‘Sun Life Malaysia sees legacy planning as a holistic approach to creating a definitive plan for managing your wealth while alive, Lew says.

EVEN with the Covid-19 pandemic’s ongoing disruption on the economy, 79% of small and medium-sized enterprises (SMEs) in Malaysia are optimistic of their business and economic growth prospects with plans for expansion this year, the Sun Life Business Growth and Resilience Index revealed.

Local businesses have demonstrated resilience during the pandemic as the Index showed that 90% of respondents adapted their business strategy to effectively navigate the pandemic.

However, the respondents also expressed that the pandemic and health risks are their key concerns in building business resilience and the importance of ensuring adequate protection for their key people.

The Index is part of Sun Life’s annual survey which recently recorded 2,400 responses from SMEs from across seven Asian markets – Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore and Vietnam.

According to Sun Life Malaysia chief executive officer and president/country head, Raymond Lew, the company’s business purpose is to help its clients achieve lifetime financial security and live healthier lives.

“This same purpose drives our efforts to assist local businesses build business resilience by leveraging on business protection insurance as well as keyman insurance to protect their valuable people assets for business continuity and to safeguard the legacy of their business,” Lew explains.

“Leveraging on Sun Life’s global resources and local knowledge, we are well positioned to help SMEs build greater resilience so they can navigate the uncertain environment and achieve their growth aspirations.

“More importantly, Sun Life Malaysia offers protection from the best of both worlds – life insurance and takaful, to cater to their specific needs,” he says.

Legacy planning for continuity

While many businesses have shown resilience and are ready to take the next step forward, the pandemic has shed light on the urgency of legacy planning - specifically wealth distribution, building net worth, and protecting the sustainability of their business.

After all, continuity is a key element for any business to survive and a structured legacy plan helps create a smoother pathway for businesses to operate seamlessly regardless of the circumstances.

In line with its strategic aim to be the lifetime takaful partner for its clients, Sun Life Malaysia is promoting takaful as both a risk management and wealth creation and preservation tool.

To this end, the Company has introduced various legacy planning solutions, including Takaful Mulia, Sun Legacy-I, Sun Prestige Life, and the newly launched Sun Secure Saver-I, to help businesses tap the wider benefits of Takaful in building future resilience.

These plans serve to strike a balance between protection and wealth creation, planning and distribution.

For instance, Takaful Mulia is one of the first-in-market Takaful policies designed to help Muslims meet both financial security and religious obligations such as Waqf, Zakat, Fidyah and Hajj.

Sun Legacy-I encourages business owners to chart their legacy plan from early stages by following the simple yet effective three-pronged approach - plan, build and distribute wealth.

Meanwhile, Sun Secure Saver-I rolls savings, investment and protection into one plan to help businesses secure their financial legacy.

“Having the financial resources to navigate through an unprecedented situation such as this pandemic or an unforeseen event is critical to the survival of any business.

“Through early and proper legacy planning approach such as offered by Sun Life Malaysia, you can best protect your financial interests and long-term viability of your business legacy to pass on to your next generation,” Lew says.

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