Our life is filled with different milestones, such as getting married, having children, and buying a flat, and we often find ourselves shouldering more responsibilities. However, the complexity of insurance products can deter many individuals from fully understanding the differences among them, thereby exposing themselves and their families to potential risks.

This article aims to demonstrate the distinctions betweenlegacy planning insurance and whole life insurance products, including age limitations and important considerations. By doing so, we hope to provide you and your family with the most secure protection.

Create and Preserve Wealth for MyLegacy Planning

You may wish to be prepared for the unexpected in life, but also pass on your success to your loved ones at the same time. A legacy planning insurance equips with both long-term growth and high financial flexibility could meet your needs of different life events, and also enable you to share your life-long achievement with your loved ones and future generations. 

What is the difference between legacy planning insurance and whole life insurance?

Legacy planning insurance is a product that combines savings and life insurance, designed specifically for individuals seeking long-term financial planning and wealth transfer. Legacy planning insurance generally provides higher savings interest rates and insurance coverage, which can be used for financial protection in case of unexpected events and for future savings. If the insured passes away during the coverage period, the insurance company will provide a pre-agreed amount of money to the designated beneficiary as a form of effective wealth transfer.

How can legacy planning insurance be used for wealth transfer?

Some legacy planning insurance allows you to transfer your wealth to the next generation in flexible ways. The plan provides unlimited changes to the insured of the policy for unlimited times, designates a successor insured or converts partial surrender value of the policy to a split policy.

How are the premiums of a legacy planning insurance plan calculated?

The premium of a legacy planning insurance plan is usually calculated based on factors such as the age, gender, coverage amount, and coverage period of the insured person. Some legacy planning insurance is a lump sum premium payment, with a minimum policy amount of USD 25,000, and the maximum policy amount is determined by the company based on individual circumstances.

What should I pay attention to when purchasing legacy planning insurance?

When purchasing legacy planning insurance, you need to carefully evaluate your own protection needs, read the legacy planning insurance contract and terms in detail, understand the insurance period, premiums, coverage amount, beneficiaries, etc., and avoid unnecessary risks due to misunderstandings. In addition, you should choose a reliable insurance company to ensure that your legacy planning insurance plan can be effectively implemented.

For further information about legacy planning insurance plan, please contact Chubb Life Hong Kong Insurance Consultant or call our Customer Service Center Hotline at (852) 2894 9833 to schedule a free consultation to plan for your legacy planning insurance protection.

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Disclaimer - All contents of this article are intended for general information/guidance purposes only and not intended to be an offer or solicitation of insurance products or personal advice or a recommendation to any individual or business of any product or service. This article should not be relied on for legal advice or policy coverage and cannot be viewed as a substitute to obtaining proper legal or other professional advice, or for reading the policy documents. You should read the policy documents to determine whether any of the insurance product(s) discussed are right for you or your business, noting different limits, exclusions, terms and conditions apply in each country or territory, and not all cover is available in all countries or territories.</sup>