Singlife launches 388-year legacy insurance plan

Policyholders can change the life assured and appoint a secondary insured person across generations.

Singlife has launched Singlife Heritage Reserve, a US dollar-denominated participating whole-of-life insurance plan designed for long-term wealth accumulation, legacy planning, and multi-generational wealth transfer.

The launch comes as high-net-worth individuals in Asia increasingly focus on succession planning, driven by regional wealth creation and Singapore's growing status as a global wealth hub. 

To address these needs, the policy features a term of up to 388 years and combines potential investment growth through a participating fund with built-in succession and liquidity tools.

For long-term legacy planning, the plan offers various control options, including Transfer of Ownership, Contingent Owner, Joint Ownership, Change of Life Assured, and the appointment of a Secondary Life Assured. 

Policyholders can also pass policy values across generations through policy splitting or manage how benefits are distributed upon death using the Legacy Continuation and Death Benefit Payout options.

To address changing financial needs over time, the plan provides liquidity through the Bonus Access Option and Care Support Income Option, allowing clients to access the Terminal Bonus without surrendering the policy. 

Additionally, a Currency Conversion Option gives policyholders the flexibility to receive withdrawals and benefit payments in Singapore dollars, US dollars, British pounds, euros, Australian dollars, or Hong Kong dollars.