Sun Life Grepa unveils legacy plan ahead of Asia's $5.8t wealth transfer

The insurance product is designed to support estate settlement and business succession planning.

Sun Life Grepa Financial, Inc. has launched Sun Grepa Premier Legacy, a life insurance product aimed at helping high-net-worth Filipino families transfer wealth across generations amid a growing wealth transition in Asia.

The insurer cited estimates showing that around $5.8t in family wealth across Asia is expected to be transferred between generations by 2030, making it the largest intergenerational wealth transfer in the region's history.

According to Sun Life Grepa, many families remain unprepared for the transition, with succession plans unfinished and wills often left unwritten, creating risks to the preservation of family wealth.

Sun Grepa Premier Legacy provides life insurance coverage equivalent to 200% of the face amount from policy issuance until age 100. 

The product is designed to support estate settlement, business succession and the protection of family assets.

The plan focuses on preserving wealth, ensuring continuity of coverage and supporting legacy planning. Coverage is structured to help maintain estate value and provide liquidity during wealth transfers. It also includes provisions intended to protect family interests if the policyholder becomes unable to manage the policy.

The product allows policyholders to incorporate charitable giving into their succession plans.

Amongst its features is the Legacy Settlement Option, which allows policyholders to determine how and when beneficiaries receive proceeds, either through scheduled payments over a defined period or through structured instalments.