According to a recent survey by Sun Life, nearly half of Hong Kong residents commence their retirement planning within five years before retiring, while a significant 17% have no retirement plan whatsoever. In response to these findings, Sun Life has introduced an array of initiatives aimed at promoting proactive financial planning for the future. The company has launched its "360 Worry-free Retirement" program and established various support systems for both clients and financial advisors, including product diversification and promotional campaigns.

Boosting Proactive Financial Planning

Sun Life is addressing the late-start trend in retirement planning through innovative solutions that encourage early preparation. The company recognizes the importance of starting early to ensure a secure and confident retirement. By launching the "360 Worry-free Retirement" initiative, Sun Life aims to inspire individuals to take control of their financial futures, offering comprehensive resources and guidance.

The "360 Worry-free Retirement" program includes a range of offerings designed to meet diverse retirement needs. Last year, Sun Life introduced the Policy Reverse Mortgage Programme and Reverse Mortgage Programme, providing clients with stable income options. These programs allow retirees to convert their home equity into a steady stream of income, enhancing their financial security. Furthermore, Sun Life plans to expand its product lineup this year, ensuring that a wider variety of retirement solutions are available to meet individual requirements. Christine Yeung, General Manager of Life and Health at Sun Life Hong Kong, emphasized the company’s commitment to offering tailored retirement solutions, reflecting its dedication to supporting the unique needs of each client.

Enhancing Support for Seniors and Advisors

To better serve the growing senior population, Sun Life has taken steps to empower both clients and financial advisors. The establishment of the “360 Retire to Excellence Business Hub” focuses on equipping financial advisors with the knowledge and skills needed to provide expert advice. Through training sessions, client seminars, and workshops, advisors can stay updated on the latest trends and strategies in retirement planning, ensuring they offer the best possible guidance to their clients.

In addition to supporting advisors, Sun Life is running a promotional campaign titled “Act Now and Plan for a Confident Retirement Future” from February 25th to March 25th. This campaign aims to motivate Hong Kong residents to start planning for retirement sooner rather than later. As part of the promotion, Sun Life will distribute 30,000 rewards, including vouchers for dining, groceries, travel, and entertainment. By offering tangible incentives, Sun Life hopes to create a sense of urgency around retirement planning and encourage more people to take action toward securing their financial futures.