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Client Success Story: A Dad's Legacy Secured


Client Background:


Long-term resident in Manila and business owner who is European with a Filipina wife and 2 kids. Has a successful business in Manila and plans to probably continue to live and work in Manila with his business.


Concerns:


Not currently happy with the local medical insurance he has as the benefits are limited and he wants access to International health care if he chooses for operations or serious illness.

Wants to make sure the medical insurance will cover him into his retirement and also while he travels outside of the Philippines for business and pleasure.

His kids who are teenagers will likely study in Europe once they turn 18 and he wants to make sure he has a family policy to cover them while they study abroad.


The client also is concerned about life insurance as he has a small policy in the Philippines but it is not adequate and he wants to make sure he leaves funds for his wife and kids and that the funds are based outside the Philippines and do not suffer from Inheritance tax in the Philippines.


Solution - A Legacy Secured:


Having reviewed and discussed the client's current insurance in the Philippines we reviewed International medical insurance to cater to the client's objectives which were; options to be treated outside the Philippines, cover for the kids when studying abroad, a policy that would cover him and his family after retirement, competitive pricing and flexibility around choice of benefits.


Being independent we were able to review multiple international providers to provide the exact solution the client was looking for. By combining the family into one policy we were also able to get a discount for the client on the premiums.


During the review, the client also highlighted that he was not concerned about paying small bills for his family if they got sick but was more worried about more serious illnesses and larger bills.


As a result of this, we were able to design his insurance so that he would not be covered for small bills of under PHP 5,000 but would be covered by anything above this amount. Making this change had a considerable impact on further reducing the client's premium.


With regards to Life Insurance, we reviewed the client's existing cover he had in the Philippines which was limited and would have expired at age 65. Had the client died the benefits of the policy in the Philippines would have been further reduced by local taxes leaving the family facing financial hardship and not enough funds to continue the education of the children.


We were able to propose an alternative term life insurance for the client which would last until his kids finished university in Europe.


We proposed an International term life policy which meant if the client died before the kids finished university the insurance would pay out directly to the wife into an offshore bank account.


The policy was put in a trust to make sure there would be no taxes paid in the Philippines or Europe on the death of the client and that the wife would have the funds she required to pay the university fees for the kids and other expenses.

 

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