Your life has been meticulously built with a legacy of hard work and success. You’ve provided for your family, built a dream home, and secured a bright future. But what happens when the unexpected throws a curveball? How do you ensure the life you’ve so carefully crafted continues to support those you love?
At Henry Dannell, we understand the unique challenges faced by high-net-worth individuals (HNWIs) like yourself. Protecting your family’s financial security and ensuring your legacy endures requires more than a one-size-fits-all approach. It requires a bespoke plan as unique as your story, and we’re here to help you build that plan.
The Cornerstone of Your Plan
Life insurance, the cornerstone of your plan, offers a guaranteed safety net for your loved ones. Upon your passing, it provides a lump sum payout, allowing your family to maintain their lifestyle and cover outstanding debts like mortgages. As a high-net-worth individual with potentially diverse income streams, adaptable coverage options are available to ensure your insurance aligns with your evolving circumstances. For example, some policies allow you to increase coverage amounts as your wealth grows.
Safeguarding Your Earning Power
As a high-net-worth individual, particularly if you are self-employed, traditional employee benefits like disability insurance might not be available. This is where income protection steps in, acting as a vital safety net. In the event of illness or injury preventing you from working, income protection can replace up to 70% of your lost income. This ensures your essential living expenses are covered, maintaining financial stability during challenging times.
Tailored coverage for your unique circumstances
If you have diverse income streams, our team is adept at crafting bespoke income protection solutions that meticulously consider these nuances, guaranteeing comprehensive coverage that aligns perfectly with your financial situation. Additionally, if you should choose to continue working beyond the traditional retirement age, with a carefully designed income protection plan, you can extend your coverage up to the age of 70, providing continued peace of mind.
Considering all risk factors
Certain professions, such as professional athletes, inherently carry a higher risk of injury. Our team understands this and integrates risk factors into the tailoring process. By considering all relevant aspects of your situation, we can ensure you receive a truly bespoke income protection policy that offers the most comprehensive coverage possible.
A Safety Net for Long-Term Challenges
While income protection addresses temporary income loss, critical illness cover provides financial support for long-term medical conditions like cancer, heart attack, or stroke. This coverage can be seamlessly integrated with your life insurance plan, safeguarding your assets and ensuring your family’s lifestyle remains secure if you’re diagnosed with a critical illness.
Tailoring coverage to your specific needs
Critical illness plans vary in terms of covered conditions, eligibility, and cost. Our expertise lies in navigating this complex landscape, allowing us to compare plans and identify the most effective and affordable coverage that perfectly aligns with your unique circumstances. If you have existing critical illness cover and are unsure about its effectiveness, we can leverage our extensive knowledge to review your policy and compare it against the latest offerings, pinpointing potential areas for improvement.
Strategic Solutions for Inheritance Tax Mitigation
Rising property values have made Inheritance Tax (IHT) a significant concern for HNWIs. Currently, estates exceeding £500,000 for individuals or £1,000,000 for couples face a 40% IHT liability. Fortunately, proactive planning offers strategies to minimise this burden.
Gifting Strategies and Insurance Support
One strategy involves strategically gifting assets to beneficiaries while you’re alive. The longer you survive after gifting, the lower the IHT burden becomes. Gift Inter Vivos life insurance complements this strategy by providing a payout specifically designed to cover the IHT bill if you pass away within seven years of gifting. This flexible policy automatically adjusts the payout amount to match the IHT liability at the time of your death. If you survive beyond seven years, the policy gracefully terminates as there’s no longer an IHT obligation.
Whole-of-Life Insurance for Comprehensive Protection
For couples with a primary residence exceeding the IHT threshold and limited other assets, a Whole-of-Life Joint Life/Second Death policy offers a more comprehensive solution. Placing the policy’s payout into a trust allows the proceeds to bypass your estate and be used directly by your beneficiaries to settle any outstanding IHT dues.
Ready to safeguard your legacy?
At Henry Dannell, we understand the unique challenges faced by high-net-worth individuals in protecting your family’s financial security and ensuring your legacy endures. We prioritise building a strong partnership to achieve this goal.
Through a collaborative process, we begin by gaining a deep understanding of your specific situation, needs, and requirements. Leveraging our extensive knowledge of the entire insurance market, including specialist providers, we then tailor a bespoke insurance plan that offers exceptional coverage. Our commitment to clear and comprehensive communication allows you to make informed decisions with confidence.
The result? A comprehensive strategy that safeguards your assets, ensures your family’s lifestyle remains secure, and allows your legacy to flourish for generations to come. Don’t wait to secure your family’s future. Get in touch with our specialist team today for your personalised plan.
Please note: These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse. These plans have no cash in value at any time and will cease at the end of the term. If premiums are not maintained, then cover will lapse.
