Sun Life Singapore has announced a new partnership with Prudential Financial Advisers Singapore (PFA) that will see the insurer offering its SunBrilliance Indexed Universal Life insurance plan to PFA's clientele.
The partnership responds to an increasing interest in alternative life insurance solutions, particularly in a climate of market fluctuations and elevated interest rates. Sun Life Singapore introduced the SunBrilliance Indexed Universal Life plan in July 2023, aiming to meet this rising demand in Singapore and across Asia.
PFA’s clients will now have access to Sun Life Singapore’s SunBrilliance Indexed Universal Life through PFA's financial representatives, marking the first time PFA has offered a universal life insurance solution since its establishment in April.
This partnership aligns with Sun Life Singapore’s strategy to diversify its distribution channels and enhance the accessibility of innovative products like the SunBrilliance Indexed Universal Life.
Sun Life Singapore aims to achieve SG$500 million in premiums by the end of 2023, following its first product launch in April 2021.
“We are delighted to be collaborating with Prudential Financial Advisers Singapore to extend our HNW insurance offerings to a wider community in Singapore. Sun Life is an international financial services organisation with over 150 years of serving clients globally, as well as a market leader in HNW insurance in Asia. This strategic collaboration of two insurance powerhouses will enable us to better address the rising wealth preservation and financial needs in the local community,” said Michael Wei, Sun Life Singapore chief partnership and marketing officer.
“We are pleased to collaborate with Sun Life Singapore to bring its indexed universal life insurance solution to our customers. As life expectancies increase, customers are looking for a wider range of comprehensive solutions that can help them address their lifelong financial needs. With this addition, PFA can provide customers with more choices across our suite of health and life protection products, savings, wealth solutions and general insurance,” PFA CEO Bernard Chai said.
What are your thoughts on this story? Please feel free to share your comments below.
