AIA launches legacy framework as wealthy families delay plans

Fewer than 40% have assigned family responsibilities or decision-making roles.

AIA Hong Kong and Macau has launched a whole-life savings scheme, alongside a customisable legacy framework, aimed at high-net-worth families managing inheritance and cash flow.

The launch follows data from the insurer’s High-Net-Worth Optimal Longevity Index, which shows that roughly 25% of wealthy families have no succession plans in place. 

Furthermore, fewer than 40% have assigned family responsibilities or decision-making roles, and only 25% have set preferences for long-term care or medical interventions.

According to Alice Liang, Chief Proposition and Healthcare Officer at AIA Hong Kong and Macau, the products aim to address a lack of clearly defined arrangements amongst wealthy families regarding long-term planning, decision-making, and contingencies.

The scheme, named the Wealth Flexi Savings Insurance Plan, functions alongside the Future Wishes Arrangement. 

This setup allows policyholders to set instructions for policy management if they die or experience health complications. It covers ownership succession, asset distribution, and the naming of recipients.