Case study: Insuring a whole family for a common goal 

Life insurance is often being thought of in the context of individuals, but multiple policies can be simultaneously incepted and coordinated to serve the common goals of a whole family. Read on to find out how we insured six members of a successful family – to protect them right now and to create a legacy for the future.

Our client is from the second generation in a successful family in the gems and jewellery industry. Forty-six and married, he is in the process of fully inheriting the business from his parents, and is now the key person in running the organization.

Five other members of the family, including his spouse, support him in various roles within the business. The family members live in different parts of the world, and all are in good health.

The client has two young children.

While the client is primarily concerned about his two young kids – in the event that something unforeseen happens to him and his wife. He also wants to mitigate the possible risks for the other members of his family.

• The client is financially sophisticated and has modified and increased his insurance coverage as new needs have arisen through the years.
• He and his wife believe that wealth planning using offshore insurance is a good way to manage possible personal risks.
• They want to provide stable future income for their children.
• Our client’s significant business responsibilities means he can be time-poor and can’t travel freely.
• Despite all members of the family being in good health, some individuals’ underlying conditions mean that the rates offered by providers varied to some degree. 

We began the process by thoroughly reviewing the client’s complex requirements for his global family and the solutions available on the market. PCS by Mercer then recommended seven policies – one for each of the other family members and two for the client himself.

The Indexed Universal Life policies were incepted for life cover, asset protection and legacy planning purposes.

A combination of single pay and multi-pay were available providing the flexibility to suit the client’s needs.

Total coverage across the seven policies: USD113.6M

Total premium: USD18.2M

We recommended policies from three different providers: Sunlife Bermuda, Manulife Bermuda, and Manulife Singapore in order to find the best fit for the client and his family.

PCS by Mercer are leaders in the industry. We have the global reach and solutions expertise to tailor complex solutions to suit clients’ needs. We are experienced in formulating solutions to suit multiple members of entire family.

We partner with a broad range of providers and will thoroughly explore various options to deliver the most beneficial and cost-effective solutions for our clients.

Remote processes* can be used to access solutions from Singapore, Bermuda, and Hong Kong. In some cases, plans can be incepted within a month of meeting the client.

_{^*Subject to the relevant legal and regulatory requirements of respective jurisdictions}