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Help, I m Rich!: Your Compass to a Value-Adding Private Banking Experience by Kees Stoute

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Part Four Conclusion

Life insurance can play a vital role in the planning of one’s financial life. In this part we have described how life insurance benefits “ordinary” people, and also the many reasons for the rich to take a closer look at how life insurance could be beneficial to them.

Everything in this chapter should help you to obtain a more value-adding service and to make better life insurance decisions, but there are nonetheless three key messages we hope will stick in your mind:

  1. Don’t treat life insurance as a product. Life insurance is a solution to what is or could be a problem in your life or in the lives of your dependents.
  2. Always ensure that you fully understand the policy before you commit to one. Compare the proposed policies with alternatives that might be available.
  3. Given the complexity of the matter and the fact that the life insurance world varies by jurisdiction, it is more often than not essential to involve professional advice. If you are not an insurance specialist, it is highly unlikely that you will be able to optimize your insurance solution on your own.

We have not mentioned rules and regulations so far in this context, but as they change, it is recommended to review your life insurance once every year, to ensure that the policy still provides the optimal solution for the issues that you envisaged at the time you started the insurance. With the knowledge from this part of the text, such an annual review may be more meaningful.

We noted that certain ...

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