Introducing Private Clients service for Ultra-High-Net-Worth clients
Zurich Retail Protection has today launched a bespoke Private Clients service to meet the rising demand for specialist support for advisers with Ultra-High-Net-Worth (UHNW) protection cases, complementing our existing large case underwriting service.
Advisers will receive dedicated support from an experienced team of sales consultants, underwriters, case handlers and administrators for UHNW cases. Clients will also benefit from fast-tracked medical screening, access to private medical clinics and support from a dedicated Customer Services team for post-issue servicing queries.
Premium and cover thresholds for HNW and UHNW services
| Service | Premium Threshold | Life Cover | Critical Illness (CI) | Income Protection (IP) |
|---|---|---|---|---|
| Private Client Service (UHNW) | £1,000+ monthly / £12,000+ annually | £5 million | £1.5 million | £150,000 annually |
| Large Case Underwriting (HNW) | £500+ monthly / £6,000+ annually | £1.5 million | £800,000 | £75,000 annually |
Dave Howell, Private Client Underwriting Manager at Zurich UK comments:
“At Zurich, our focus continues to be on the delivery of swift informed underwriting decisions. We consistently deliver exceptional service by combining our specialist insight with a collaborative, customer focused approach giving advisers the clarity, confidence and responsiveness they need to support their clients.”
Tools to support advisers
To support the launch of the Private Client service, we have also launched a new wealth protection website hub and technical guide providing a raft of new content and tools to support adviser conversations about estate planning using life insurance policies.
Andy Roberts, Head of Specialist Propositions at Zurich UK comments:
“By 2031, the OBR expects around 14% of all Inheritance Tax (IHT) receipts to be as a result of the latest government reforms*. As long-standing reliefs are scaled back and pensions are brought into the IHT net, families will have fewer ways to manage their exposure. This shift is driving increased interest in the role of life insurance can play in estate planning as it offers certainty and provides a faster solution for executors to settle IHT bills.
Zurich has also produced three new calculators designed to aid adviser conversations with their clients which includes:
Gift Inter Vivos calculator
Helps advisers work out how much insurance is needed to match the declining IHT liability on a gift, and the total cost of that cover over time.
Rysaffe planning calculator
Helps advisers work out how many Whole of Life policies to split an application into, each held in separate discretionary trusts, to reduce the chance of periodic IHT charges.
Whole of Life calculator
A refreshed version of its popular tool, this can be used to demonstrate the value of a Whole of Life policy to a client.
Roberts concluded:
“Zurich is proud of its strong reputation in the market as experts in both wealth protection and HNW. The developments announced to our proposition today will continue to enhance how we can support advisers and their clients.”
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