High net worth life insurance

Mon, 23 Apr 2007

The popular insurance company Legal &General has recently predicted that the high net worth segment of UK society will drive an increasingly important area of the life insurance and critical illness insurance market.

Basing their assumptions on increases in personal wealth created by property and business success, Legal &General foresee that high net worth is likely to soar in the next few years. House prices have almost tripled in many areas over the last decade, whilst around 500,000 people start up their own business in the same period.

According to Legal &General criteria, individual life insurance cover over 600,000 pounds or critical illness cover over 350,000 classes an individual as high net worth, and require an enhanced level of insurance service.

The Protection Marketing Director at L&G, Bonnie Burns, reportedly commented: "High net worth customers are growing in number. However you classify them, high net worth customers often require more complex underwriting, for example detailed financial and medical evidence, and therefore require a bespoke approach. This type of customer expects more than just a good price. It is about service, service, and service."
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