Case study: Changing policies to suit life changes 

Our client is a successful business entrepreneur. Our client was holding a Universal Life (UL) policy for more than 10 years through another insurance broker, but he was concerned with three key issues:

1. The declining cash value of his UL policy
2. The adequacy of the death benefit to provide liquidity for future inheritance taxes
   
3. Perceived lack of choices if he was to change policies – as few insurers still have seamless remote (non-face-to-face) underwriting processes

PCS conducted an independent review of our client’s existing UL policy against market offerings. We also strategically negotiated with the potential insurer to achieve a cost-effective outcome that addressed all of our client’s key concerns:

• Change to a Whole of Life (WoL) policy with US$10 million sum assured to age 99
• WoL policy has a strong Guaranteed Policy Value component providing liquidity for future inheritance taxes

The policy was written using PCS’s non-face-to-face processes, so unpredictable Covid-related public health orders did not affect the seamless process.

1. For policy holders, it’s hugely beneficial to review existing policies through independent parties
2. After understanding the client’s needs, PCS works hard to source the right solution that addresses any and all of their concerns
3. We present clients with a number of market-leading solutions, so they can make comparisons and decisions based on real data