Zurich retail protection has launched a private client service for advisers with ultra high net worth (UHNW) protection cases.
It will apply to premiums of more than £1,000 per month or £12,000 per year, with a minimum sum assured value of £5m for life insurance, £1.5m for critical illness (CI) and £150,000 per year for income protection (IP).
A wealth protection hub and inheritance tax calculator have also been introduced as part of the updates, which go beyond the insurer’s existing large case underwriting service.
Advisers will receive dedicated support from an experienced team of sales consultants, underwriters, case handlers and administrators for these UHNW cases, the insurer said.
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.
The premium and cover thresholds to qualify for the high net worth (HNW) and ultra high net worth services are as follows:
| Service | Premium Threshold | Life Cover | Critical Illness (CI) | Income Protection (IP) |
| Private Client Service (UHNW) | £1,000+ per month / £12,000+ per year | £5m
|
£1.5m
|
£150,000 per year
|
| Large Case Underwriting (HNW)
|
£500+ per month / £6,000+ per year
|
£1.5m
|
£800,000
|
£75,000 per year
|
Wealth protection hub and calculators
In support of the launch of the service, the provider has added a wealth protection website hub and technical guide providing new content and tools to support adviser conversations about estate planning using life insurance policies.
It has also produced three calculators designed to aid adviser conversations with their clients.
The gift inter vivos calculator will help advisers work out how much insurance is needed to match the declining inheritance tax (IHT) liability on a gift, and the total cost of that cover over time.
The rysaffe planning calculator supports advisers to 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.
An updated whole of life calculator can be used to demonstrate the value of these policies to a client.
Managing exposure to IHT changes
Andy Roberts, head of specialist propositions at Zurich UK, said: “By 2031, the Office for Budget Responsibility (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.
“The developments announced to our proposition today will continue to enhance how we can support advisers and their clients.”
Dave Howell, private client underwriting manager at Zurich UK, added: “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.”