Taboos, low confidence stall legacy planning across Asia

Two-thirds of Asians fear their wealth will not outlast their children’s generation.

Many Asian families view legacy planning as key to preserving their wealth, yet most have no structured inheritance strategy due to cultural taboos around discussing death and doubts about heirs’ ability to manage assets, Sun Life Financial, Inc. said.

Almost two-thirds of Asians fear their wealth will not outlast their children’s generation, according to a Sun Life Asia survey.

More than half expressed concern that heirs lack the financial skills to maintain or boost inherited wealth. Anxiety is highest among affluent households, where 28% described themselves as “very concerned” about long-term wealth preservation.

Sun Life Asia Chief Client and Distribution Officer David Broom said this unease comes as younger generations begin to shift their financial-information habits.

“When you look at Gen Z in particular, many of them still turn to family or professional advice to build their financial literacy—but before they do, they’re going online,” he told Insurance Asia.

Despite the weight placed on preparing for the future, confidence remains low. Whilst 70% of respondents viewed protection and financial security as the most important elements of legacy planning, only about a fifth felt fully prepared if they were to die today. Another 31% admitted they have no plans at all.

Broom said the gap between intention and preparation points to an opportunity for insurers to rethink legacy solutions in a broader, more holistic way, instead of focusing strictly on wealth transfer or asset protection.

“Today, the whole focus is on personalisation—personalisation underpinned by data and a deeper understanding of who the client is, and then providing the types of support, propositions, and content that appeal to them at specific points in their life,” he said.

Legacy planning, he said, is not limited to distributing wealth. For many Asians, it includes passing down family traditions, values, or personal influence.

“Not everybody can leave a big war chest of money,” Broom said. “But with planning, intention, and by thinking through the traditions and cultural norms you want to pass on, I think everyone has an opportunity to pass on something.”

“Whether that’s knowledge, wealth, or family traditions, who you choose to share it with is entirely up to you and depends on who you consider your family and your loved ones,” he added.

Cultural discomfort remains a significant barrier. Discussions about death are sensitive across the region and often avoided altogether.

“Talking about death and what you're going to do when you’ve moved on is a difficult topic,” Broom said. “In Asia, it’s probably a little taboo.”

When this discomfort combines with low confidence, planning tends to stall.

Families also want their legacy to provide utility. The Sun Life study found that 59% prefer the wealth they leave behind to be invested in long-term creation through financial assets, insurance, or family enterprises.

An equal portion want their legacy to support essentials such as housing and healthcare, whilst 56% aim to fund education.

Broom said insurers could respond by offering more rounded plans. For instance, critical illness products can integrate recovery support, mental health services, or second medical opinions rather than centring solely on payouts.

For Sun Life Asia, it utilises AI to support its offerings, with an AI-powered virtual assistant currently handling more than 16,000 queries each month. This has reduced advisor hotline calls by over 40%.

"Our automated underwriting helps our Clients by cutting policy issuance time by 30%, while claims processing time has improved, ensuring Clients receive their claims payments faster," Broom said.

“As we think through solutions in a more holistic end-to-end way, that’s where we will be spending more of our time,” he added.