Life Insurance for High Net Worth Individuals
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Do you have a high income and/or large assets?
Does your family depend on your income?
Would your family be able to sustain their lifestyle if your income suddenly stopped?
If you have a net worth of more than £250,000 then you are likely to be classed as a high net worth individual.
Do I need Life Insurance?
There are a number of reasons that a person may require life cover and in many circumstances these do not reduce because of ones net worth, in certain circumstances they actually increase.
Some examples where Life Insurance is important are:
- If you have a mortgage, loan or other large liability there is likely a need for Life Insurance. Would you want your family to have to use their savings 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, e.g. private education, private healthcare, holidays, etc.
- 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.
- 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.
As with anybody the need for Life Insurance should be based on your own situation and if you are unsure as to what is needed, then you should speak to a financial adviser.
What Other Cover Should I Consider?
Long Term Income Protection is a valuable policy to help protect your income in case of long term illness. If you were to lose your income because of time off work, how would this affect your current lifestyle? If you do not want to churn through your savings or make changes to your lifestyle then Income Protection is worth considering.
Critical Illness Cover pays out a lump sum if you are diagnosed with a significant medical condition such as serious heart attacks, strokes or cancer. This can be a vital policy that provides a lump sum to help funding of private treatment or to fund you and your family through the tough times that follow.
Family Income Benefit pays out a monthly benefit if you die (or suffer a critical illness if included). This can be a cost effective policy to replace some of your income if you pass away. It can be used to provide income for bills, school fees or for general income.
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