The new HSBC Life Diamond Prestige IUL offers strategic legacy planning for high-net-worth families.
In the landscape of wealth, the true hallmark of prosperity isn’t just in acquiring assets but in effectively passing them on – a practice perfected in the art of legacy planning. This involves more than just writing a will; it’s about ensuring that your wealth serves future generations in the ways you intend, combining financial planning, tax optimisation, and personal values into a coherent strategy that stands the test of time.
In Singapore, where family and business assets are pivotal elements of wealth, the need for comprehensive legacy planning is particularly pronounced. And while many families likely recognise the importance of legacy planning, the actual number who have a proper plan in place is not clear. Financial institutions such as banks and insurers play a critical role in bridging this gap, providing expert guidance in securing a family’s financial future.
HSBC Life Singapore, a subsidiary of one of the world’s most prestigious banking institutions, is at the forefront of addressing these needs with expertise and sensitivity. Its new indexed universal life product, the HSBC Life Diamond Prestige IUL, is tailored to the intricacies of substantial wealth, offering flexible wealth accumulation, efficient financial planning and lifelong insurance coverage for unforeseen needs. This product ensures that clients’ assets are not merely preserved but dynamically working to fulfil long-term visions.
Harpreet Bindra, CEO of HSBC Life Singapore, reflects on the unique position the insurer holds in this area: “The benefit of being part of an established and illustrious global banking and financial institution like HSBC is that we approach legacy planning with a uniquely broad view of clients’ needs backed by years of experience in wealth management and serving HNW clients. We are able to create holistic, bespoke propositions that serve our clients’ needs not only across the wealth spectrum, but also in wellbeing pillars from physical to financial health.”
The company’s leadership in the high-net-worth space is reflected in its standing in the Agility WealthLens Brand Affinity Rankings, where HSBC Life is currently ranked second with ambitions to lead by 2024. Such recognition points to the company’s dedication to excellence and innovation in all aspects of wealth management and legacy planning.
The new HSBC Life Diamond Prestige IUL offers lifelong protection for death and terminal illness to protect wealth, manage business cash flow and leave a financial inheritance for future generations. This foundational coverage is crucial for protecting policy owners, aiding them in managing their business liquidity, and securing financial resilience for future generations. In particular, the policy encourages one to embark on a healthy lifestyle and incentivise those who show improved health conditions and even smokers who manage to quit smoking with a discount on their insurance charges.
The HSBC Life Diamond Prestige IUL enables policyholders to harness growth potential with an Index Account while providing downside protection. The policy structure allows capital appreciation while maintaining the peace of mind that comes with guaranteed life coverage.
The policy is designed with empowered flexibility; after the initial premium, policyholders can choose to spread the remaining premiums over a preferred period or pay in a lump sum, providing control over financial planning. The policy also includes features to meet the dynamic needs of its clientele. For example, the flexibility to allocate funds between the General Account and the Index Account allows for personalisation to various risk preferences. That said, the policy safeguards all investments with a no-lapse guarantee until the death of the life insured or five years, whichever comes first. Since life is rarely predictable, HSBC Life provides protection from market losses by ensuring that crediting rate of the Index Account will not dip below 0 per cent.
Using insurance as a tool for wealth management and legacy planning, the policy is designed to facilitate wealth transfer and ensure that assets are passed on as intended without delays or complications. With flexibility to change the life insured up to two times and unlimited changes for corporate-owned policies, HSBC Life Diamond Prestige IUL ensures that evolving wealth accumulation and protection needs for both the family or business needs are accommodated.
As a growing number of Singaporeans consider their future in a more deliberate way and the impact they leave on their future generations, companies like HSBC Life play an increasingly vital role in legacy and estate planning. By providing a robust platform for growth, flexibility and estate equalisation, HSBC Life empowers individuals to craft legacies that resonate with their personal visions and values, ensuring it gets passed from generation to generation.
Visit grp.hsbc/hsbclifeIUL to learn more about HSBC Life Diamond Prestige IUL. This advertisem*nt has not been reviewed by the Monetary Authority of Singapore. T&Cs apply.
(Images: HSBC)
The information in this article is accurate as of the date of publication.
