Zurich International Life has launched an offshore bond, marking the first time the group has entere...
Zurich International Life has launched an offshore bond, marking the first time the group has entered the single premium market.
The International Wealth Account (IWA) provides access to 130 portfolios from 22 providers, including groups such as F&C, Fidelity, Merrill Lynch, Gartmore, Artemis, Invesco Perpetual and Jupiter.
There are two versions of the bond: a life insurance option or a capital redemption option featuring no life insurance but a guaranteed maturity benefit of invested premiums, minus any withdrawals.
Minimum investment is £40,000 initially and then £5,000 for increments. There are varying charging structures to choose from. These comprise of an establishment charge, which is a percentage of the premium, and a yearly management charge, which will depend on the funds invested in and how much is invested. Larger premiums may qualify for a discount.
Commission to intermediaries will vary depending on the charging structure used. The IWA is a new departure for the companies comprising Zurich International Life in that each has focused on regular premium investments in the past.
Paul Bruns and Elaine Parkes
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Record numbers of people aged 90 plus
From 3 to 10 October