A new chapter begins
Case study: Finding solutions when others fail
Background
Male PCS client is a married business owner living in Singapore. The client has five existing Universal Life (UL) policies with the total sum assured of USD100M. The policies were placed through another broker in 2011.
As he is generally healthy, and confident of living to an elderly age, the client had been increasingly concerned about the declining cash value of his UL policies (one policy falling to zero in 28 years at current crediting rate). And even though the client went through the standard yearly reviews with his insurance broker, the broker could not provide any solutions to address his concerns.
In search of better results, the client agreed with his private bank advisor’s suggestion of approaching PCS to conduct an independent review of his policies. The advisor recommended PCS for our client-centric reputation, as well as our ability to find and negotiate astute solutions for clients.
Client objectives
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To obtain an additional USD50M of coverage, based on his current declared financial information
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Keep his existing UL policies
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New policies should be not have declining cash value (such as UL and indexed UL policies)
Solution
The client’s objectives were very challenging in the context of standard market offerings – initially, all the insurers and re-insurers were uncomfortable with offering more than USD100M of total sum assured – which he already had through his UL policies – based on the client’s declared audited financial information.
PCS undertook exhaustive negotiations with insurers, and we were successful in finding a solution that satisfied all of the client’s objectives. In the end, we were able to present multiple solutions to the client and he chose the one which blended the flexibility of his existing UL policies with the stability of two additional Whole of Life policies with additional death benefit coverage of USD50 million, from 2 insurers.
Key takeaways
We listen to clients’ concerns and objectives without preconceived ideas, and we are always solutions focused – if a satisfying result can be found, we will find it.
PCS start by taking the time to study clients’ existing policies. We provide comprehensive policy reviews that contain more detailed analysis than the standard ‘annual review packs’ offered by other brokers. Our processes enable a clearer overview for, and of, clients.
PCS remain neutral throughout the review and broking processes. We are truly relationship-driven and provide only unbiased opinions to clients.