Life Insurance for Divorce Settlement
23rd January 2024
We had a long-standing client who was an ultra-high net worth individual. They had been a valuable client of ours for a considerable period of time, and we had established a close working relationship with them. However, they were going through a divorce, and this brought several challenges that needed to be addressed.
As per the settlement agreement, they needed to arrange a life insurance policy of around £10 million to make sure that their ex-partner received their full entitlement to the overall estate. This was a considerable amount of money, and it required careful consideration and planning to ensure that the policy was set up correctly.
One of the significant challenges that we faced was the client's residency. Although they were a British national, they were residing in the south of France, which created a problem for most insurance providers. Most insurance providers required clients to be British residents, especially for larger amounts of cover.
However, we were determined to find a solution that would work for our client. After an extensive search, we were able to find a provider that would meet our client's requirements. The provider had no issues with the client's residency because of their connections to the UK.
We were also able to arrange the necessary life cover amount, which was written into trust for the benefit of our client's ex-partner. The policy was set up and put in place, and our client was pleased with the outcome. They appreciated our efforts and the level of service we provided, which helped them navigate through a challenging time in their life.
We were glad to have been able to help our client and provide them with the support they needed during this difficult period. Overall, this was a challenging case, but we were able to find a solution that worked for our client. We were able to demonstrate our expertise in the field of insurance and our commitment to providing excellent service to our clients.
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