Transamerica Life Bermuda launches HNW insurance guide
Transamerica Life Bermuda, a HNW life insurer, has announced the launch of the 'Guide to HNW Life Insurance - a Practical Handbook for Financial Advisors.'
Sponsored by TLB as part of its Mastering High Net Worth (MHNW) programme, and prepared by Hubbis, the Guide is designed to help financial advisors, brokers and wealth managers understand the key dimensions of HNW life insurance and how to apply it in practice.
From the different protection needs of HNW individuals to the types of life insurance products available that can meet different financial requirements, the comprehensive Guide covers an array of topics and aims to provide financial professionals with an overview of some of the key considerations with respect to the utilisation of life insurance - helping them to help their customers secure their financial legacies.
The current uncertainty the world is facing in 2020 highlights the need for sound planning and the ability to adapt to fast changing events."
Globally, the HNW population rose by nearly 9% to 19.6 million in 2019. It is estimated that by 2030, $15.4trn of wealth will pass down through the generations. Life insurance continues to be a vital risk management tool and can be the foundation of a sound wealth management plan for the growing HNW segment.
Marc Lieberman, president and CEO of TLB said, "The current uncertainty the world is facing in 2020 highlights the need for sound planning and the ability to adapt to fast changing events. As with other business sectors, the life insurance industry is facing an unprecedented convergence of challenges due to the covid-19 pandemic. However, the financial needs of HNW individuals have not fundamentally changed during this time of economic volatility."
"In fact, their demand for solutions that can help to protect and maximise their financial legacy is greater than ever. There are real growth opportunities in the HNW segment and we are proud to be able to partner with Hubbis to bring this Guide to life. We hope this Guide will serve as a valuable resource to help our partners and other financial professionals to step up to meet those opportunities and add more value to their interactions with HNW customers."
Michael Stanhope, Founder and CEO of Hubbis, said: "In these challenging times - there has never been a greater requirement for the industry to have needs-based conversations with clients - and curate the right life insurance product to meet the ever-increasingly complex demands of legacy planning and wealth transfer in Asia. This Guide will help all market practitioners understand more about the options that exist today."
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