Zurich International Life has launched a single premium bond in the hope of capturing a larger share...
Zurich International Life has launched a single premium bond in the hope of capturing a larger share of the worldwide offshore premium market.
Available through advisers, the International Wealth Account is a single premium portfolio bond aimed at individual, corporate and trustee customers who are looking for an offshore investment.
Minimum investment in the bond, which has access to more than 130 funds, is £40,000 for initial business and £5,000 for increments.
There is a choice of three charging structures which all include 25 free switches each year.
Structure A offers an initial commission of 6.5% or 4% plus 0.5% pa above fund value, structure B 4% plus 0.5% per annum of fund value and structure C 6.5%.
Larger investments receive better terms. Investments are charged a decreasing annual management fee the larger they are. The fee for structure A is 0.5% for investments of £40,00 to £149,999, 0.35% for £150,000 to £249,999, 0.25% for £250,000 to £499,999 and 0.2% for investments above £500,000.
The bond is available as a life insurance bond or a capital redemption bond with no lives insured.
As a life insurance bond death benefit is 101% of the encashment value of the bond and there is a no maximum age at entry.
The capital redemption bond runs for a term of 99 years and provides a guaranteed maturity benefit of twice the initial premium, minus any withdrawals.
First mentioned in Cridland Report
Second acquisition of 2019
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.
Four key areas to focus on