Transamerica Life (Bermuda) Ltd. (TLB), a leading High Net Worth (HNW) life insurer, in partnership with Hubbis (HK) Limited ("Hubbis"), announced the release of the updated "Guide to HNW Life Insurance - a Practical Handbook for Financial Advisors 2021" ("Guide").
Sponsored by TLB as part of its Mastering High Net Worth (MHNW) programme, and prepared by Hubbis, this is the second edition of the Guide, and it re-emphasises TLB’s commitment to helping financial advisers, brokers and wealth managers understand the key dimensions of HNW life insurance and how to apply it in practice.
Since the launch of the inaugural edition of the Guide in 2020, the world and global economy has undergone dramatic changes. The effects of the COVID pandemic have had significant knock-on effects to financial markets, as well as on the way of life for millions of people.
Over the last year, the financial markets witnessed incredible volatility, and country lockdowns have created significant travel and personal restrictions, forcing many companies and industries, including the HNW life insurance industry, to accelerate their technology integration and find creative solutions on how to engage their customers digitally.
Despite the health and market uncertainty, the HNW and Ultra High Net Worth (UHNW) population remained robust, growing by nearly 8% in 2020, and Asia-Pacific remains one of the world’s fastest growing major regions for HNW individuals (HNWIs), according to a recent study by WealthX.
The pandemic has also increased awareness amongst HNWIs in the areas of health, longevity, and legacy planning. The result is that many HNWIs are now looking at life insurance as part of their overall protection and wealth management plans. Moreover, HNWIs who are business owners are also continuing to look to life insurance for business protection, including partnership coverage and insuring key employees in the event of an unexpected death.
CEO of TLB, Chirag Rathod, “From the different personal and business protection needs of HNWIs to the types of life insurance products available that can meet different financial requirements, the updated, comprehensive Guide covers an array of topics on HNW life insurance utilisation, helping financial professionals to better serve their customers.”
Founder and CEO of Hubbis, Michael Stanhope, “In these challenging times, financial practitioners must become more agile and customer-centric in order to succeed. We hope this Guide will be a key resource for them in helping them to grasp the growth opportunity before them by assisting them in understanding the unique role that life insurance can play in their offerings to their clients.”
Download TLB and Hubbis' “Guide to HNW Life Insurance - a Practical Handbook for Financial Advisors (2021)” here.
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