Leverage life protection to protect the grandchildren
Profile
PCS by Mercer clients are a married couple in their 60s. They are retired from their successful business, and they are enjoying a great HNW lifestyle as well as good health.
The couple have a daughter and two grandchildren. Sadly however, they also have a deceased son. The grandchildren as still young; one of them is the surviving heir of the deceased son and the other is their daughter’s child.
Key considerations/Challenges specific to the client
The clients are primarily concerned about the future welfare and affluence of their grandchildren. To prepare for the children’s potential needs and education, the clients have established a trust to distribute their offshore assets after they pass. The clients also wish to provide for their considerable philanthropic commitments.
Our clients, who are both detail focussed, firmly believe in the wisdom of forward planning as well as leveraging offshore insurance to magnify their wealth and provide for their loved ones.
PCS by Mercer solution
To make certain that we delivered all the information to the clients’ satisfaction, PCS by Mercer worked in close collaboration with both their private banker and wealth planner.
We presented a number of solutions to the couple, including Universal Life and Savings Plans solutions, so they can fully consider their options and priorities.
The clients selected two offshore Universal Life Plans because they believe the solution will be the most beneficial for asset protection and enhancement in their circumstances and age group.
Premium: A total of USD 5.78 million for both policies (bank funded)
Total sum assured: 2 x USD 5 million
Key takeaways:
- PCS by Mercer will work in close partnership with clients’ advisors to achieve the best outcome.
- Diverse life protection solutions address unique needs, so PCS by Mercer will present different options for our clients’ consideration.
- Whilst wealth management should begin as early as practicable, it’s never too late to find the right protection for your loved ones.
- Our deep product knowledge and partnerships with global insurance carriers mean our clients have a breadth of solutions at their disposal.
** Also known as income plans in some jurisdictions.