By Brand Studio
For many families, life insurance offers an accessible starting point for legacy planning, providing protection while also building a long-term asset. Unlike other legacy planning solutions such as wills or lasting powers of attorney, it serves a dual role: Safeguarding loved ones and supporting long-term wealth accumulation, ensuring continuity across generations.
According to the Quality of Life report, 31 per cent of respondents say they have purchased insurance specifically with inheritance in mind.
Mr Harpreet Bindra, CEO of HSBC Life Singapore, described life insurance as a foundational yet powerful tool for legacy planning: 鈥淔or many families, life insurance is a strategic first step. It complements more complex structures such as trusts and can offer greater liquidity, making it an ideal choice for those who want to begin their legacy planning journey with simplicity and ease.鈥
For many families, legacy planning is about being intentional with what you leave behind, including the values and life lessons you hope your children will carry forward. Half of those surveyed believe that passing on family culture and values is just as important as financial inheritance, highlighting the need for a more holistic and relationship-based approach. Being proactive about financial planning helps families manage wealth while preserving strong relationships.
鈥淪tarting early gives families the time and space to think beyond asset distribution 鈥 to consider how wealth will be managed, how heirs can be prepared, how business continuity can be safeguarded and how conflicts can be minimised,鈥 added Mr Bindra.
OFFERING SIMPLICITY AND PEACE OF MIND