing flexibility in wealth distribution. These include the market-first1 “partial instalment payment to the beneficiary’s specified age”2 and the “continuation option”2,10.
Table 2: 6 comprehensive flexible death benefit payment options of Stellar
Death benefit payment option | Details |
Full lump-sum payment |
|
Full instalment payment |
|
Partial instalment payment |
|
【Market-first1】Partial instalment payment to the beneficiary’s specified age2 |
|
Full increasing instalment payment |
|
Continuation option2,10 |
|
If the policy owner unfortunately passes away before the insured person reaches the age of 18, the policy may be transferred to the contingent policy owner through the designated contingent policy owner option11, ensuring that the policy can continue to be passed on.
Premium Waiver Benefit Relieves your financial burden
Even if an unexpected event disrupts your financial plans, the policy owner need not worry about how premiums will be paid. 永明富越 (6/12/18-year premium payment) provides premium waiver protection12, payer premium waiver protection12 and a premium holiday option13, helping you get through financial difficulties.
Table 3: Details of premium waiver protection, payer premium waiver protection and premium holiday option for 永明富越
Item | Details | Maximum waiver limit15 |
Premium waiver protection12 | If the life insured (who is also the policy owner) is diagnosed with total and permanent disability due to injury before age 65, future premiums payable will be waived immediately; if the disability is due to illness, a 2-year waiting period14 applies | USD 200,000 |
Payer premium waiver protection12 | If the policy owner is diagnosed with total and permanent disability due to injury or dies before age 65, and the life insured is under 18, future premiums payable under the plan will be waived immediately; if the condition is due to illness, a 2-year waiting period14 applies | USD 200,000 |
Premium holiday option13 | On or after the 2nd policy anniversary (for 永明富越 (6/12-year premium payment)) or on or after the 3rd policy anniversary (for 永明富越 (18-year premium payment)), provided the policy has no outstanding loan, you may apply to defer one year's premium payment, and exercise this option for up to 2 years, consecutively or separately | Not applicable |
Make the most of the flexibility to make withdrawals after 6 years’ premium payments, achieve the desired compounding effect, and build an excellent legacy planning solution
Here, we give an example to explore the wealth accumulation potential and flexibility of Sun Life Stellar. Mr Wong, a married professional, has just had a son. He hopes to build long-term wealth for his family through the Stellar Savings Plan (6-year premium payment term, annual premium of US$15,000).
After the end of the 6th policy year (i.e. starting from the 7th policy year), Mr Wong withdraws US$5,85016 on the first day of each policy year (6.5% of the total premiums paid) to meet the changing needs of his family, including his son’s education fund and his own medical plan expenses in later life.
When his granddaughter enters secondary school (policy year 45), Mr Wong transfers the policy to his son17 (see Table 4) to help support his son’s living expenses and his granddaughter’s overseas studies. Thereafter, Mr Wong’s son continues to withdraw US$5,85016 each year.
More than 20 years after Mr Wong’s granddaughter enters the workforce (policy year 75), Mr Wong’s son transfers the policy to her17 (see Table 4). After that, she continues to withdraw US$5,85016 annually for living expenses and future retirement needs until policy year 120. At that point, the plan’s projected total surrender value18 reaches as high as US$8,970,262, equivalent to 9,967% of the total premiums paid.
As the above example shows, Mr Wong’s family can easily make use of the plan’s flexible options to pass on family wealth from generation to generation and build a happy future step by step.
Table 4: How Mr Wong uses Sun Life Stellar to plan for family legacy19
Policy year | Policy owner | Insured | Amount withdrawn on the first day of each policy year | Projected total withdrawal amount | Use of amount |
| Year 7 to Year 44 | Mr Wong | Mr Wong’s son | US$5,85016 | US$666,900 | For Mr Wong’s son’s education fund and Mr Wong’s medical plan expenses in later life |
| Year 45 to Year 74 | Mr Wong’s son | Mr Wong’s son + Mr Wong’s granddaughter | To support Mr Wong’s son’s living expenses and Mr Wong’s granddaughter’s overseas studies | ||
| Year 75 to Year 120 | Mr Wong’s granddaughter | Mr Wong’s granddaughter | For Mr Wong’s granddaughter’s living expenses and retirement needs |
Rooted in Hong Kong for 130 years, dedicated to providing outstanding insurance products
A good long-term savings insurance policy must be backed by a financially sound insurer. Sun Life has been rooted in Hong Kong for 130 years and is committed to providing diversified services and products. As a wealth management specialist, Sun Life has solid investment experience and is widely recognised in the market.
