Higher-value underwriting: Securing better outcomes for clients

Rising demand for high-net-worth (HNW) protection, driven in part by reforms to the inheritance tax (IHT) regime, means more advisers are handling larger, more complex cases. But as that opportunity grows, so too do the demands placed on advisers.

For advisers, the challenge is not just placing cover but getting the structure and approach right in cases where medical, financial and planning considerations all come into play.

“High net worth protection isn’t a single type of case – it can be for IHT cover, business protection, mortgage or family cover,” says Andy Roberts, head of specialist propositions at Zurich UK. “What links them is the scale, and the importance of understanding what the cover is designed to achieve.”

What makes HNW cases different

HNW protection cases operate under different dynamics to standard applications due to the sums assured involved. Zurich’s Large Case Underwriting team supports HNW clients requiring life cover from £1.5 million to £5 million, critical illness cover from £800,000 to £1.5 million, and income protection from £75,000 to £150,000 per annum, or where the premiums are between £500 and £1,000 per month. Above these levels sits Zurich’s recently launched Private Client service, designed for ultra-high-net-worth clients requiring even higher levels of cover or with premiums over £1,000 per month.

Larger sums assured mean that full medical and financial underwriting is unavoidable. Each case will typically require detailed evidence, from medical screenings through to financial justification of the level of cover. That introduces more moving parts – and more potential friction

“By definition, these cases exceed non-medical limits,” explains Dave Howell, private client underwriting manager at Zurich UK. “Every application will involve medical underwriting, and in most cases, financial underwriting as well. That brings additional complexity that advisers need to plan for.”

Timelines can also vary significantly. While some cases can be completed quickly, others may take longer depending on the availability of medical evidence, client engagement and the quality of information submitted.

“The outcome and the speed of the process are heavily influenced by how the case is prepared,” adds Howell. “That’s where advisers can make a real difference.”

Why pre-application underwriting matters

A key focus for Zurich is giving direct access to underwriters even before an application is submitted. For advisers used to more straightforward cases, this represents a shift in approach – and one that can materially improve outcomes.

“Speaking to an underwriter upfront helps to identify any potential challenges early on,” says Howell. “That could be medical history, financial limits or even capacity considerations. It helps avoid situations where an application is submitted that can’t proceed as expected.”

Financial underwriting is a key part of this early-stage discussion, particularly in higher-value cases where the reason for cover needs to be clearly evidenced.

“Financial evidence is critical in these cases,” says Howell. “We need to understand the rationale for the cover – whether that’s wealth protection, business protection or another need – and ensure it aligns with the client’s circumstances.”

Pre-application discussions also typically include an initial review of medical history, helping advisers understand how a client’s health profile is likely to be viewed from an underwriting perspective.

This early dialogue allows advisers to assess insurability, clarify what evidence will be required and set realistic expectations around pricing and structure. It can also help to avoid wasted time and unnecessary delays.

“There are scenarios where we may not be able to offer terms or where the level of cover requested isn’t achievable,” says Howell. “Having that conversation early allows the adviser to adjust the approach before going through the full application process.”

Just as importantly, it works the other way, too. “We see cases where advisers assume something won’t be possible,” he adds. “But once we look at the detail, we can often find a way forward – sometimes with a different structure or adjusted terms.

“The more we can work together with advisers at an early stage, the better the outcome tends to be – for both the adviser and the client.”

How medical underwriting works in practice

Medical underwriting is a key part of the process and can range from standard screening through to more detailed investigations, depending on the level of cover and individual circumstances.

“Every case will involve some form of medical assessment,” says Howell. “That typically starts with basic measurements such as height, weight and blood pressure. We also carry out blood tests covering areas such as cholesterol and kidney function, and a test to verify non-smoker status.”

These checks can occasionally identify health issues that were not previously known to the client.

“It’s not uncommon to pick up things like hypertension [persistently high blood pressure] or raised cholesterol,” says Howell. “That information then feeds into a more complete underwriting picture.”

In some cases, further testing may be required – such as an electrocardiogram (ECG), exercise-based testing or heart monitoring – which can help to identify underlying cardiac issues that would otherwise not be apparent.

To meet the needs of HNW clients, Zurich uses a combination of private doctors, clinics and mobile medical practitioners. Customers can alternatively opt to use their own doctor.

“We have access to private clinics where we can arrange medicals or we can send doctors and nurses out to clients to carry out mobile medicals,” says Howell. “The aim is to expedite the process, so tests are completed quickly and efficiently.”

In many cases, clients may have recent medical evidence available through private health arrangements or employer health checks. “We’re able to accept recent private medicals, provided they include all the information we require,” adds Howell.

“Where these can be used instead of arranging a new examination, the process can be streamlined significantly.”

GP and specialist reports remain an important part of medical underwriting. While they can introduce delays, there are ways to improve efficiency.

