[Hong Kong, September 22, 2025] Hong Kong pre-retirees and retirees¹ are falling far short of financial planning for later life, with more than half having financial plans that span less than a year, while fewer than 10% have long-term financial plans for the next ten years, according to` findings in the latest Sun Life Asia Financial Resilience Index².

Sun Life announced today the launch of its brand new RetireFree Immediate Annuity Insurance (RetireFree). Designed to encourage early retirement planning, this new insurance solution provides a lifelong, stable and guaranteed annuity income³. As an example, the annuity rate is approximately 5.5%* for a policy purchased at age 65. Together with the RetireFree Booster Rider Insurance (Booster Rider), which offers three first-in-market⁴ protection features, these solutions empower Hong Kong residents to create the retirement lifestyle they desire with complete peace of mind.

Respondents demonstrate limited awareness and preparation in retirement planning

Hong Kong Census and Statistics Department data⁵ shows that Hongkongers’ life expectancy is increasing – as of 2023, the average life expectancy for men and women was 83 and 88, respectively. Despite this, Sun Life Asia’s latest survey² highlights significant gaps in long-term financial planning among Gen X (respondents aged 43–58) and Baby Boomers (respondents aged 59 or above):

• More than half (54%) of the respondents lack a financial plan that extends beyond one year, while only 9% are planning more than 10 years ahead;
• Over the next 12 months, managing daily expenses (60%) stands out as the top financial priority compared to saving for retirement (32%), which ranked only fourth, reflecting a lack of awareness among the majority of respondents about the importance of retirement planning;
• 55% of the respondents identified themselves as conservative investors;
• 91% of the respondents said they are feeling the effects of persistent price increases, with close to half (45%) noting its significant impact on their ability to cover monthly expenses.

These results underscore the profound financial planning gap for future retirement among Hong Kong’s pre-retirees and retirees, as well as the subsequent uncertainties during retirement that may directly impact their quality of life.

As a forward-thinking industry leader, Sun Life launched the innovative RetireFree and Booster Rider to cater to the specific needs of pre-retirees and retirees. These offerings offer Clients steady, lifelong monthly cash flow that is guaranteed, along with multiple first-in-market⁴ features covering health and death benefits, such as the Last Rites Benefit, an extra payout for coping with specified neurological disorders, and the Terminal Bonus Lock-in Option for Critical Illness. This comprehensive solution addresses some of the key financial challenges faced in retirement.

Christine Yeung, General Manager, Life and Health at Sun Life Hong Kong Limited, said: “In a region with one of the highest life expectancies in the world, Hong Kong residents could spend 20 to 30 years in retirement — about a third of their lives — assuming they retire at 60. Everyone envisages having a golden carefree retirement, so Sun Life is introducing the ‘RetireFree Immediate Annuity Insurance’ and the ‘RetireFree Booster Rider Insurance’ to help make that desired retirement a reality. These insurances are thoughtfully designed to alleviate financial pressures from longevity risks and rising medical expenses, offering Clients the support they need throughout different stages of their retirement.”

Yeung added: “The new insurances, together with Sun Life’s partnership with The Hong Kong Mortgage Corporation Limited to refer the Policy Reverse Mortgage Programme and the Reverse Mortgage Programme^#, as well as a Sun Life MPF fund designed to provide stable payouts^, form a unique ‘Four-in-One Retirement Solution’. This comprehensive solution will empower Clients to build a worry-free retirement life and fully enjoy the next chapter of their lives.”

RetireFree and Booster Rider are designed to create a retirement safety net for pre-retirees and retirees. Key features include:

When the premium meets the specified threshold, the insured will also enjoy the value-added service “HealthGuard¹⁹” Concierge Services, which includes:

1.  Free Health Check-up²⁰: Up to two complimentary health check-ups, with a choice of 15 different check-up options.
2. SunPass²¹: Exclusive discounts on a wide range of medical and wellness services.
3. Medical Concierge: Comprehensive medical and rehabilitation support across the Greater Bay Area.

From September 1, 2025 until November 30, 2025, Clients successfully apply for the RetireFree or apply the Booster Rider at the same time can enjoy up to 1.5% of premium discount on total premium¹⁹.

For more details about the plans and their promotional offers, please refer to the product brochure and promotional leaflet on Sun Life’s website.

NOTES:

¹ Referring to Hong Kong respondents aged 43 to 58 as well as 59 or above.

² Sun Life Asia’s second Sun Life Asia Financial Resilience Index surveyed over 6,000 respondents across Hong Kong, the Philippines, Indonesia, Malaysia, Singapore, and Vietnam. The study aims to explore respondents’ financial planning habits, levels of awareness, and risk preferences, while highlighting the critical role professional financial advice plays in building long-term resilience.

³ Sun Life Hong Kong Limited (Sun Life HK) by reserves the right to require satisfactory proof of survival of the insured for each policy year starting from the policy year that the Guaranteed Cash Value of the basic plan drops to zero or the year that the Cognitive Care Benefit (if Booster Rider is attached) is started to be paid, whichever is earlier. It is subject to the then current administrative rules.

