Scenario : Mr. and Mrs. Chan’s total estate assets worth HK$20 million with HK$8 million as their business. They would like to enjoy the retirement and ensure their children receive an equal share of their estate after they pass away.
Without Legacy Planning:
Mr. and Mrs Chan have to ensure they spend no more than HK$8 million during their retirement such that HK$12 million will be available in their will or business for their children's inheritance.
With Legacy Planning:
A HK$8 million worth lift insurance policy can be bought by either Mr. or Mrs. Chan assuming HK$2 million to be paid as a single premium. This will make HK$10 million available for Mr. and Mrs. Chan's retirement - 25% more than the scenario with no legacy planning. Besides, without the need to split the business, each of their children will inherit HK$8million worth of their estate.
1The sum assured varies from product to product based on a given premium amount, and the premium amount is based on life insured’s gender, age, smoking habit, sum assured and underwriting considerations. Please refer to relevant product materials for the details.
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