The best cover for everyone

The concept of the one-stop shop has become all the rage in the world of wealth management over the past few years. Most notably, banks and other financial institutions have been making concerted efforts to break into the insurance sector, but at the same time, the leading insurance companies have been expanding into new areas, taking them well beyond their traditional territory.

Insurers have found what may be the perfect commercial riposte by offering an extensive range of specially designed investment-linked products which offer all-in-one insurance protection and opportunities for wealth accumulation.

Manulife (International) recently launched Matrix, which Bonita Leong, the company's vice-president, marketing and finance, for individual financial products, said was intended to cover every kind of need from 'nought to a hundred'.

According to Ms Leong the product allowed for a 'cafeteria approach', making numerous combinations possible to suit individual needs.

'It is multidimensional, appealing to a wide range of people with different dreams and different budgets,' she said, adding that there was therefore no such thing as a typical customer.

In each case, though, whether for a young graduate, someone with a growing family, or a person nearing retirement, the starting point was the same. It was to establish the client's available resources and future needs. This gave an understanding of priorities and time frames, and made it easier to give detailed recommendations or to point out factors which had been overlooked. In practice, Ms Leong said, most new clients began by setting up umbrella insurance protection. This could include basic life and medical cover, as well as a range of additional items perhaps providing cover for disability, long-term care or premium waiver benefits.