Chapter 11 Life Insurance and Your Private Banker

It is very rare to meet a private banker who also happens to be an insurance specialist. In most jurisdictions, private bankers are not even licensed to provide advice on life insurance. So what role could they possibly play if they are not allowed to talk about life insurance?

Roles of Your Private Banker

As a financial specialist, taking your interests at heart, your private banker might fulfill an important function with regard to life insurance.

Your Private Banker as Need Identifier

With their vast experience in dealing with high-net-worth individuals and families and based on their intimate knowledge of the wealth situation of their clients, private bankers are often in a great position to identify the need for a life insurance. If, based on this experience, they feel life insurance could benefit you, they should bring this up and propose to introduce you to a life insurance specialist.

In other words, even though they are usually not trained specialists in life insurance, they do have sufficient knowledge of the features and applicability of life insurance to be of added value to their customers in this respect.

Your Private Banker as Trusted Adviser

Private bankers often act as ...

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