Hang Seng Bank launches investment and life insurance plan

70% of Hong Kongers were unprepared for their parents' healthcare costs and children's educational expenses. 

Hang Seng Bank has launched 'LegendPower', a life insurance plan designed to help accumulate wealth and ensure intergenerational wealth transfer targeting the 'sandwich-generation' in Hong Kong.

A survey by Hang Seng of over 300 individuals from this demographic revealed that the average income earner supports 3.8 dependents. The survey found that 70% were unprepared for their parents' healthcare costs and children's educational expenses. 

Short-term worries include healthcare costs (43% are concerned about elderly parents and 31% about family health), while 30% are anxious about education costs. 

Long-term fears involve a decline in living standards post-retirement (45%) and deteriorating health (33%). Despite prioritizing family needs (77%), many haven't secured sufficient retirement funds, aspiring to leave an average of 4.5 million in assets to their heirs.

The plan offers a potential annualised return of up to 7%, along with features like Unlimited Changes of the Life Insured, and options for Contingent Owner and Insured.

Additionally, Hang Seng is offering prestige banking accounts with exclusive services and benefits. They have also launched 'Wealth Master', a digital investment platform backed by Morningstar data, which allows personalized investment and legacy planning. 

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This platform provides access to Hong Kong’s largest selection of index funds and up to 240 fund options, facilitating long-term wealth appreciation and diverse global market investment opportunities.

For those balancing present and future financial needs, Hang Seng's 'IncomePower' Life Insurance Plan offers a chance to generate up to 5% annual non-guaranteed income from the Total Premiums Paid, starting from the 25th month. 

This plan also includes a Medical Advance Benefit covering three major critical illnesses, with guaranteed acceptance sans physical examination.

Hang Seng’s array of financial investment solutions includes over 60 fixed-income funds and capital-protected structured products across five major asset classes. 

To further incentivize customers, Hang Seng offers substantial rewards and privileges for those opening a Prestige Banking account and subscribing to related products, including rewards worth up to HK$67,800 and a premium discount of up to 25% for the first year on ‘LegendPower’ or ‘IncomePower’ plans.