- Client: UK National and South of France Resident
- Requirement: Approximately £10 million life insurance
- Purpose: Divorce settlement
- Structure: Policy written into trust
Enness was approached by a long-standing ultra-high-net-worth client who required assistance arranging life insurance as part of a divorce settlement. Under the terms of the settlement, the client needed to arrange approximately £10 million of life cover to ensure that their former partner received their full entitlement to the overall estate.
The size of the required cover meant that the policy needed to be structured carefully, with the client’s individual circumstances and the purpose of the cover taken into account. A further challenge was the client’s residency. Although the client was a British national, they were resident in the south of France, which significantly reduced the number of insurance providers willing to consider the application, particularly given the substantial level of cover required.
Enness undertook a detailed search of the available market to identify a provider that could accommodate both the size of the policy and the client’s international residency. We identified a provider that was comfortable with the client’s circumstances due to their continued connections to the UK.
We subsequently arranged approximately £10 million of life cover and structured the policy so that it was written into trust for the benefit of the client’s former partner, in line with the requirements of the settlement agreement. This provided the intended protection while ensuring the policy was structured appropriately for its purpose.
The case demonstrates the additional considerations that can arise when arranging substantial life insurance for internationally based clients. Residency can significantly affect the availability of providers, particularly for high-value policies, making access to a broad specialist network important when conventional insurers are unable to accommodate the required structure.
For high-net-worth individuals with complex international circumstances, life insurance can form an important part of wider estate and financial planning. Enness can work with specialist providers to explore suitable life insurance solutions based on individual circumstances and requirements.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal, tax or insurance advice. Insurance cover is subject to underwriting, insurer criteria and individual circumstances. Policy terms, availability and premiums will vary, and independent professional advice should be obtained where appropriate.
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