Singlife Unveils New 388-Year Legacy Cover Plan

Int'l Insurance Desk: Singlife has introduced a new whole-of-life insurance product aimed at wealthy families seeking to pass assets across multiple generations, with a policy term that can stretch as long as 388 years.

The Singapore-based insurer launched Singlife Heritage Reserve this week as a US dollar-denominated participating plan. It is designed for long-term wealth accumulation, legacy planning and multi-generational transfer at a time when high-net-worth individuals across Asia are placing greater emphasis on succession. Singapore’s rise as a global wealth hub and ongoing regional wealth creation have fuelled demand for such tools.

The plan combines potential growth through a participating fund with a range of succession and liquidity features. Policyholders can transfer ownership, appoint a contingent or joint owner, change the life assured and name a secondary life assured. These options allow the same policy to remain active across generations rather than ending with the original insured person.

Clients can also split the policy to pass values to different heirs or use legacy continuation and death benefit payout choices to control how proceeds are distributed. For those who need access to funds during their lifetime, the Bonus Access Option and Care Support Income Option let policyholders draw on the terminal bonus without having to surrender the contract. A currency conversion feature further allows withdrawals and benefit payments to be taken in Singapore dollars, US dollars, British pounds, euros, Australian dollars or Hong Kong dollars.

The unusually long maximum term of 388 years is intended to support planning that extends well beyond a single lifetime. By bundling investment participation with flexible ownership and payout controls, Singlife is targeting families who want both growth potential and clear mechanisms for handing wealth to children and grandchildren. The product arrives as competition intensifies among insurers for the region’s expanding pool of affluent clients focused on intergenerational transfer.