The client was a male in his 40s. He was a UK resident and non-smoker seeking advice on the conditions of his prenuptial agreement, but with the ability to maintain cover in the long-term on a whole-of-life basis.
One of the conditions of our client’s prenuptial agreement included a £10 million payment to his spouse upon his death.
The issue with this condition was that his family wealth was tied up in trusts. Both he and his family wanted to avoid any potential claims against the family’s wealth.
Tailored solution provided by John Lamb Hill Oldridge
We recommended a convertible policy with a 24-year term. A sum insured of £10 million, which would cover the potential liability stated in the prenuptial agreement and an annual premium of £11,250.
One of the benefits of this solution was the option to convert it to a whole-of-life policy in the future, should long-term planning become the client’s focus rather than providing for his spouse.
This case illustrates how a convertible term policy can cover any potential liabilities. If you have a prenuptial agreement and need advice on the conditions, please call John Lamb Hill Oldridge today for the very best advice.