For high-net-worth individuals, insurance solutions are not just for protection, but for strategizing and planning ahead. This is why insurance is increasingly recognized by high-net-worth families as fundamental to total wealth planning.
Protecting your wealth
You’ve worked hard to grow your wealth, but unexpected events can prevent you from enjoying it. These include the three primary life events that are unavoidable - disease, disability, and death.
Critical illnesses are on the rise, and medical bills cost money. Car accidents occur almost every day; these come with a price – injuries result in medical bills, disability in the loss of future income and death can cause the loss of family financial stability.
This is why insurance is key to protecting your wealth:
- Health insurance, which includes critical illness coverage, reduces your financial burden by taking care of your hospital bills, leaving you to recover your health with peace of mind.
- Life insurance, including disability coverage, pays your beneficiaries death benefits in the event of your untimely death or awards you a lump sum to replace your income if you are incapacitated and unable to work.
Planning Your Legacy
Legacy planning is a financial strategy that enables individuals to plan and bequeath their assets before their death. When the individual passes on, their wealth and possessions go to a loved one, next of kin or beneficiary specified in a will.
Does having a will, however, ensure that wealth is distributed smoothly?
Watch the following video to hear from Mrs. Se Kuthkola, the managing partner & attorney-at-law of Sarana Law Firm.
