Generations II

 

Without limiting the protection period, Generations II offers you a true lifelong protection and an option for legacy planning that tailors your financial situation. It also provides a comprehensive business protection that helps to mitigate financial impact of loss of key person(s) in your company during the unfortunate events to help in business continuity.

Highlights:

  1. Offers 3 types of premium payment terms: single pay, 5 years and 10 years for lifelong protection
  2. Help you to grow your wealth with 2 types of non-guaranteed bonuses: Reversionary Bonus1 and one-time Terminal Bonus1
  3. With 6 underwriting classes, you will be rewarded with a lower premium if you lead a healthier lifestyle
  4. In case you lose mental capacity to file a claim, the plan supports you through the Mental Incapacity Benefit2
  5. Offers 3 flexible Death Benefit Settlement Options3 for your family should the worst happen
  6. Emergency relief anytime, anywhere with our free Worldwide Emergency Assistance Benefit4

 

Generations II offers 3 plans:

Generations II - 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, starting from age of 65 or the 15th policy anniversary (whichever is later), 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 Mental Incapacity Benefit supports you in case of an emergency, enabling your loved ones to claim quickly from your policy in case you become mentally incapacitated, without legal complications. That way, you can rest assured knowing your loved ones will have financial support even when the hard times come.

 

Case Study 

Mr. A is the sole breadwinner of his family and works hard to ensure they live well. However, he worries that they will suffer if he is no longer able to provide for them. He chooses Generations II - 50, confident that the Mental Incapacity Benefit will provide extra support. He designates his wife, Mrs. A, as the Mental Incapacity Benefit Recipient, and decides on a 25% Mental Incapacity Benefit Percentage.

Mr. A

Age 45

Non-smoker standard rates  |  Married with 2 children

Sum Assured: USD10,000,000

Single Premium Paid: USD2,237,000

Premium Payment Term: Single pay

  • Mr. A is diagnosed as Mentally Incapacitated Person at his age 85. Mrs. A, the Mental Incapacity Benefit Recipient, files a claim on behalf of Mr. A. The Total Cash Value on the date of claim approval is USD7,527,259. As 25% for Mental Incapacity Benefit Percentage was selected, she will get the amount of USD1,881,815. Upon payment of Mental Incapacity Benefit, the Sum Assured of the policy will be reduced to USD 7,997,513 and Guaranteed portion of Death Benefit will be reduced from USD 5,000,000 to USD 3,998,7575
     
  • Mr. A passes away at age 90
  • Mr. A surrenders his policy at age 90

The above diagram is for illustrative purpose only, please refer to product brochure and sample policy document for details.

Generations II - 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, starting from the age of 70 or the 20th policy anniversary (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.

 

Case Study

Mr. B lives a comfortable life, providing for himself and his elderly parents. Always the one to plan ahead, he wants to have security for the future, in case of any unexpected needs or expenses. He chooses Generations II - 70 with 10 years premium payment term for further peace of mind against unpredictable changes.

Mr. B

Age 45

Non-smoker standard rates  |  Have elderly parents

Sum Assured: USD10,000,000 

Annual Premium: USD337,200

Premium Payment Term: 10 years

Premium Payment Mode: Annually

Mr. B surrenders his policy at age 85

Mr. A passes away at age 85

The above diagram is for illustrative purpose only, please refer to product brochure and sample policy document for details.

Generations II - 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. 

 

Case Study

With a spouse and 2 children depending on him, Mr. C knows that he needs to ensure they are protected against life’s uncertainties. He chooses Generations II - 100 for the comprehensive life protection the plan offers, as well as for financial peace of mind.

Mr. C

Age 45

Non-smoker standard rates  |  Have 2 children

Sum Assured: USD10,000,000 

Single Premium Paid: USD3,497,100

Premium Payment Term: Single pay

Mr. C surrenders his policy at age 85

Mr. C passes away at age 85

The above diagram is for illustrative purpose only, please refer to product brochure and sample policy document for details.

  1. The Reversionary Bonus and Terminal Bonus are non-guaranteed and are determined in accordance with the rules set out by Sun Life Hong Kong Limited (“Sun Life”) from time to time. The Reversionary Bonus and 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 termination experience. And the cash value of Reversionary Bonus and Terminal Bonus might not be equal to their own face value.
  2. It is only appliable if (a) the policy owner and the insured must be the same person at the time you 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) you designate a new Mental Incapacity Benefit Recipient and it is approved by Sun Life; (b)any change of policy owner of the policy; (c) 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 (d) 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 or committee, attorney, or beneficiary(ies), or assignee, or in our our reasonable belief that 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. The Death Benefit Settlement Option may be exercised subject to a minimum amount of Death Benefit and the then current administrative rules determined by Sun Life from time to time. 
  4. The Worldwide Emergency Assistance Benefit is provided by a third party company, Inter Partner Assistance Hong Kong Limited. The 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.
  5. The above case study illustrates a withdrawal which exceeds the remaining balance of cash value of accumulated Reversionary Bonus will be deducted from the Guaranteed Cash Value and the cash value of Terminal Bonus, which in turn will reduce the Sum Assured of the policy and be deemed as partial surrender and will also reduce the long-term value of the policy. The actual amount of Mental Incapacity Benefit may be less than the amount as illustrated above.
    The Sum Assured of the basic plan cannot be less than the minimum amount as required by the current administrative rules and the amount available for a loan cannot be less than zero upon payment of Mental Incapacity Benefit, and the actual amount of Mental Incapacity Benefit may be less than the amount payable. When an automatic partial surrender is triggered in the course of payment of Mental Incapacity Benefit, the Sum Assured, Guaranteed Cash Value, future declaration of Reversionary Bonus and Terminal Bonus, and the total Premium due and paid for the plan will be reduced accordingly.
  6. For details of guaranteed portion of Death Benefit, please refer to corresponding Applicable Percentage of Sum Assured under Key Product Information of Generations II Product Brochure.

The above information is a product summary only, please contact your Advisor for details. Please refer to the product brochure and sample Policy Document for details including definitions, full terms and conditions and exclusions including product risks. If there is any conflict between the Policy Document and this product summary, the Policy Document shall prevail.

 

The below disclosure applies to the bonuses of Generations II illustrated in Product Brochure and Proposal:

The projection of illustrated bonuses is dependent on current and ultimate investment yields.  The ultimate investment yields make reference to ultimate interest rate assumptions with an additional margin of prudence adopted by the Company. These assumptions are influenced by actuarial guidance on ultimate risk-free interest rates published by the Canadian Institute of Actuaries, amongst other factors.  The actuarial guidance as of July 3, 2019 suggests ultimate risk-free interest rates between 3.5% to 5.5%.

 

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