Insurance For High Net Worth Individuals

Life Insurance

Life insurance is a type of coverage that provides a financial benefit to the named beneficiaries of the policy in the event of the policyholder’s death. For high net worth individuals, life insurance can help provide liquidity to an estate, preventing the need to sell down assets or take on debt in order to meet short to medium-term expenses. Where wealth is tied up in illiquid assets or assets for which there will be a short term tax liability in the event they are sold, life insurance can provide a tax effective solution.

We have helped our high net worth clients secure policies with sums insured in excess of $10,000,000 where the level of cover can be justified.

Trauma Insurance

Trauma insurance is a type of coverage that provides a lump sum payment to the policyholder in the event that they are diagnosed with a specified critical illness, such as cancer or heart attack. This type of insurance can help high net worth individuals cover the costs of medical treatment and other expenses associated with a critical illness. Outside of this, trauma insurance can provide you with the flexibility to make a significant change to your lifestyle following a significant illness. Amongst high net worth clients we often see the desire to change their work and lifestyle following an event such as a heart attack or cancer diagnosis. Common changes include a change of career or hours worked, something that a trauma payout can help facilitate.

Total and Permanent Disability

Total and permanent disability (TPD) insurance is another important type of coverage for high net worth individuals in Australia. TPD insurance provides a lump sum payment to the policyholder in the event that they become totally and permanently disabled and are unable to work. An Own Occupation TPD policy protects you in the event that you suffer an illness or injury that renders you unlikely to return to work in the role you were in prior to disability. If you are a high net worth individual that has spent years honing their craft, the prospect of needing to change careers due to an injury or illness is a decision that you may be able to avoid with appropriate TPD coverage.

For high net worth business owners, coverage up to $10,000,000 is available where justified. The definition of disability that applies to this policy is unlikely to be consistent through out the entirety of the benefit, with a portion of this $10,000,000 being subject to stricter conditions to claim.

Income Protection

Income protection insurance is another important type of coverage for high net worth individuals in Australia. This type of insurance provides a replacement income for the policyholder if they are unable to work due to illness or injury. This can be especially important for high net worth individuals who rely on their income to maintain their standard of living. Without income protection insurance, a prolonged period of time off work due to illness or injury could result in significant financial hardship.

General Advice Disclaimer

General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

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