News releases

Currency Change Option to provide the flexibility to change the policy’s currency between 4 options to fit future plans

• Starting from the 3^rd policy anniversary, Clients can exercise the Currency Change Option⁴ to change the currency of their policy between USD, CAD, GBP or RMB, giving Clients the flexibility to accumulate wealth in the currency they prefer to fit their changing needs.

Flexible withdrawal option with cross-border payment service

• The plan offers the option to withdraw all or part of the cash value of the accumulated Reversionary Bonus⁵ (if any);
• With the cross-border payout service⁶, Clients can transfer the withdrawal from their policy to their own overseas bank account;
• The bank charges of such remittance will be waived once a year⁷.

Support Clients with the Mental Incapacity Benefit no matter what life brings

• Clients may appoint a family member as the Mental Incapacity Benefit Recipient⁸ so he or she can file a claim on their behalf if the Client is diagnosed as a Mentally Incapacitated Person;
• The Mental Incapacity Benefit Recipient can quickly claim from the Clients’ policy in the event of an emergency without having to navigate complicated legal proceedings;
• Clients may choose a Mental Incapacity Benefit Percentage of 25%, 50%, 75%, or 100% of the Total Cash Value.

Safeguard wealth through the Designation of Contingent Policy Owner Option

• Clients can exercise the Designation of Contingent Policy Owner Option⁹, which will allow their chosen loved one to automatically become the new policy owner should the policy owner pass away unexpectedly.

Free Policy Split Option to execute when Clients are alive or upon death of Designated Insured  

• The plan offers Policy Split Option¹⁰ on or after the 3^rd policy anniversary, allowing Clients to adjust their wealth planning in a timely manner and pre-allocate policy value for wealth inheritance.

END

Remark:

1.  This is based on market conditions as of April 12, 2022 and comparison among other savings plans for new Composite and Long Term Businesses as defined by the Insurance Authority in the Register of Authorized Insurers.
2. It is only applicable if (a) the policy owner and the relevant insured must be the same person at the time the Client apply for the designation of Mental Incapacity Benefit Recipient; (b) the proposed Mental Incapacity Benefit Recipient must be age of 18 or above; (c) satisfactory evidence of the proposed Mental Incapacity Benefit Recipient according to our then current administrative rules; and (d) the irrevocable beneficiary(ies) (if any) and the assignee (if any) must agree in writing to the requested designation of (i) the Mental Incapacity Benefit Recipient and (ii) the Mental Incapacity Benefit Percentage. And it will be automatically revoked when (a) the Client designate a new Mental Incapacity Benefit Recipient and it is approved by Sun Life; (b) the policy owner is no longer the insured if the Client’s chosen Coverage is Single Life or any one of the insureds if the Client’s chosen Coverage is Joint Life after the change of insured; (c) any change of policy owner of the policy; (d) Sun Life has been notified that there is a guardian or committee appointed under the Mental Health Ordinance (Cap. 136 Laws of Hong Kong SAR) (or if there is a guardian or committee appointed under similar laws in another jurisdiction); or (e) Sun Life has been notified that the policy owner has an enduring power of attorney covering the policy. In the event that there is a dispute between the Mental Incapacity Benefit Recipient and any other person, including but not limited to the insured's guardian, committee, attorney, beneficiary(ies), assignee or in our reasonable belief that there is such a dispute, Sun Life reserves the right to withhold the payment of Mental Incapacity Benefit until such dispute is resolved.
3. Mentally Incapacitated Person means a person who is incapable, by reason of mental incapacity, of managing and administering his/her property and affairs. The diagnosis of mental incapacity must be given by a Registered Medical Practitioner who is a psychiatric specialist having special experience in diagnosis of mental incapacity.
4. The application for Currency Change Option can be made once per policy year only. Upon approval of the currency change, the policy year, maturity date, policy owner and insured(s) of the New Policy after Currency Change etc. will be same as the Original Policy before Currency Change and no cooling-off period is available for the New Policy after Currency Change. The Notional Amount of the New Policy after Currency Change cannot be less than the minimum amount requirement as required by the then current administrative rules. The application for the currency change cannot be withdrawn or changed once the application for currency change is approved and completed. Currency Change Option is subject to the approval of the Company at its sole and absolute discretion, and fulfillment of conditions stated in the in the Policy Document.
5. The maximum and minimum amount of cash withdrawal is subject to the then current administrative rules. The Notional Amount after withdrawal must be subject to the minimum Notional Amount requirement of the corresponding premium payment term in the then current administrative rules; however, the remaining Notional Amount cannot be less than the minimum amount of USD500 / CAD600 / GBP350 / RMB3,500 after completion of the 5th policy year (for 2-Pay policies) / the relevant premium payment term (for 6-Pay / 12-Pay / 18-Pay policies).
6. The cross-border payment service is an administrative service provided by the third-party banks / service providers, subject to our then prevailing internal guidelines. This service is not guaranteed, and we may, at its sole discretion, amend or terminate this service without notice in advance. The provision of the cross-border payment service shall be subject to applicable laws, regulations and guidelines from regulatory authorities of the relevant jurisdictions. This service may not be available in some countries and/or regions. Please check with the local bank. We are not responsible for any act, negligence or failure to act on the part of the relevant third-party banks / service providers. We will not be liable for any loss or damage, costs or other expenses whatsoever and howsoever, directly or indirectly, caused by, arising from or in connection with the service.
   
7. If the currency of the Client’s own overseas bank account is different from the policy currency, such remittance may be subject to an exchange rate determined by the third-party banks / service providers and it will be borne by the policy owner.
8. The Mental Incapacity Benefit Recipient must be (a) aged 18 or above at the time of applying for the designation of Mental Incapacity Benefit Recipient and (b) the policy owner's spouse, parent, child, sibling, grandparent, grandchild, or any other relationship as approved by Sun Life.
9. The Designation of Contingent Policy Owner Option is subject to the prescribed conditions set out in the policy provisions, the then current administrative rules, underwriting rules, any other requirements set out in the prescribed forms designated by Sun Life being fulfilled and the request being approved by Sun Life.
10. The application for Policy Split Option can be made once per policy year only. Upon approval of the Policy Split, the policy year, maturity date, policy owner and insured(s) of the Split Policies etc. will be same as Original Policy and no cooling-off period is available for Split Policies. The Notional Amount of Split Policies cannot be less than the minimum amount requirement as required by the then current administrative rules. The application for the Policy Split cannot be withdrawn or changed once the Policy Split is approved and completed.

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. This plan is 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.