- Under this milestone collaboration, SunBrilliance Indexed Universal Life will be the first universal life insurance solution to be made available to Prudential Financial Advisers Singapore’s clients.
- SunBrilliance Indexed Universal Life is Sun Life Singapore’s latest innovative offering for the Affluent and High Net Worth (“HNW”) client segments, with first-in-market features such as Legacy Plus (offering death benefit payout in single or instalment basis) and philanthropic elements as part of Sun Life Singapore Philanthropic Pledge.
- The collaboration with Prudential Financial Advisers Singapore is part of Sun Life Singapore’s expanded distribution strategy, as the company continues its positive growth trajectory to achieve S$500m worth of premiums to be collected by the end of 2023.
Singapore – (15 November 2023)
Sun Life Assurance Company of Canada Singapore Branch (“Sun Life Singapore”) today announced its inaugural collaboration with Prudential Financial Advisers Singapore (“PFA”), the financial advisory arm of Prudential Singapore, to provide its SunBrilliance Indexed Universal Life to PFA’s clients.
The collaboration comes amid rising demand for alternative life insurance solutions among the investment-savvy, especially against a backdrop of market volatility and high interest rates. Addressing this gap, Sun Life Singapore launched SunBrilliance Indexed Universal Life plan in July 2023 to cater to this growing interest in Singapore and Asia.
Sun Life Singapore’s SunBrilliance Indexed Universal Life will be made available to PFA’s clients through PFA’s financial representatives. It will be the first universal life insurance solution made available to PFA’s clients since the latter was officially launched in April 2023.
Michael Wei, Chief Partnership and Marketing Officer, Sun Life Singapore, said: “We are delighted to be collaborating with Prudential Financial Advisers Singapore to extend our HNW insurance offerings to a wider community in Singapore. Sun Life is an international financial services organisation with over 150 years of serving clients globally, as well as a market leader in HNW insurance in Asia. This strategic collaboration of two insurance powerhouses will enable us to better address the rising wealth preservation and financial needs in the local community.”
Bernard Chai, CEO of Prudential Financial Advisers Singapore, said: “We are pleased to collaborate with Sun Life Singapore to bring its indexed universal life insurance solution to our customers. As life expectancies increase, customers are looking for a wider range of comprehensive solutions that can help them address their lifelong financial needs. With this addition, PFA can provide customers with more choices across our suite of health and life protection products, savings, wealth solutions and general insurance.”
The partnership with PFA is in line with Sun Life Singapore’s expanded business focus on diversifying its distribution channels and opening up more opportunities to make innovative products like SunBrilliance Indexed Universal Life more accessible.
Sun Life Singapore started operations in 2020 with a single-channel distribution focus on international brokers. Over a short span of three years, its distribution model has evolved into a multi-channel network with 18 distribution partners including international brokers, independent and insurer-led financial advisory firms, to serve clients in Singapore and across Asia.
With its exclusively curated distribution network and innovative HNW insurance solutions to meet clients’ evolving needs in wealth preservation and succession, Sun Life Singapore has been on a positive growth trajectory to achieve S$500m worth of premiums to be collected by the end of 2023, since its first product launch in April 2021.
Sun Life Singapore designed SunBrilliance Indexed Universal Life with the goal to meet the wealth planning needs of HNW individuals. Amid uncertainty and volatility in today’s landscape, HNW individuals are looking for long-term security and protection, as well as opportunities to take advantage of market upsides and capture attractive returns. SunBrilliance Indexed Universal Life is the latest in Sun Life Singapore’s product suite, offering a balance of lifetime coverage and high potential growth linked to the S&P 500 index performance.
It also provides first-in-market features, such as Legacy Plus which allows the death benefit to be paid out either at one time or in annual instalments up to a period of 10 years. Under Sun Life Singapore Philanthropic Pledge, the company will donate up to 0.5% from the premiums received, with a cap of US$20,000 per policy for every purchase of SunBrilliance Indexed Universal Life towards philanthropy and charity programmes in Singapore.
More information about SunBrilliance Indexed Universal Life can be found here
About Sun Life
Sun Life is a leading international financial services organisation providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2023, Sun Life had total assets under management of C$1.37 trillion. For more information, please visit www.sunlife.com. For more information about Sun Life Singapore, pls visit www.sunlife.com.sg
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
About Prudential Financial Advisers Singapore
Prudential Financial Advisers Singapore is the financial advisory arm of Prudential Singapore, one of Singapore’s leading life insurance companies. The company offers customers a range of insurance products and wealth advisory services. Prudential Financial Advisers Singapore is licensed and regulated by the Monetary Authority of Singapore (MAS).
