With the right life insurance policies, high-net-worth individuals can secure wealth for the next generation, Manulife Singapore CEO Khoo Kah Siang tells Terence Lim
With strong wealth creation in Asia in recent years, there has been a spike in the interest among high-net-worth individuals (HNWI) in platforms and solutions to facilitate wealth transfer to future generations. This explains the popularity of life insurance solutions such as universal life policies among affluent families. Such products are typically low-risk wealth management tools that also provide insurance coverage and often marketed as an instrument for legacy planning. But do HNWIs really require insurance for their wealth and assets? On initial thought, the answer may be a no. But that should not be the case, says Khoo Kah Siang, CEO of financial services group Manulife Singapore.
“Is there a need for HNWIs to be insured? The answer is yes,” he shares. “People tend to invest a lot of funds into their businesses and, as a result, they may not have the cash flow to purchase a large policy to protect their assets. Life insurance is an asset in itself because of the capability of the policy to be financed. Banks can use it as collateral and the policy holder can use it for instant protection for the family without a significant cash outlay.”
This story is from the December 2018 edition of Singapore Tatler.
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This story is from the December 2018 edition of Singapore Tatler.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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