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November 27, 2024

Sun Life partners with the HKMC to refer the Policy Reverse Mortgage Programme and the Reverse Mortgage Programme, enhancing its diversified products and services in building a 360 Retirement Planning Solution

Hong Kong, Nov 27, 2024 – Sun Life Hong Kong Limited ("Sun Life") announced today a collaboration with The Hong Kong Mortgage Corporation Limited (“HKMC”). This collaboration enables Sun Life’s financial advisors to refer Clients to the Policy Reverse Mortgage Programme (“PRMP”) and the Reverse Mortgage Programme (“RMP”)1, enhancing the quality of their retirement lives by providing them a steady stream of income. With its diversified retirement financial products and services, Sun Life strives to build a 360 Retirement Planning Solution that meets Clients’ diverse needs and financial goals for retirement.  

According to the research conducted in July 2024, titled "Retirement Reimagined: facing the future with confidence" 2, conducted by Sun Life, Hong Kong workers anticipate retiring at an average age of 66, which is five years later than the current average retirement age of 61. Notably, 12% of non-retirees have actively chosen to postpone their retirement plans, while 9% of retirees have made the same decision, reflecting the ongoing changes in economic conditions and personal circumstances. Furthermore, among retirees who are currently spending more than expected, 57% attribute this to an increase in the general cost of living, while 43% cite rising healthcare expenses. In light of these challenges, many individuals are compelled to reduce their spending (71%) and forego medical treatment for certain conditions (57%). These findings highlight a significant gap in retirement planning among Hong Kong residents.

In addition, population aging is becoming more acute in Hong Kong, a trend that has been accelerating recently. Government data3 indicates that the elderly (those 65 or above) constitute roughly 20% of the local populace in 2021. It is estimated that by 2046, one in every three residents will be at least 65 years old.

Christine Yeung, General Manager, Life and Health of Sun Life Hong Kong Limited, said: "Retirement marks an important stage in our life journey. As we grapple with the challenges presented by an aging demographic, the need for comprehensive retirement strategies are more important than ever. We are delighted to collaborate with the HKMC to provide more flexible retirement planning. This partnership empowers our financial advisors to craft bespoke, holistic retirement financial plans tailored to our Clients' needs. By leveraging the diversified products and services under our 360 Retirement Planning Solution, we remain committed to helping our Clients achieve lifetime financial security and their ideal retirement lifestyle.”

Raymond Li, Executive Director and Chief Executive Officer of The Hong Kong Mortgage Corporation Limited, said, “The PRMP and the RMP1 help retirees convert their life insurance policies or their residential properties into steady monthly payouts, creating lifelong streams of income, thereby enhancing the quality of their retirement lives. We are pleased to collaborate with Sun Life to introduce the PRMP and the RMP to more clients, and to jointly promote the development of the retirement planning market.”

To fulfill the retirement planning needs of Clients across different age groups, Sun Life has launched a 360 Retirement Planning Solution. This solution encompasses a wide range of products and services, which include: 

  • Collaboration with the HKMC: Refer Clients to the PRMP and the RMP1, which provide a stable income to enhance the quality of retirement life.
  • Diversified savings and life insurance plans: Generations II, SunGuardian, SunGuardian (Care Version), SunProtect, LIFE Brilliance, and Vital are eligible life insurance plans4 under the PRMP.
  • Newly-launched Stand-by-you Accident Protection Plan5: The maximum issue age is 75 years old, with a benefit term up to the age of 80. In addition to the primary protection, tailored coverage options are available throughout different life stages. Specifically designed for the elderly, the exclusive accidental coverage includes broken bone benefit, intensive care unit cash, and transportation cash allowance, providing timely and appropriate protection.
  • Safeguarding Clients’ health throughout their retirement journey: Sun Life’s healthcare service platform, eSunPro6, offers comprehensive value-added services, from initial diagnosis to post-treatment care for eligible Clients, supporting their medical needs in retirement. In response to the retirement trend in the Greater Bay Area, eligible Clients can enjoy free navigation and accompanying services within the mainland China hospital network through the “Mainland China VIP Medical Navigation Service”.
  • Expansion of agency force: The goal is to increase the number of financial advisors from 2,600 at the beginning of this year to 3,300 by 2025, in order to meet the needs of business development.
  • 360 Retirement Planning Ambassador Programme: The “360 Retirement Planning Ambassador” certification programme, scheduled for launch in 2025, is designed to equip financial advisors with legally compliant financial strategies and legal knowledge for the elderly, in order to meet the needs of Clients.

 

END

 

Photo Caption 1: Sun Life partners with the HKMC to refer the Policy Reverse Mortgage Programme and the Reverse Mortgage Programme, enhancing its diversified products and services in building a 360 Retirement Planning Solution.

(from left to right: Mr. Mark Tian, Chief Agency Strategy and Growth Officer of Sun Life Hong Kong Limited; Ms. Christine Yeung, General Manager, Life and Health of Sun Life Hong Kong Limited; Mr. Clement Lam, Chief Executive Officer of Sun Life Hong Kong Limited; Mr. Raymond Li, Executive Director and Chief Executive Officer of The Hong Kong Mortgage Corporation Limited, and Ms. Angela Leung, Vice President (Marketing and Business Development) of The Hong Kong Mortgage Corporation Limited.)

Photo Caption 2: By leveraging the diversified products and services under 360 Retirement Planning Solution, Sun Life remains committed to helping their Clients achieve lifetime financial security and their ideal retirement lifestyle.

(from left to right: Ms. Christine Yeung, General Manager, Life and Health of Sun Life Hong Kong Limited, Mr. Mark Tian, Chief Agency Strategy and Growth Officer of Sun Life Hong Kong Limited and Mr. Jacky Man, Head of Product Proposition of Sun Life Hong Kong Limited.)

 

Remarks

1. The PRMP and the RMP are operated by HKMC Insurance Limited, a wholly-owned subsidiary of the HKMC. For further information, please refer to the HKMC website: www.hkmc.com.hk.

2. Sun Life’s research, titled “Retirement Reimagined: facing the future with confidence” : https://p1.aprimocdn.net/sunlife/66be1f31-f9d5-48ee-996c-b1fe0020c287/retirement%20reimagined%20hong%20kong%202024-original-file.pdf

3. Hong Kong population projections for 2022-2046 released by the Census and Statistics Department : https://www.info.gov.hk/gia/general/202308/15/P2023081500308.htm?fontSize=1

4. Generations II, SunGuardian, SunGuardian (Care Version), SunProtect, LIFE Brilliance, and Vital are eligible life insurance plans under the PRMP, this does not necessarily mean that a Client’s PRMP applications will be approved. The eligibility of these products under the PRMP is based on the features of the products. Therefore, the Client and the Client’s insurance policy are still required to meet all the eligibility requirements under the PRMP before he/she applies for the policy reverse mortgage loan under the PRMP.

5. Stand-by-you Accident Protection Plan: https://www.sunlife.com.hk/en/insurance/accident-and-disability/stand-by-you/

6. eSunPro – Sun Life’s value-added services: https://www.sunlife.com.hk/en/insurance/value-added-services/

 

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 September 30, 2024, Sun Life had total assets under management of $1.51 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

Sun Life Hong Kong Limited

Kate Siu

Tel: (852) 3183 3696

Email: kate.wy.siu@sunlife.com

Weber Shandwick
Juliana Li

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

      

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