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News releases

July 13, 2023

Sun Life Hong Kong launches ESG investing-focused whole life protection plans to meet Clients’ protection needs at different life stages

Hong Kong, July 13, 2023 – Sun Life Hong Kong Limited (“Sun Life Hong Kong” or “the Company”) announced the launch of new ESG investing-focused whole life protection plans SunGuardian, SunGuardian (Care Version) and SunProtect, each of which meet the protection needs of different target Clients at different life stages.

SunGuardian and SunGuardian (Care Version) are participating insurance plans that offer whole life protection for senior clients. These plans are designed to provide all-round lifelong protection and lasting financial security for Clients in their golden years, addressing their gravest concerns about old age. In addition, SunGuardian (Care Version) provides further support in the form of the Severe Dementia1 Accelerated Benefit2. Should an unfortunate event occur, the plan enables Clients to advance their Death Benefit, offering financial support to the Client’s family to help with taking care of the Client.

Furthermore, SunProtect is also a participating insurance plan that offers whole life protection for Clients at the prime age of their life. On top of the Death Benefit of Basic Coverage, the plan provides an Additional Death Benefit in the first 20 policy years. Upon the death of the Client, the plan provides their family with ample financial support in the years that count. The plan also features the market-first3 Lifelong Protection Lock-in Option to lock in Clients’ Additional Death Benefit for the whole of their life.

SunGuardian, SunGuardian (Care Version) and SunProtect also incorporate ESG (Environmental, Social and Governance) elements in the investment strategies, ensuring that Clients’ contributions protect not just the ones they love, but also the world they live in. These also represent the first ESG investing-focused whole life protection plans in the market4.

Christine Yeung, General Manager, Life and Health of Sun Life Hong Kong Limited, said, “Planning ahead is of paramount importance to live brighter lives with loved ones in the future. With our cherished 131-year history and as a trusted brand in Hong Kong, we have been helping our Clients build a brighter future through diversified insurance and wealth management products. We have observed that there is increasing demand for protection from different age groups in society, so we have launched SunGuardian, SunGuardian (Care Version) and SunProtect to enable Clients to set up lifelong protection and lasting financial security for themselves and their loved ones. At the same time, they also cater for Clients’ unique protection needs at different life stages. These plans also leverage our market-leading expertise by embedding features that allow more flexible financial arrangements as well as long-term wealth growth potential so that our Clients have both a powerful legacy planning tool and a capital reserve that is built to last.” 

SunGuardian and SunGuardian (Care Version) key features include:

Competitive premium with early guaranteed breakeven year

  • Competitive premium with guaranteed policy breakeven in 10 years (for 6-Pay) or at the end of premium payment term (for 12/20/25-Pay)5.

High issue age to facilitate the needs of golden aged Clients

  • Issue age as high as age 74, meaning it is never too late to gain protection for Clients even during their elderly years.

Advancement benefit with arrangement to allow designated family member to claim if the policy owner6 is mentally incapacitated

  • For the insured who is suffering from Severe Dementia (applicable to SunGuardian (Care Version) only) or a Terminal Illness7, the plans offer additional care that enables Clients to advance the Death Benefit in full. In addition, a Client’s designated family member can file a claim on their behalf at the time a Client is mentally incapacitated, offering their family financial support to assist with taking care of the Client.

SunProtect key features include:

Double protection with Additional Death Benefit during Clients’ prime age

  • On top of the Death Benefit of Basic Coverage, the plan offers Clients an Additional Death Benefit, which is equivalent to 100% Sum Assured of the Basic Coverage8 for added financial security in the first 20 policy years.

Flexibility with market-first Lifelong Protection Lock-in Option to lock in Clients’ Additional Death Benefit to whole life

  • With extra premium with the same premium rate at Clients’ issue age and no additional underwriting, they can gradually lock-in and extend their Additional Death Benefit to whole life coverage.

Affordable premium with early guaranteed breakeven year

  • Highly cost effective and a fit-to-life-stage whole life protection with Guaranteed Cash Value guarantees policy breakeven in 10 years (for 6-Pay) or at the end of the premium payment term (for 12/20/25-Pay)9.

END

Photo Caption: Sun Life Hong Kong announced the launch of ESG investing-focused whole life protection plans SunGuardian, SunGuardian (Care Version) and SunProtect, meeting different target Clients’ protection needs at different life stages.

Remark:

  1. “Severe Dementia” means a certified registered neurologist or gerontologist must make a definite Diagnosis of permanent and severe cognitive impairment due to Alzheimer’s Dementia or a Major Neurocognitive Disorder (Dementia) which is confirmed by clinical history, neurocognitive testing, and brain imaging. There must be progressive and irreversible change of the brain resulting in deterioration of memory and intellectual capacity with severe cognitive dysfunction leading to abnormal behaviour and reduction in social functioning. Additionally, the insured must meet at least one of the following criteria:
    • (a) 2 Mini–Mental State Examination (MMSE) done 6 months apart and both showing the score being less than 10 out of 30 done on 2 occasions or equivalent severity on 2 other standard and acceptable tests done 6 months apart, or
    • (b) The insured is unable to perform at least 3 of the 6 Activities of Daily Living even with the aid of special equipment, requiring the physical assistance of another person throughout the entire activity, for a continuous period of at least 3 months and leading to a permanent inability to perform the same.
  2. Once this benefit has become payable, the policy and any attached rider benefits will be terminated.
  3. This is based on market conditions as of June 30, 2023 and comparison among other whole life protection plans for new Composite and Long Term Businesses as defined by the Insurance Authority in the Register of Authorized Insurers.
  4. This is based on market conditions as of June 30, 2023 for SunGuardian, SunGuardian (Care Version) and SunProtect and comparison among other whole life protection plans for new Composite and Long Term Businesses as defined by the Insurance Authority in the Register of Authorized Insurers.
  5. In calculation of the guaranteed breakeven year, Sun Life Hong Kong assumes there is no premium loading applicable to the relevant policy.
  6. Assume the insured is the policy owner.
  7. “Terminal Illness” means the insured is suffering from a condition that in the opinion of the attending doctor and our medical officer is highly likely to result in death within 12 months from the date of such Diagnosis.
  8. Basic Coverage means benefit coverage derived from the sum assured of the basic plan.
  9. In calculation of the guaranteed breakeven year, Sun Life Hong Kong assumes there are no Lifelong Protection Lock-in Coverages added and no premium loading applicable to the relevant policy.

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2023, Sun Life had total assets under management of C$1.36 trillion. For more information, please visit www.sunlife.com. 

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada. 

Media Contact

Weber Shandwick
Juliana Li

Tel: (852) 2533 9973
Email: JLi2@webershandwick.com

Sun Life Hong Kong Limited

Helen Cheung

Tel: (852) 3183 3993

Email: Helen.pm.cheung@sunlife.com

This press release is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or a solicitation to buy or provision of any products of Sun Life Hong Kong Limited outside Hong Kong. These plans are subject to terms and conditions. Please refer to the product brochure and sample Policy Document for details including definitions and full terms and conditions including key product risks. If there is any conflict between the Policy Document and this press release, the Policy Document shall prevail.