A legacy in motion: 4 considerations as family needs and markets change
What you build over a lifetime can carry meaning far beyond it. Thoughtful legacy planning can help ensure it continues to serve the people you care about for years to come.
Legacy planning is essential for ensuring your lifetime achievements continue to benefit those you care about. As families evolve, needs and market conditions change, making thoughtful legacy planning crucial. Prudential Financial Advisers Singapore offers PruApex Legacy Index II (PALI II) as an indexed universal life plan designed for generational wealth protection and growth. Four key considerations can help shape how wealth is protected, grown, and eventually passed on.
Firstly, planning for current needs while allowing for future changes is vital. PALI II can be purchased for a juvenile, potentially offering lower insurance costs and more time for account value growth, while also supporting subsequent generations. Life assured individuals can be changed as circumstances evolve, ensuring the policy supports the family’s legacy over generations.
Secondly, continuity of ownership is important. PALI II allows a secondary policyowner to be appointed two years after the policy begins, transferring control smoothly upon the initial owner's passing. This helps preserve both the policy’s value and its intended legacy.
Thirdly, market fluctuations require balancing growth potential and protection. PALI II offers a fixed account alongside an index account linked to various market indices, allowing selection of up to three indices covering different regions, asset classes, and risk levels. This flexibility helps align investments with policyowner preferences and market conditions.
Lastly, liquidity needs in the present must be addressed alongside long-term planning. PALI II offers single premium and multi-pay options, enabling policyowners to commit funds at different times based on financial circumstances. Single premium policies suit those with accumulated capital but may lack liquidity for other needs. Multi-pay policies provide flexibility, with a one-time bonus crediting rate up to 6.5 per cent for fully paid accounts, encouraging long-term premium commitments and boosting returns.
Ultimately, a successful legacy plan should adapt to changing family needs and market conditions, while ensuring the wealth intended supports those it was meant to benefit.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
