Life insurance is an integral part of High Net Worth wealth management. It is a unique tool that can provide true peace of mind, helping HNW individuals to build and safeguard their wealth for generations to come. This practical handbook is designed to help provide Financial Advisors with a general understanding of the key dimensions of HNW life insurance and how to apply it in practice. It is brought to you by Hubbis and Transamerica Life Bermuda’s Mastering High Net Worth programme.
The life insurance industry today is facing an unprecedented convergence of challenges – from the historically low interest rate environment, ongoing market volatility, and increasing regulations to the current COVID-19 pandemic, which has impacted every business sector across the globe.
At the same time, tremendous opportunities lie ahead. The financial needs of high net worth individuals (HNWIs) have not changed and during this time of economic uncertainty, their demands for financial solutions that can help them to protect and maximise their financial legacy are greater than ever. In fact, I would argue that it has never been a better time to revisit the vital role that life insurance plays as a risk management tool as well as the foundation of a sound wealth management plan.
The HNW population rose globally by nearly 9% in 2019 to 19.6 million HNWIs. 1 In addition, it’s estimated that US$15.4 trillion of wealth will pass down through the generations by 2030. In light of this, life insurance stands out more than ever for the unique, stabilising role it can play as part of a HNWI’s wealth management plan, not to mention a key tool for their succession planning - how they plan to transfer their wealth to the next generation.
With our singular focus on serving HNW customers, Transamerica Life (Bermuda) Ltd. (TLB) is recognised as a leading HNW life insurer and has developed extensive expertise in all aspects of HNW wealth protection, including handling large sums assured and complex cases supporting legacy and business planning. It is with great pleasure therefore, for TLB to sponsor Hubbis’ “Guide to HNW Insurance – a Practical Handbook for Financial Advisors” as part of our Mastering High Net Worth programme.
Covering wide-ranging topics, this Guide prepared by Hubbis is designed for financial advisors to understand the key dimensions of HNW life insurance and how to apply it in practice. It includes an overview of the myriad protection needs of HNWIs, as well as a discussion of the types of life insurance products available and how they meet different HNW requirements. We hope that this Guide will serve as a valuable reference tool for our partners and other financial professionals, helping them to increase their knowledge and skills in order to better serve HNW customers.
TLB looks forward to working with our valued partners as we continue on our journey of helping to safeguard our customers’ wealth for generations to come.
President & CEO
Transamerica Life Bermuda