Lombard rolls out international life plan for high net worths

Luxembourg-based Lombard International Assurance to help HNWIs protect financial legacies

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A protection solution designed to help high net worth individuals (HNWIs) protect and preserve key parts of their personal, family and business legacies has been launched by Lombard International Assurance.

The International Life Plan is aimed at HNWIs and institutions and provides liquidity to meet estate planning needs.

Response to regulatory changes

According to the insurer, families are increasingly looking to protect against the associated risks of longer-term succession planning, especially where family assets are held in multiple jurisdictions.

For example, the UK recently introduced legislation that brings both directly and indirectly held residential property within the scope of inheritance tax (IHT) for non-domiciled individuals, whether they are UK resident or not.

Additionally, following the German IHT reform of 2016, a growing number of German family owned businesses are exposed, which could cause disruption following the death of the principle.

In worst case scenarios, the family-owned business may have to be sold in order to cover IHT.

Lombard said it has designed the International Life Plan specifically for HNWIs facing these challenges, to efficiently manage their fiscal and other obligations, while ensuring that their financial legacies remain intact.

It says the solution is particularly relevant for international individuals who require a higher level of cover, whose planning needs are more complex, and so require highly bespoke solutions.

In addition to covering obligations associated with succession, the plan can be used as a risk management tool to address a broad range of needs such as family security, personal and business debt repayment, partnership protection and key person risk protection.

Eligibility criteria

The International Life Plan is currently available to UK and German residents and to UK non-domiciliaries with UK obligations.

It has been designed as either a fixed term or whole of life solution in the UK and with defined term options in Germany ranging from 10 years, to term to age 99, which on the death of the life assured will pay a fixed death benefit.

Joint lives assured can also be accepted on either a first or second death basis.

Cover is offered on International Lives and risks written in Sterling GBP, Euro, USD or CHF.

More products to come

Axel Hörger, chief executive of Lombard International Assurance, said: “We understand the importance of highly sophisticated, long term wealth planning for high net worth clients. These individuals have significant responsibilities and so providing liquidity at the right time is essential to ensure that their legacies continue.”

He added that the firm intends to further develop its range of sophisticated protection products “over the coming months”.

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