Whole Life

HSBC Life Emerald Legacy Life III: Securing Your Family's Future

Have you ever wondered how to ensure your loved ones are financially secure long after you're gone? Or perhaps you're looking for a way to leave behind more than just money - a legacy that embodies your values and wisdom ? If these thoughts have crossed your mind, you're not alone. Many of us want to provide a strong foundation for our family's future, and that's where HSBC Life Emerald Legacy Life III comes in.

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What is HSBC Life Emerald Legacy Life III?

HSBC Life Emerald Legacy Life III is a single premium whole life insurance plan designed to help you grow and preserve your wealth for future generations . It offers high protection coverage up to age 99, ensuring that your legacy continues to support your loved ones long after you're gone. This plan is more than just a financial product - it's a tool to help you pass on your values, wisdom, and life perspective, giving your family the means to achieve great things in life.

Key Features That Make HSBC Life Emerald Legacy Life III Stand Out

Whole of Life Coverage

Protection against death and terminal illness up to age 99 . Peace of mind knowing your loved ones are protected for the long term.

Guaranteed Cash Value

82% of your single premium is guaranteed as cash value from day one . Potential to grow your wealth with non-guaranteed bonuses.

Currency Flexibility

Available in both Singapore Dollars (SGD) and US Dollars (USD). Choose the currency that best suits your financial planning needs.

Minimum Protection Cover (MPC) with Flexible Options

Higher guaranteed coverage with added flexibility. Option to extend MPC to age 99 with life extender booster.

Replacement of Life Insured

Ability to change the life insured for both corporate and individual policies. Useful for business continuity or changing family circumstances.

Quit Smoking Incentive

5% refund of single premium if the life insured quits smoking within the first 4 policy years . Encourages healthier lifestyle choices.

Why compare HSBC Life Emerald Legacy Life III with other Whole Life options through Whatins?

Traditional Approach

  • Limited comparison of growth projections
  • Single company's whole life performance history
  • May oversimplify cash value benefits

Whatins Advantage

  • Compare whole life cash value projections across insurers
  • See different whole life dividend histories
  • Understand various whole life premium payment options
  • Compare guaranteed vs non-guaranteed values

In summary: If you want more control and multiple suggestions, then Whatins is the way to go.

How Does HSBC Life Emerald Legacy Life III Work?

Let's break it down with a real-life example:

Meet Mr. Lee, a 45-year-old non-smoker with $10 million in cash. He wants to leave a substantial legacy for his children without compromising his retirement plans. Here's how HSBC Life Emerald Legacy Life III can help:

Without the plan:

  • $5 million for his retirement
  • $2.5 million each for his two children
  • Total legacy for children: $5 million

With HSBC Life Emerald Legacy Life III:

  • Mr. Lee invests about $2.6 million in the plan
  • Minimum protection cover of $10 million
  • $7.4 million left for his retirement
  • Each child receives $5 million
  • Total legacy for children: $10 million

As you can see, by using HSBC Life Emerald Legacy Life III, Mr. Lee doubles the legacy he leaves for his children while still maintaining a substantial retirement fund .

Understanding the Benefits in Detail

Whole of Life Coverage

This feature ensures that your beneficiaries receive a payout regardless of when you pass away, as long as it's before age 99. This long-term protection gives you peace of mind, knowing that your loved ones will be financially secure even if you live a long life.

Guaranteed Cash Value

From the first day of your policy, 82% of your single premium is guaranteed as cash value . This means that even if you need to surrender your policy early, you'll still receive a substantial portion of your investment back. Additionally, your policy has the potential to grow in value over time through non-guaranteed bonuses, which may be declared from time to time.

Currency Flexibility

By offering the plan in both SGD and USD, HSBC allows you to align your legacy planning with your overall financial strategy. This is particularly useful if you have international financial commitments or if you want to hedge against currency fluctuations.

Minimum Protection Cover (MPC) with Flexible Options

This feature allows you to customize your coverage based on your needs. You can choose to maintain 100% coverage or reduce it to 80%. The life extender booster option lets you extend your MPC to age 99, giving you even more flexibility in your legacy planning.

Replacement of Life Insured

This unique feature allows you to change the life insured on the policy. For businesses, this can be crucial for succession planning. For families, it provides flexibility if circumstances change, such as in the case of divorce or if you want to transfer the policy to a child or grandchild.

Quit Smoking Incentive

This innovative feature not only encourages healthier living but also provides a financial reward. If the life insured quits smoking within the first four policy years, you'll receive a 5% refund of your single premium. It's a win-win situation - improved health and a financial bonus.

Who is HSBC Life Emerald Legacy Life III For?

This plan is ideal for:

  1. High net worth individuals looking to preserve and grow their wealth
  1. Parents who want to leave a substantial legacy for their children
  1. Business owners planning for succession
  1. Anyone who wants to combine life insurance with wealth preservation
  1. Individuals looking for a single premium solution to their legacy planning needs

Pros and Cons

Pros

  • Long-term coverage up to age 99

  • High guaranteed cash value from day one

  • Potential for wealth growth through bonuses

  • Flexibility in currency and coverage options

  • Unique features like life insured replacement and quit smoking incentive

Cons

  • Requires a substantial upfront premium

  • Non-guaranteed bonuses depend on the performance of HSBC Life's participating fund

  • Early surrender may result in receiving less than the premium paid

Frequently Asked Questions

Is there a medical examination required?

This depends on the coverage amount and your health status. Your Financial Planner can provide more details.

Can I take a loan against the policy?

Yes, you can take a policy loan against the cash value of your policy. However, this will reduce the death benefit.

What happens if I need to surrender the policy early?

You'll receive the surrender value, which includes the guaranteed cash value and any accumulated non-guaranteed bonuses. However, this may be less than the premium paid, especially in the early years.

Can I add riders to this policy?

HSBC Life Emerald Legacy Life III is a comprehensive plan by itself. Speak to your Financial Planner about any additional coverage needs.

How are the bonuses determined?

Bonuses are determined based on the performance of HSBC Life's participating fund and are not guaranteed.

Conclusion

HSBC Life Emerald Legacy Life III offers a unique combination of life insurance protection and wealth preservation. It's designed for those who want to leave a lasting legacy for their loved ones, providing financial security and the means to achieve great things in life. With its flexible options and innovative features, it can be tailored to meet your specific legacy planning needs.

However, as with any financial decision, it's important to carefully consider your personal circumstances and long-term goals. This plan requires a significant upfront investment, so it's crucial to ensure it aligns with your overall financial strategy.

Ready to take the next step in securing your family's future? Don't rely on just one perspective. Get expert insights tailored to your unique situation. Sign up now to receive 5 expert opinions on legacy planning and wealth preservation. These professionals will review your specific needs and provide personalized recommendations, helping you make the most informed decision possible.

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