The clients are a couple, with the husband in his 60s and the wife in her 40s. They are both UK residents and non-smokers. They were seeking to restructure the business they own jointly.
The husband has health issues. The couple had lost their Business Property Relief qualification for a period of two years.
Tailored solution provided by John Lamb Hill Oldridge
We recommended a reviewable whole-of-life policy on a joint life second death basis. This worked out cheaper than a term assurance policy.
The policy was written on the basis of the female client’s life because of her husband’s health problems on a sum assured of just over £24 million.
If the couple maintains payment of this premium, then cover will continue to be in force for life. They also have the option of ceasing payment after two years, in which case there will be no penalty, and the policy will simply lapse.
This case illustrates how we help business customers with challenging individual circumstances who are seeking high-value life insurance.