In January 2020, Sun Life was assigned an AA- rating by S&P Global Ratings, with a stable outlook, demonstrating exceptional financial strength and giving customers peace of mind to entrust their future to us for the decades ahead.
Take out a policy now and enjoy a limited-time range of customer offers
From 7 October 2022 to 31 December 2022, successfully take out a policy
- 永明富越 (2-year premium payment) and meet the specified first-year annualised premium requirement to enjoy up to 3% first-year annualised premium rebate;
- 永明富越 (2-year premium payment), use Sun Life’s e-Services (i.e. e-Application Service, e-Policy and e-Notification Service), and pay the full premium in advance when the 永明富越 (2-year premium payment) policy is issued on or before 31 January 2023, and you can enjoy a guaranteed 5% prepayment interest rate per annum as a token of appreciation for your support in protecting the environment;
- 永明富越 (6-year or 12-year premium payment) and meet the specified first-year annualised premium requirement, while also taking out the specified Voluntary Health Insurance Scheme product, to enjoy up to 21% first-year annualised premium rebate;
- 永明富越 (18-year premium payment) and meet the specified first-year annualised premium requirement, while also taking out the specified Voluntary Health Insurance Scheme product, to enjoy up to 18% first-year annualised premium rebate!
The offer is subject to terms and conditions. For details, please refer to the promotional leaflet.
The above information is only a product summary and does not include the full policy terms and benefits. For details, please contact your financial adviser. For the interpretation and full terms and conditions, including the key product risks, please refer to the product brochure and policy documents. If there is any inconsistency between the policy documents and this product summary, the policy documents shall prevail.
Notes:
- The “market first” item is based on the market conditions as at 31 July 2022 and a comparison of savings plans for new policies offered by insurance companies operating both composite and long-term business as recorded in the Register of Insurers authorised by the Insurance Authority.
- If this option is exercised, the beneficiary must be a natural person and still be alive.
- The values of reversionary bonus and terminal bonus are non-guaranteed and are specified by the rules determined by Sun Life Hong Kong Limited from time to time. Reversionary bonus and terminal bonus may change based on the performance of several experience factors, with investment return usually regarded as the main determining factor. Other factors include, but are not limited to, claims experience, policy expenses, taxation and policyholder lapse experience.
- The minimum and maximum cash withdrawal amounts are subject to the administrative rules then in force. The notional amount after withdrawal must be subject to the minimum notional amount requirement for the corresponding premium payment term as set out in the administrative rules then in force.
- Comparison is made based on savings plans for new policies offered by insurance companies operating composite and long-term business as recorded in the Register of Insurers authorised by the Insurance Authority as at 12 April 2022.
- Changes to the coverage option and replacement of the insured option must comply with the prescribed conditions under the policy terms. For details, please refer to the sample policy terms. For the interpretation and full terms and conditions of the coverage, please refer to the sample policy documents.
- All new insured persons must have an insurable interest relationship with the then policyholder. Replacement of the insured person is subject to the administrative rules, underwriting rules and other conditions then in force, and is subject to approval by Sun Life Hong Kong Limited. If the coverage period is extended due to a replacement of the insured person/change in coverage, the amount of the guaranteed cash value after the original policy maturity date shall not be less than the amount before the change.
- The policy split option may only be applied for once in each policy year. When the policy split is approved, the policy year, policy maturity date, policyholder and insured person of the split policy will be the same as those of the original policy, and there is no cooling-off period for policy split. The notional amount of the split policy may not be less than the minimum amount required by our then effective administrative rules. Once the policy split application is approved and completed, it cannot be withdrawn or changed.
- Exercise of the death benefit payment option is subject to the minimum death benefit amount and the administrative rules then in force, as determined by Sun Life Hong Kong Limited from time to time.
- If the beneficiary is able to satisfy the administrative rules and other rules then in force of Sun Life Hong Kong Limited, when the new policy takes effect on the effective date of the continuation option,
a. the policy date and policy year of the new policy will be the same as those of the original policy;
b. the policy maturity date of the new policy will be changed to the policy anniversary on or immediately following the 120th birthday of the new insured person;
c. the notional amount, the total amount of premiums due and paid, and any outstanding loans and interest under the original policy, as well as policy values including guaranteed cash value, accumulated reversionary bonus (if any) and terminal bonus (if any), will be allocated to the new policy according to the specified percentage for the corresponding beneficiary set out in the designated form;
d. the new policy will not have a cooling-off period; and
e. for the purpose of calculating the applicable period under the incontestability clause, the relevant period for the new insured person will be recalculated from the effective date of the continuation option.
