Generations Life Insurance Plan III

Whole Life Insurance (Legacy Planning)

Lifelong protection and savings designed to protect and grow your family legacy.

Policy Reverse Mortgage Programme - Eligible Life Insurance Plan

Generations Life Insurance Plan III (“Generations III”) is a participating whole life insurance plan designed to protect and grow your family legacy. Generations III offers you a true lifelong protection and an option for legacy planning that tailors your financial situation. It also provides a comprehensive business protection to mitigate financial impact of loss of key person(s) in your company during the unfortunate events to help in business continuity. The key person insurance also offers flexibility in business planning as the corporate policy owners to change the insured at any time after policy issuance.


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Highlights

  1. Guaranteed lifelong protection with flexibility.
  2. Long-term savings and growth potential – Enjoy Guaranteed Cash Value and non-guaranteed Terminal Bonus1 to grow your wealth.
  3. Tailored coverage for different lifestyles with six underwriting classes.
  4. Incapacity Safety Net – Appoint a family member to file a claim2 for you in case you are unable to do so.
  5. Take extra comfort during challenging times with the Accelerated Benefit which covers Terminal Illness3 and Accidental Coma4 (Appliable to Generations III – 50 only).
  6. Comprehensive Death Benefit Settlement Option – Design the best payout pattern.
  7. Emergency relief anytime, anywhere with our free Worldwide Emergency Assistance Benefits5.
  8. Protection for your policy – Designate Contingent Policy Owner6 and Interim Policy Owner6 after policy issuance to ensure your policy to be passed on to the heir of your choice.

         Learn more about Contingent Policy Owner and Interim Policy Owner

Generations III offers 3 plans:

Generations III - 50 offers an affordable life protection and savings along your evolving needs in your life. We understand you might need more protection in your early stage for achieving life goals at affordable price, after the first 10 policy years, the guranteed portion of Death Benefit will decrease from 100% of Sum Assured by 5% every year for 10 consecutive years to 50% of Sum Assured, and it will be remained at 50% of Sum Assured till the end of your policy; or by total premiums paid, whichever is higher.

In addition, the Accelerated Benefit provides you with the utmost financial support during times of crisis. You can receive 50% of the Death Benefit7,8 in advance in the unfortunate event that the insured is diagnosed with a Terminal Illness3 or Accidental Coma4, up to a maximum of USD2,000,000 per life insured. Should the insured pass away afterwards, the remaining amount of Death Benefit will be paid to the beneficiary.

You may appoint a family member as the Designated Benefit Recipient9 in advance so your family can quickly make a claim against your policy in the event of an emergency without having to navigate complicated legal proceedings.

Generations III - 70 prepares you a balance of life protection and savings along your evolving needs in your life. We understand you might need more protection in your early stage for achieving life goals at affordable price, before the 20th policy anniversary or the policy anniversary immediately following the insured’s 70th birthday, whichever is later, the guaranteed portion of Death Benefit will decrease from 100% of Sum Assured by 3% every year for 10 consecutive years to 70% of Sum Assured, and it will be remained at 70% of Sum Assured till the end of your policy.

 

Generations III - 100 guarantees a Death Benefit at 100% of Sum Assured for the whole life. It helps you safeguard those who are the most important to you. Enjoy complete life protection throughout the policy, so you and your family can live life carefree. 

  1. The Terminal Bonus is non-guaranteed and is determined in accordance with the rules set out by Sun Life Hong Kong Limited (“Sun Life HK”) from time to time. The 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 are not limited to, claim experience, policy expenses, taxes, and policy owner persistency experience. The cash value of Terminal Bonus might not be equal to its own face value. For details of bonuses, please refer to Bonus Philosophy under section Important Information and Sun Life HK’s website (www.sunlife.com.hk).
  2. The irrevocable beneficiary(ies) (if any) and the assignee (if any) must agree in writing to the requested designation of (a) the Incapacity Benefit Recipient; and (b) the Incapacity Benefit Percentage. Any existing Incapacity Benefit Recipient will be automatically revoked when (a) you designate a new Incapacity Benefit Recipient and your request is approved by us; (b) the policy owner is changed; (c) Sun Life HK 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 (d) Sun Life HK 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 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 HK reserves the right to withhold the payment of the Incapacity Benefit until such dispute is resolved.
  3. A Terminal Illness means the insured is diagnosed as suffering from a condition that, in the opinion of the attending Registered Medical Practitioner and our medical officer is highly likely to result in death within 12 months from the date of such diagnosis.
  4. Accidental Coma means a state of unconsciousness, which resulted from an accident, with no reaction to external stimuli or internal needs persisting continuously with the use of life support systems for a period of at least one week and resulting in neurological deficit, which in our medical officer’s opinion is of a permanent nature.
  5. The Worldwide Emergency Assistance Benefits is provided by a third-party service provider. This benefit is not guaranteed to be renewable. Please refer to a sample endorsement, which will be provided upon request, for details including definitions, full terms and conditions, and exclusions.
  6. Requests may be subject to our underwriting approval.
  7. Once the Accelerated Benefit is claimed, the Sum Assured, Guaranteed Cash Value, any face value and cash value of the Terminal Bonus, future declaration of Terminal Bonus, and any future premiums due will be reduced on a pro rata basis based on the amount of the Accelerated Benefit. If Sun Life HK has paid out the Accelerated Benefit, the Death Benefit will be paid based on the reduced Sum Assured if the insured passes away.
  8. If you are eligible to claim both the Accelerated Benefit and Incapacity Benefit due to the diagnosis of the policy owner and the insured, we will pay the approved claim under the Accelerated Benefit first. The Sum Assured will be reduced proportionally based on the amount we paid under the Accelerated Benefit. Any claims under the Incapacity Benefit will be paid from the reduced Sum Assured.
  9. It is only applicable if (a) the proposed Designated Benefit Recipient must be age of eighteen (18) or above; (b) the proposed Designated Benefit Recipient and proposed Incapacity Benefit Recipient must be the same person; (c) satisfactory evidence of the proposed Designated Benefit Recipient according to the 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 the Designated Benefit Recipient.

The above information is a product summary only and does not contain the full terms and benefits of the policy, please contact your Advisor for details. 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 product summary, the Policy Document shall prevail.

View bonus philosophy

Important Notes on Policy Reverse Mortgage Programme (“PRMP”)

Generations Life Insurance Plan III is an eligible life insurance plan under PRMP, providing you a stable income to improve the quality of retirement life. For further information about the PRMP, please refer to the Hong Kong Mortgage Corporation Limited (HKMC) website: www.hkmc.com.hk or download PRMP leaflet.

Please note that Generations Life Insurance Plan III is an eligible life insurance plan under PRMP, but it does not necessarily mean that your PRMP application will be approved. The eligibility of this product under the PRMP is based on the features of the product. You and your life insurance policy are still required to meet the eligibility criteria under PRMP before you apply for the policy reverse mortgage loan.

The general information provided by us on PRMP is for reference only, and you should not make any decisions based on such information alone. You should always seek for advice from professional bodies if you have any doubts. Please note that the information provided is subject to change including the eligibility criteria for PRMP. We do not take any responsibility to inform you about any changes and how they may affect you. The PRMP is 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.