81% fear wealth loss, Sun Life responds

A widening gap in wealth preparedness among Filipino families is driving demand for structured legacy planning solutions, according to Sun Life of Canada (Philippines), Inc. (Sun Life) which has launched a new product aimed at addressing inheritance and succession risks in the country’s high net worth segment on Tuesday, 5 May at the Grand Hyatt Manila, Taguig City.

The insurer introduced Sun Life Premier Legacy as Asia faces an estimated $5.8 trillion intergenerational wealth transfer by 2030, positioning the product as a tool for long-term wealth preservation and orderly transfer across generations.

At the core of the launch is a concern highlighted by internal research: many Filipino wealth holders remain uneasy about whether their assets will survive beyond the next generation.

"We saw that 81 percent of Filipino wealth holders fear that the wealth that they created won’t be preserved beyond the next generation,” said Carla Gonzalez-Ching, Sun Life Philippines chief client experience and marketing officer. “Only 18 percent feel prepared with any legacy arrangement in place, and only 6 percent have completed and communicated that legacy to heirs.”

She added that a quarter of respondents admitted having no plan at all, while many remain aware of estate planning tools but lack confidence in using them.

"This is not really a lack of awareness, but rather probably a preparedness issue, where successors feel overwhelmed and don’t know where to start,” she said.

Sun Life said the product was developed after identifying two main client profiles: business founders and older wealth creators, and their successors, particularly in Metro Manila. The study found that discussions on inheritance often extend beyond finances and into family relationships, values, and business continuity.

To respond to these concerns, Sun Life Premier Legacy introduces two key features.

The first, the Legacy Settlement Option, allows policyholders to structure how benefits are distributed to heirs, including staggered payouts or installment-based releases. It may also be directed toward philanthropic causes.

The second is the Mental Incapacity Benefit, which allows a pre-designated individual to access policy benefits if the insured becomes unable to manage financial affairs due to illness or disability.

"This makes Sun Life Premier Legacy an ideal solution with families with very specific financial needs and the need to partner with someone to ensure that their vision and plans for the future becomes a reality no matter what,” Gonzalez-Ching said.

She added that the product is intended for families “choosing to be prepared” as they navigate increasingly complex wealth structures.

Beyond insurance coverage, the package includes dividend potential, priority processing, medical concierge services, and access to legacy planning forums.

Sun Life said the initiative reflects broader client concerns, including fears of family disputes, tax complexity, and lack of preparedness among heirs.

The company also noted that 64 percent of wealth creators worry their successors are not equipped to manage inherited assets, while 49 percent anticipate potential family conflict over estates.

Sun Life said the new offering is part of its broader strategy to serve the country’s growing affluent market as wealth transfer activity accelerates across Asia.

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