⁴ The feature’s “Unique-in-market” and “First-in-market” statement is based on a comparison with other immediately annuity plans for new Composite and Long-Term Businesses as identified in the Register of Authorized Insurers by Insurance Authority as of Aug 22, 2025.

⁵ Source: Data published by the Hong Kong Census and Statistics Department in 2024 (https://www.censtatd.gov.hk/tc/page_235.html)

⁶ This interest rate is non-guaranteed and is subject to change by Sun Life HK from time to time at its sole discretion.

⁷ Overseas Transfer Service is an administrative service provided by third-party banks / service providers. This service is not guaranteed, and we reserve the right to amend or terminate this service without advance notice. The provision of the Overseas Transfer Service shall be subject to applicable laws, regulations and guidelines from the regulatory authorities of the relevant jurisdictions. 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.

⁸ Policy Owner may transfer the withdrawals to a designated recipient from the first policy anniversary. The designated recipient must pass customer due diligence requirements and comply with applicable laws, regulations, and guidelines, as well as our current administrative rules.

⁹ The Incapacity Benefit Recipient must be aged 18 or above at the time of applying for the designation of Incapacity Benefit Recipient, and the policy owner’s spouse, parent, child, sibling, grandparent, grandchild, or any other relationship as approved by Sun Life Hong Kong.

¹⁰ This optional rider benefit must be purchased simultaneously with basic plan at the time of application. Please note that Booster Rider cannot be purchased separately or added thereafter.

¹¹ Terminal Bonus is non-guaranteed and is determined in accordance with the rules set out by Sun Life HK from time to time. Terminal Bonus may vary based on the performance of a number of experience factors, with the investment return normally being the main determinant. Other factors include, but not limited to, claims experience, policy expenses, taxes, and policy owner persistency experience. The cash value of the Terminal Bonus (if any) may not be equal to the face value of the Terminal Bonus. The Terminal Bonus may be different at each subsequent declaration and the actual values paid may change. For details about the bonus, please refer to Bonus Philosophy under the Important Information section or visit Sun Life HK's website at www.sunlife.com.hk.

¹²The request to exercise Terminal Bonus Lock-in Option must be submitted within 30 days before a policy anniversary and can only be made once per policy year. Once approved, the application cannot be withdrawn or amended. After the  option is exercised, the death benefit amount of the RetireFree Booster Rider will be reduced by any lock-in amount of Terminal Bonus.

¹³ The signs or symptoms of Alzheimer’s Disease / Irreversible Organic Degenerative Brain Disorders (Dementia) or Parkinson’s Disease must be first occurred at least three policy years after the policy issue date and while the Booster Rider is in effect. The three-year waiting period will be waived if the condition is directly caused by or results from an accident. For the definition of Alzheimer’s Disease / Irreversible Organic Degenerative Brain Disorders (Dementia) and Parkinson’s Disease, please refer to the sample Policy Document, which will be provided upon request.

¹⁴“Age 80” refers to the policy anniversary on or immediately following the insured’s 80th birthday, whichever is earlier.

¹⁵ The maximum benefit is up to USD50,000 per life per year and it covers all policy(ies) of Booster Rider and any other products with the same Cognitive Care Benefit issued by Sun Life HK for the same insured.

¹⁶ The maximum personal coverage is USD62,500, which includes all RetireFree policies and any other policies issued by Sun Life Hong Kong for the same insured that feature the same Last Rites Benefit.

¹⁷ “Age 85” refers to the policy anniversary on or immediately following the insured’s 85th birthday, whichever is earlier.

¹⁸ The maximum aggregate amount for this benefit is up to USD1,250,000 per life and it covers all policy(ies) of basic plan and any other products with the same Accidental Death Benefit issued by Sun Life HK for the same insured.

¹⁹ Offers are subject to terms and conditions. For promotion details, please refer to the relevant promotional leaflet.

²⁰ The health check-up options are subject to change. For details, please refer to the health check-up voucher.

²¹ The list of medical and healthcare service providers is administered by MediConCen Limited. Some doctors on the list may offer multiple services. The list is subject to changes and updates without prior notice.

^*The annuity rate is provided as an example based on application on Sep 17, 2025. The annuity rate is determined based on the current market condition and is calculated as a percentage of the maturity value of the basic plan and any paid single premium. It varies depending on the insured's gender and age at the time the policy is issued. Once the policy is issued, the annuity rate is fixed and guaranteed throughout the benefit term.

^#The Policy Reverse Mortgage Programme and the Reverse Mortgage Programme are operated by HKMC Insurance Limited, a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. Terms and conditions apply. For further information, please refer to: www.hkmc.com.hk.

^{^}Disclaimer: Investment involves risks and past performance is not indicative of future performance. Investment return may rise as well as fall.

This press release is intended to be distributed in Hong Kong only and shall not be construed as an offer to sell or solicitation to buy or provision of any products of Sun Life Hong Kong Limited outside Hong Kong. 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.

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