This article focuses on the multifaceted functions of insurance, so assisting clients in directing their financial aspirations through the lens of the Chinese market, especially Chinese citizens holding foreign permanent residence cards, passports or assets spread across multiple jurisdictions.

Given the pervasive influence of Confucian culture in China, topics aligned with the welfare of children’s future plans hold immense allure for parents. Consequently, insurance advisors frequently orient their proposals around the welfare of children. Such scenarios often entail parents seeking coverage for their children’s health expenses in the event of illness or opting to establish savings pools for future expenses.

The allure of Hong Kong’s insurance sector has remained steadfast over the decades as it boasts an assortment of offerings; not least the option to select from myriad currencies in the context of savings-oriented policies. Nevertheless, the fundamental appeal lies in the ability to secure stable returns over the years, so cultivating a resilient ‘rainy day fund’.

International perspectives

Shifting our attention beyond Hong Kong to the US, we encounter a surge in migration prompting new immigrants to contemplate the implications of the tax and legal framework for wealth in the country they wish to migrate to. With 260 years of insurance history and 800 life insurance companies across the US, the disparities between the US, Hong Kong and mainland China become evident. The US stands out for its sophisticated tax system, significantly bolstering life insurance providers.