Insurance is expected to continue playing a crucial role in legacy planning across Asia, as new research from Sun Life Asia reveals that financial protection remains the cornerstone of how families plan to preserve wealth for future generations, with most respondents fearing their wealth will not last beyond their children's generation.
The Building Lasting Legacies in Asia survey found that seven in 10 respondents (70%) view protection to ensure their family’s financial security as the most important aspect of legacy planning. This was followed by having a clear and well-communicated estate plan (53%) and building sufficient wealth to pass on to the next generation (48%).
The same study found that nearly two-thirds (60%) fear their wealth may not last beyond their children’s generation, while more than half (55%) worry their heirs are not financially equipped to manage inherited assets. Only 31% of respondents expressed confidence that their children would be able to preserve and grow inherited wealth.
The survey covered 3,000 respondents across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, as Asia undergoes one of the largest intergenerational wealth transfers of the coming decade.