“Sometimes we need additional information from a GP or private doctor to build a complete picture of someone’s medical history, and this can take weeks to come back,” says Howell. “Where possible, we’ll look to obtain that information directly from the client or their adviser instead.”

He adds that in many cases, the client can provide the necessary information more quickly – and often more accurately. He gives the example of conditions such as asthma, where the key underwriting considerations include frequency of attacks, date of last occurrence and medication.

“That’s information the client usually knows and can provide immediately,” he says. “Rather than waiting for weeks for a GP report, we can often move forward more quickly by going directly to the source.”

How collaboration reduced friction in higher-value cases

Zurich’s Private Client service is designed to support a personalised and collaborative approach by giving advisers direct access to specialist expertise throughout the process.

Rather than navigating multiple touchpoints, advisers can engage with a joined-up team covering underwriting, sales and case management.

“Advisers aren’t sending applications into a black box – they have direct access to the people making decisions,” says Howell. “The focus is on accessibility and end-to-end support, walking them through the process step by step.”

This includes named underwriting contacts for each case, dedicated support for queries and prioritised handling of ultra-high-net-worth applications.

“We’ve aligned the different teams – sales, underwriting, admin support and contact centre – so advisers can reach the right people at each stage of a Private Client case,” explains Howell.

Speed remains a consideration, but within the context of complexity. “These cases won’t always be instant,” he adds. “But what we can do is remove unnecessary delays, prioritise the work and make sure advisers have clarity at every stage.”

Where challenges arise, rather than a simple accept or decline outcome, there is often scope for a more flexible, collaborative approach focused on finding a workable solution.

“Our aim is to work with advisers to find a solution wherever possible,” says Howell. “That might involve adjusting the structure of the policy, revisiting the level of cover or considering alternative terms.”

This could include applying a rating rather than declining a case or repeating tests, restructuring cover to fit within capacity limits or seeking additional clarification on medical evidence.

“In some situations, we may not be able to offer exactly what was initially requested,” he adds. “But that doesn’t mean we can’t offer a solution that still meets the client’s needs.”

This approach is particularly valuable in higher-value cases, where early engagement and open dialogue can unlock options that might otherwise be missed.

“It’s about moving away from a purely binary accept-or-decline outcome,” says Howell.

“We assess each case on its merits and work with the adviser to reach the best possible outcome.”

Where advisers can add the most value

While HNW underwriting is inherently more demanding than standard protection, it also creates a significant opportunity for advisers to add value. Several practical steps can improve outcomes.

Engage early

Speak to underwriters before applying to identify potential challenges and requirements.

Prepare the case thoroughly

Where possible, submit financial evidence upfront and ensure all relevant information is included.

Use existing information

If clients have recent medicals or relevant documentation, sharing these can help to streamline the process.

Set client expectations

Be clear about potential timelines, medical requirements and the possibility of ratings or adjusted terms.

Be open to flexibility

In some cases, achieving the best outcome may involve adjusting the structure or level of cover.

Consider pricing flexibility

For HNW cases Zurich can, where appropriate, match a competitor’s premium on a like-for-like product, helping advisers to keep the solution competitive for clients while still benefiting from Zurich’s specialist support and service.

Use available tools

We’ve added a wealth protection hub to our website and developed three calculators to support conversations with clients around estate planning and protection policy structuring. These tools can help advisers to model the level and cost of cover required to meet IHT liabilities, consider how cover can be structured to reduce the risk of periodic charges to IHT and demonstrate the value of protection solutions to clients.

Why structure matters more than ever

Zurich’s emphasis on higher-value cases reflects growing demand. Changes to the IHT regime, from frozen thresholds to bringing unused pension assets into taxable estates, are driving interest in life insurance as part of estate planning strategies.

“We’re seeing more advisers engage with protection in this space,” says Roberts. “In some cases, firms that historically focused primarily on investments and pensions are now looking more closely at how protection fits into estate planning.”

That shift is expanding the role of HNW protection – and reinforcing the importance of structuring cases correctly from the outset.

“Life insurance provides certainty and liquidity in estate planning,” says Roberts. “But to deliver that effectively, cases need to be structured correctly from day one, with underwriting aligned to the purpose of the cover.”

Where one party in a joint life second-death arrangement is uninsurable, or would attract a significant rating for example, Zurich can structure premiums on a single-life basis to ensure the suitable cover is offered while being based on the healthier life in the couple.

This adjustment is built into Zurich’s underwriting system, allowing it to be applied automatically rather than manually, improving consistency and expediting decision-making.

As demand rises and clients face more sophisticated planning needs, the ability to navigate this part of the market is becoming an increasingly important skill.

“The key is collaboration,” adds Roberts. “When advisers engage with us, use the support available and approach these cases proactively, it leads to better outcomes for everyone involved.”

• To find out more about wealth protection at Zurich, visit our dedicated hub