Sun Life Survey Reveals Legacy Planning Challenges in Asian Markets

A recent survey by Sun Life Financial highlights significant concerns among Asian families regarding wealth preservation across generations. Nearly two-thirds of respondents fear their wealth will not last beyond their children’s generation, with a notable share doubting heirs’ financial literacy and capability to manage inherited assets. This concern is especially pronounced in affluent households, where 28% express high anxiety about long-term wealth sustainability. Despite the importance placed on legacy planning, many families lack formal inheritance strategies, primarily due to cultural taboos around discussing death and low confidence in current preparations. While 70% acknowledge the value of protection and financial security in legacy planning, only about 20% feel fully prepared for unplanned wealth transfer scenarios, and 31% admit to having no planning at all. This gap underscores a market opportunity for insurers to develop holistic legacy solutions beyond traditional wealth transfer and asset protection. Sun Life Asia emphasizes the evolving financial information habits of younger generations who initially seek online resources before consulting professionals or family. This shift calls for personalized, data-driven insurance propositions that align with client life stages and preferences. Moreover, legacy planning extends beyond financial assets, incorporating the transmission of family values and traditions, which broadens the scope for insurers to support diverse client goals. The study also notes a strong preference (59%) for legacy assets to be invested in long-term ventures such as financial assets, insurance products, or family businesses. Equal importance is placed on using legacy wealth to cover essential needs like housing, healthcare, and education. Insurers could respond by designing comprehensive insurance products that integrate support services such as recovery programs and mental health care alongside traditional claims. Technological integration is highlighted by Sun Life Asia’s use of AI tools to enhance client service efficiency. AI-driven virtual assistants handle thousands of inquiries monthly, significantly reducing advisor call volumes, while automated underwriting shortens policy issuance times by 30%. Accelerated claims processing also contributes to faster customer payouts, pointing to the operational benefits of AI adoption. Overall, the findings suggest a demand for next-generation legacy planning that addresses both financial and cultural dimensions in Asia. Insurers that offer innovative, personalized, and comprehensive solutions incorporating technology are well positioned to meet these evolving client expectations. This trend indicates a broader market shift toward integrating financial literacy, legacy culture, and digital experiences within wealth and estate management services.