Zurich Retail Protection has launched a private client service that aims to meet the rising demand for specialist support for advisers with ultra‑high‑net‑worth (UHNW) protection cases. This is designed to complement its existing large case underwriting service.
Advisers will receive support from a team of sales consultants, underwriters, case handlers and administrators for UHNW cases. Clients will also receive fast-tracked medical screening, access to private medical clinics and support from a dedicated customer services team for post-issue servicing queries.
The premium threshold for UHNW services is £1000+ per month or £12,000+ per year, while cover thresholds stand at £5million for life cover, £1.5 million for critical illness, and £150,000 per year for income protection.
To support the launch of the private client service, Zurich has launched a new wealth protection website hub and technical guide designed to help with adviser conversations about estate planning using life insurance policies.
Zurich has also produced three new calculators designed to aid adviser conversations with their clients. The first is a gift inter vivos calculator, which helps advisers work out how much insurance is needed to match the declining inheritance tax (IHT) liability on a gift, as well as the total cost of that cover over time.
Second is a rysaffe planning calculator, designed to help advisers 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. Third is a whole of life calculator, which can be used to demonstrate the value of a whole of life policy to a client.
"At Zurich, our focus continues to be on the delivery of swift, informed underwriting decisions," Dave Howell, private client underwriting manager at Zurich UK, said. "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."
Andy Roberts, head of specialist propositions at Zurich UK, commented: "By 2031, the OBR [Office for Budget Responsibility] expects around 14% of all inheritance tax 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 life insurance can play in estate planning, as it offers certainty and provides a faster solution for executors to settle IHT bills."
He added: "Zurich is proud of its strong reputation in the market as experts in both wealth protection and HNW [high-net-worth]. The developments announced to our proposition today will continue to enhance how we can support advisers and their clients."
