High net worth growing in importance says L&G

This is based on the increase in personal wealth through property and business. House prices have tripled in value in the past ten years, resulting in appreciating assets for homeowners. In addition, over half a million people start up their own business every year to boost their own personal wealth.

The UK is forecast to have the highest concentration of high net worth households in the G7 within ten years. Legal & General defines high net worth in the Protection market as a value of individual life insurance over £600,000 or critical illness over £350,000. Policies with these values require an enhanced level of service.

Bonnie Burns, Legal & General’s Protection Marketing Director explained: “However you classify them, high net worth customers often require more complex underwriting, for example detailed financial and medical evidence, and therefore require a bespoke approach. This type of customer expects more than just a good price – it’s about service, service, service.”