Wealth Managers & Life Insurance
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As a wealth manager you will already have a good idea about how life insurance works, why you would need it and how to go about getting it.
But there are times that speaking with advisers like ourselves can be useful especially if you need joint life second death life insurance, gift inter vivos cover, business property relief insurance and specialist support if you an expat.
Our award winning advisers will listen to your needs and find the right life insurance for you. We appreciate that you will have a strong idea over the types and amount of insurance that you need and we will work with you so that you feel confident that you are getting the best outcome. We will ask you:
- How much is your inheritance tax liability due to be?
- Have you made any gifts in the last 7 years?
- Do you have any business assets that could be subject to IHT?
- Are you based outside of the UK or have any intention to live abroad in the future?
- Are you self-employed, a company director or a partner?
Some of these questions might seem a bit strange at first but it is because we are figuring out the best route to get you the life insurance. As an example if you are a company director we will try to arrange relevant life insurance for you and/or group life insurance, to get you a tax efficient policy.
The amount of cover and your residency can have quite an influence on who will be the best insurer for you and the amount of underwriting that is needed. Details of any existing insurances that you have will also be needed so that we can quickly establish if the insurers will want to financially underwrite your application. We can then prepare the relevant documents for your and your accountants to speed the application process up as much as possible for you.
Your occupation as a wealth manager will have no bearing upon the terms that you offered for life insurance with most UK insurers. Your job is not seen as high risk for life insurance. If you have any medical conditions, or do any high risk activities such as private flying or sailing, then we will research the market for you to make sure that your life insurance application goes straight to the right insurer.
Our advisers are here to help you find the right insurer to match your circumstances, to get you the best terms possible.
Critical illness cover pays out a cash lump sum of money, if you are diagnosed with a medical condition that is listed in the insurer’s claims set e.g. cancer, heart attack, stroke.
Critical illness cover will probably be offered to you at standard terms as your occupation is not seen as high risk.
Your health, travel and hobbies can change this and lead to potential ratings and exclusions. As a wealth manager you might be travelling the world to see your clients and the amount of time that you spend outside of the UK each year, can change the options that you have. Some countries are also seen as more higher risk than others too.
There can be options to arrange critical illness cover through your business if you do have your own company. There are pros and cons to this versus doing a personal policy and will explain this to you, so that you can decide what fits well with your financial plan.
Our expert advisers will find the right critical illness policy to match your work.
Income protection pays you a replacement of your monthly income, if you are unable to work due to ill health.
Income protection is an area that can be quite interesting to discuss with wealth managers. The financial plans that you have in terms of your investments and pensions are usually quite extensive and very well thought through. This can make it seem at times as if income protection is not needed.
What I like to suggest is tweaking your cashflow modelling to show what will happen to your financial plans if you become ill and unable to work in 2 years time. The outcome might not worry you, but for a lot of people it’s quite a surprise to see how much this changes their future financial security.
As a wealth manager you should not have difficulty in arranging income protection with most UK insurers. Depending upon the amount of income that you want to protect each month it might be that you will be asked to have a medical and/or a report from your GP to support your application. These things are triggered once an insurer feels that the monthly benefit is getting into a more costly area, so they want to make sure that they have a full picture of your health before offering cover.
We will do our best to arrange your income protection through your business so that you can access cover in a tax efficient way. This will be either executive income protection or group income protection.
Our advisers recommend income protection for people every day and we will be able to let you know exactly what you can have. Get in touch today for a no obligation quotation.
We work alongside a specialist travel broker to get you the travel insurance that you need. It is even more important to make sure that seek advice if you are regularly travelling outside of the UK to see your clients. To find out more, please visit our travel page here.
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Review by Tony on 30th May 2023
“Alan and his team have been superb from start to finish. Attentive, great communication, and customer service. highly recommended.” - 5
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