The client is in his 40s, resident in the UK, but not considered to be domiciled in the UK. His family lives in Kuwait.
We were unable to obtain sufficient cover for this client in the UK market because, although he had extensive investment income, he did not have any earnings from employment or self-employment in the UK as his business was still in the start-up phase. For this reason, he was referred to a US-based broker with whom we have worked closely on many occasions.
Tailored solution provided by John Lamb Hill Oldridge
The recommendation provided to him was for a policy with a significant guaranteed death benefit. This sum will be payable on death up to the age of 126, to provide funds for his family.
The recommended policy was a Variable Universal Life Insurance policy, which includes an investment element and where the client can select the funds in which the cash component is invested.
The premiums will be paid for the first 20 years of the policy, which will provide a guaranteed death benefit of $20 million.
This is another illustration of how John Lamb Hill Oldridge assists clients with a variety of complex needs, and of how we can help clients who are not domiciled in the UK and have cross-border planning needs.