Sun Life of Canada (Philippines) Inc. has launched a new insurance product for high-net-worth clients, aiming to capture a share of the $5.8 trillion expected to change hands across Asia in an intergenerational wealth transfer by 2030.
The insurer’s new product, “Sun Life Premier Legacy,” targets high-net-worth (HNW) Filipinos at a time when local wealth holders are expressing concern over the preservation of their estates.
According to Sun Life’s proprietary “Passing the Torch” research, while 81% of wealthy Filipinos fear their fortunes will vanish after they die, only 18% have formal legacy arrangements in place.
The study, which surveyed 3,000 respondents across six Asian markets, highlights a significant “readiness gap” in the Philippines. While 64% of respondents are aware of estate planning tools such as wills, only 32% use them, and 25% have no plan at all.
“The numbers tell a compelling story,” said JJ Moreno, who assumed the role of Country Head and CEO of Sun Life Philippines on April 1.
“Filipino families recognize the importance of legacy planning… However, most haven’t translated that awareness into action. This represents both an urgent need and a significant market opportunity.”
The shift toward more structured solutions is driven by domestic concerns: 64% of respondents worry heirs are ill-equipped to manage wealth, while 49% cite family disputes as a key risk.
Sun Life said the product provides life insurance coverage from day one through age 100, designed to create liquidity for estate taxes and business succession—particularly in portfolios dominated by illiquid real estate.
It includes a “Mental Incapacity Benefit,” allowing a designated individual to manage the plan if the policyholder becomes incapacitated, and a “Legacy Settlement Option” that enables staggered payouts to beneficiaries.
“This isn’t simply a product launch. It’s a statement of intent about serving a market at a critical inflection point,” Moreno added.
