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.

 

The availability of the limited offer version of Generations II is subject to a quota limit (“Limited Offer”). For details, please contact your advisor for a sales illustration1. 

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 Bonus2 and one-time Terminal Bonus2
  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 Benefit3
  5. Offers 3 flexible Death Benefit Settlement Options4 for your family should the worst happen
  6. Emergency relief anytime, anywhere with our free Worldwide Emergency Assistance Benefit5

 

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.

 

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.

 

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. 

  1. Sun Life Hong Kong Limited (“Sun Life”) reserves the right to withdraw the Limited Offer without prior notice. The receipt of premium by Sun Life does not represent the acceptance of your application for the Limited Offer. If the application is declined, the amount of actual premium paid at the time of application will be refunded without any interest.
  2. The Reversionary Bonus and Terminal Bonus are non-guaranteed and are determined in accordance with the rules set out by 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.
  3. 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.
  4. 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. 
  5. 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.

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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