'High net worth'. It sounds a bit cold and remote. But you could easily achieve it without even realising. You're successful at work, climb a few rungs of the housing ladder, acquire some beautiful things along the way and maybe inherit money or property. Suddenly you're looking at a portfolio of possessions that need extra care and attention.

Looking after these assets includes getting appropriate insurance. If the market value of your property is more than £500,000 or the value of your contents is higher than £100,000, it may be time to stop buying separate off-the-shelf policies for your home and contents insurance. And you may want to think about looking beyond a 'one size fits all' approach to car, pet and travel insurance too.

The good news is you can now buy specialist high net worth policies in a single bespoke package. Not only does this kind of cover provide extra insurance, it's tailored to your specific needs – and you could save money on premiums compared to stand-alone policies.

For example, one of our customers has switched to a SELECT Premier policy and has saved money.

Before - insured with separate Direct Line home and car policies

Direct Line Home Insurance - £1752.50
Direct Line Car Insurance – £474.88
Total: £2,227.38

After - insured with SELECT Premier One Policy

Total: £1,213.09

Such a policy can be flexible enough to adapt to your needs. For example, if you have a high value home and could afford significant excess without affecting your lifestyle, it may be worth taking this route. The saving you make on premiums over the long term could easily outweigh the higher excess if you make a claim.

What's more, high net worth insurance usually comes with a different level of service. This includes a personal assessment of your needs and, if you make a claim, a 24/7 claims line and a personal claim handler who deals with your case from start to finish.


Good to know

Direct Line's SELECT Premier Insurance offers cover for high net worth individuals.
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Things you need to know about Over 50s life insurance:
Premiums stop after your 90th birthday but you still enjoy cover for the rest of your life. In the first year, if you die from natural causes we will refund any premiums, or if you die as a result of an accident, we will pay your cash sum. After the first year regardless of the cause of death we will pay your cash sum. Depending on how long you live, the total sum paid in premiums may be more than the cash sum payable on death. If you stop paying your premiums before the end of your policy your cover will stop 30 days after your missed premium and you won’t get anything back. This isn’t a savings or investment product and has no cash value unless a valid claim is made. Inflation will reduce the buying power of your cash sum in the future.

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