Royal London 360° has announced a fillip to savers with its LifePlan international protection product with the immediate withdrawal of credit card fees.
The company says this adjustment means a saving of 1.5% can be achieved by policyholders who make regular premium payments with their credit cards. Generally, offshore life companies pass this charge on to policyholders.
Here’s an example of savings that can be achieved using LifePlan policyholder, Mr X, who will be 31 next birthday, and is paying a regular premium of US$412 per month, with a US$4500,000 sum assured. With the removal of the 1.5% credit card fee per monthly premium paid, Mr X will save US$74 every year, or US$4,736 over the lifetime of the policy (provided Mr X pays monthly premiums until the age of 95).
Royal London 360° is leaving the choice up to policyholders whether they save this money, or increase their monthly premium by investing the extra US$74 per annum into the policy. LifePlan is available in four currencies – £, US$, € or the Yen. Lifeplan is available
Lifeplan is a unit-linked whole of life protection product available to clients, trustees and companies throughout the Middle East, Far East and Africa. It offers primary life cover, critical illness and a wide range of other protection benefits on a whole of life and term basis.
No preferred charging model
To 1,552 families and businesses
HL and Liberty SIPP slowest
Lifetime and annual allowances