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It's all too easy for some wealth managers to place the emphasis squarely on investments, while forgetting insurance. Your Protection Portfolio is just as important as your Investment Portfolio and you should consider planning accordingly.
The more successful you are at managing your wealth, the more could be at stake for you and those you care about, if something untoward should happen to you. That's why having the right insurance in place could be vital to protect everything you've worked for - a tailored mix of life cover, critical illness cover and any other provisions that suit your unique needs.
Despite this, it's an area many investors neglect. Or even if they don't neglect it completely, they often underestimate the cover they really need. For example, Swiss Re estimated the UK's "protection gap" at over £2trillion2. And according to YouGov, only 45% of 35-44 year olds and 48% of 45-54 year olds are now covered by life insurance1.
Take, for example, a senior manager working in finance, with a £600,000 death-in-service benefit from her employer, a well-funded pension and a healthy investment portfolio. At first glance, she might seem pretty well placed for the future. However, if she were to die with 20 years still to go until retirement, would those provisions really be enough to cover two decades' worth of lost income, including promotions and bonuses? Would her spouse and dependents be able to maintain their lifestyle, educational ambitions and wider comforts, while also dealing with the loss of a wife and mother?
As life goes on, as your ambitions and dreams evolve, so your protection requirements also change. Your Protection Portfolio should be in tune with both your Investment strategy and legacy planning
Our Insurance Specialists are there to provide the advice you need, working closely with your dedicated Relationship Manager to help build your Protection Portfolio
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Important information
All policies are subject to application and underwriting. Further terms and conditions apply and can be obtained in branch or through your relationship manager. Protection products are arranged by Citibank UK Limited and provided and underwritten by Old Mutual Wealth Life Assurance Limited. Registered in England and Wales, Registered Number 1363932. Old Mutual House, Portland Terrace, Southampton SO14 7EJ. Authorized by the Prudential Regulation Authority and regulated by the Financial Conduct authority and the Prudential Regulation Authority – www.fca.org.uk/register Financial Services Register Number 110462.
Investment and insurance products are not insured by any governmental agencies, are not bank deposits, and are neither obligations of, nor guaranteed by, Citigroup, or any of its affiliates, unless otherwise stated. Investment products are subject to investment risks, including possible loss of some or all of the principal amount invested. Past performance is not indicative of future results, investments can go down as well as up.
1 Source: You Gov, 2014 (https://yougov.co.uk/news/2014/03/07/one-five-no-longer-have-life-insurance-policies/)
2 Source: Swiss Re Research, 2012 (www.swissre.com)
This International Woman's Day, we asked Susan Shakespeare, our Head of the UK Consumer Bank and Citi International Personal Bank for EMEA, about her passions, greatest achievements and what she has planned for 2020.
Woman's Day 2020
London: Citi has announced the appointment of Susan Shakespeare as head of its UK Consumer and EMEA International Personal Bank (collectively "Consumer"). Susan will also become an Executive Director of the Citibank UK Limited Board.
Highlights
World No.7 Paul Coll has become the first New Zealander to get his hands on the Citigold Wealth Management Squash Classic trophy after he overcame Egypt's Tarek Momen by a 3-0 scoreline in their final fixture at London's spectacular East Wintergarden last week.
HighlightsInvestment products are not insured by any governmental agencies, are not bank deposits, and are neither obligations of, nor guaranteed by, Citigroup, or any of its affiliates, unless otherwise stated. Investment products are subject to investment risks, including possible loss of some or all of the principal amount invested. Past performance is not indicative of future results, investments can go down as well as up.
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Citibank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our firm's Financial Services Register number 805574. Citibank UK Limited is a company limited by shares registered in England and Wales with registered address at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, Companies House Registration No. 11283101. Citibank N.A., Jersey Branch is regulated by the Jersey Financial Services Commission. Citi International Personal Bank is registered in Jersey as a business name of Citibank N.A. The address of Citibank N.A., Jersey Branch is P.O. Box 104, 38 Esplanade, St Helier, Jersey JE4 8QB. Citibank N.A. is incorporated with limited liability in the USA. Head office: 399 Park Avenue, New York, NY 10043, USA.© All rights reserved Citibank UK Limited and Citibank N.A. (2024). CITI®, CITI and Arc Design® are registered service marks of Citigroup Inc. Calls may be monitored or recorded for training and service quality purposes.
Investments are not bank deposits, and are neither obligations of, nor guaranteed by, Citigroup, or any of its affiliates, unless otherwise stated. They are subject to investment risks, including possible loss of the principal amount invested. Past performance is not indicative of future results; investments can go down as well as up.
All products and services offered by Citi International Personal Bank are subject to terms and conditions and you must agree to be bound by them before we can offer any product or service to you. Some products and services may not be available in certain jurisdictions. This website is not intended for distribution to, or use by, any person in any country where such distribution or use would be contrary to local law or regulation and none of the services or investments referred to in this website are available to persons resident in any country where the provision of such services or investments would be contrary to local law or regulation. You should consult your professional advisers as to whether you require any governmental or other consents or need to observe any formalities to enable you to utilise or purchase the products and services described on this website.
