Affluent individuals in Singapore boost insurance use in legacy plans

61% of Singapore’s wealthy plan to use financial assets, including life insurance.

High-net-worth individuals in Singapore are relying more on insurance and other structured tools to protect family wealth, but many remain uncertain about whether their assets will last beyond the next generation.

The Sun Life’s recent survey, which covered more than 3,000 respondents across six Asian markets, found that 61% of Singapore’s wealthy plan to use financial assets, including life insurance, to support long-term wealth creation. 

Protection remains a priority, with 67% saying that having insurance in place to secure their family’s financial stability is the most important part of legacy planning.

However, concerns about wealth transfer persist. Two-thirds (67%) of respondents worry their wealth will not last past their children, and 75% believe their heirs may not be financially prepared to manage inherited assets. 

Only half are confident their children will follow their wishes on wealth transfer or continue growing the assets.

Despite recognising the importance of planning, many have yet to implement concrete steps. 

Only 43% feel fully prepared with their legacy arrangements today. Just 25% have completed and communicated their plans.

Uptake of wealth-planning tools also remains limited: 41% use wills or estate documents despite 78% being aware of them, while 45% use trust structures even though 72% know about them.

Sun Life Singapore CEO Christopher Albrecht said affluent families are starting to have more conversations about succession planning but added that many still lack professional guidance and structured planning. 
The survey also shows a rising focus on financial literacy as part of legacy planning. 
Many respondents are teaching basic financial skills and discussing money matters with their heirs, reflecting a view that insurance, structured plans and education together are needed to sustain wealth across generations.