Many of our clients are considered high net worth as a result of their income or assets. Its a common misconception that people in this bracket don’t use insurance products but in fact the complete opposite is true.
Generally speaking, Insurance in this area is very important, for example:
- There may be one income earner in the family – this puts a risk to the clients family and wealth should illness or something more serious happen.
- There may be clear tax advantages to taking insurance – relevant life insurance for company owners, life insurance in trust and general IHT considerations, for example.
- If the client has a large income, the premium for general life insurance or other products may be seen as a ‘good bet’ and a good use of income
Why should you consider life insurance?
There are a number of reasons that you should think about the benefits of life cover. In many circumstances these do not reduce because of the clients net worth.
How do I know if Life Insurance is important for me?
- If you have a considerable mortgage other large liability there is likely to be a need for Life Insurance. Would you want your family to have to use the family assets to pay these off?
- If you have people who are dependant on you and your income, you likely require Life Insurance. If your income stopped suddenly, how would your family continue their standard of living, for example children’s education, private healthcare and holidays.
- If most of your money is tied up in property and investments then your family may not have access to cash to continue their standard of living if you pass away or indeed would liquidating those assets be the most efficient?
- If you have a large estate then your children may be liable for inheritance tax on any amount over the current nil rate band.
- If you own a business that has liabilities you may wish to consider covering them, alternatively if the business has shareholders you may wish to consider cover for them so that they have money to purchase the shares from your family if you pass away.
Can you help me to arrange my High Net Worth Life Insurance?
We are experts at arranging the right level of cover, arranged in the right way, at the right price. We won’t load products with unnecessary features or over insure you.
Our advisers are expert and have years of experience – we work with all the correct insurers in the market, we analyse their claims history and make sure we are recommending the right insurer for you, personally.
For higher sums assured there may be extra requirements or steps to go through – we will make sure medicines and reports are done promptly and around your schedule – for some providers we will even bring the examination to your home or office.
We are more than happy to provide options without obligation or provide opinion on your current level of cover – all you need to do is get in touch.