- The designated contingent policyholder option is subject to the prescribed conditions under the policy terms, the administrative rules, underwriting rules and other conditions then in force, and is subject to approval by Sun Life Hong Kong Limited.
- If the coverage selected is joint life, both insured persons must be aged 18 or above for the relevant premium waiver benefit; for the relevant payer premium waiver benefit, one of the insured persons must be under 18, subject to the administrative rules then in force and approval by us.
- The premium holiday option is subject to the prescribed conditions under the policy terms, the administrative rules, underwriting rules and other conditions then in force, and is subject to approval by Sun Life Hong Kong Limited. Once the premium holiday is approved, Sun Life Hong Kong Limited will not declare any cash values of reversionary bonuses under the policy, and will maintain the guaranteed cash value and the face value and cash value of accumulated reversionary bonuses (if any) at the levels immediately before the commencement of the premium holiday period. For details on the interpretation and full terms and conditions of the coverage, please refer to the sample policy documents.
- The 2-year waiting period starts from the policy issue date, the last reinstatement date of the basic plan, the effective date of replacement of policyholder, the effective date of change in coverage or the effective date of replacement of insured person, whichever is the latest.
- The maximum aggregate limit for premium waiver benefit and payer premium waiver benefit under all Fortis savings plan policies issued by Sun Life Hong Kong Limited and any other products for the same policyholder is USD200,000. Premium waiver may only be claimed once in total per policy. Upon payment of the premium waiver benefit or payer premium waiver benefit, the plan’s premium waiver benefit and payer premium waiver benefit will automatically terminate immediately. Once the premiums due under the basic plan have been waived up to the maximum waiver limit, the policyholder must continue to pay the balance of the premiums due; otherwise, the automatic premium loan will be exercised or this policy will be automatically terminated. We will not pay premium waiver benefit or payer premium waiver benefit for any pre-existing conditions. For details on the interpretation and full terms and conditions of the coverage, please refer to the sample policy documents.
- Any withdrawal amount in excess of the cash value of the accumulated reversionary bonus shall be deducted from the guaranteed cash value and the cash value of the terminal bonus, which will reduce the policy’s notional amount and be regarded as a partial surrender, thereby reducing the long-term value of the policy.
- Changes to the coverage option, replacement of the insured person option and replacement of policyholder are subject to the prescribed conditions under the policy terms and are subject to the administrative rules, underwriting rules and other conditions then in force, and are subject to approval by Sun Life Hong Kong Limited.
- The projected total surrender value is the sum of the guaranteed cash value, the projected non-guaranteed cash value of accumulated reversionary bonus and the projected non-guaranteed cash value of terminal bonus.
- The examples are for illustration purposes only. The values shown in the examples are rounded to the nearest whole number. The projected total return in the examples is non-guaranteed and calculated based on Sun Life Hong Kong Limited’s current assumed investment returns. The actual cash value and face value of accumulated reversionary bonuses and the cash value and face value of terminal bonuses payable may be higher or lower than the projected amounts above. In some cases, the actual amount of these bonuses may be zero. Reversionary bonus and terminal bonus will change based on the performance of several experience factors, with investment return usually regarded as the main determining factor. Other factors include, but are not limited to, claims experience, policy expenses, taxation and policyholder lapse experience. For details, please refer to the Bonus Philosophy section under Important Information.
Disclaimer
- The information in this article is provided by Sun Life Hong Kong Limited and is for general reference only. It does not take into account any individual needs or suitability, and should not be regarded as sales advice. Before taking out a policy, you should discuss suitable insurance solutions with a licensed insurance adviser, and the information provided by the insurer shall prevail.
- The premium information above was updated as at 6 October 2022 and does not include the levy collected by the Insurance Authority.
- Last updated: 6 October 2022.
This English version of this article has been generated by machine translation powered by AI. It is provided solely for reference purposes. In the event of any discrepancy or inconsistency between this translation and the original Chinese version, the Chinese version shall prevail.
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1. The information of this article has been provided by the advertiser to promote its products and services.
2. The information of this article is intended for general education purpose and reference only. None of the information is intended, nor should they be considered or relied upon, as and is not, regulated advice, insurance, financial, investment or professional advice, recommendation, approval, endorsement, invitation or solicitation in respect of any insurance, financial or investment products.
3. 10Life Financial Limited will not be responsible for any liability, claim or loss arising from or associated with you using the information. No warranty, representation or guarantee is given by 10Life Financial Limited on the accuracy, completeness and timeliness of the information or for any claims and / or losses caused thereby.
