PPN Wealth Preservation, Apendix II
Friends Provident International, a life insurer located on Isle Of Man, is one of the longest established in the offshore life assurance industry and one well used to the specific demands of the international investor.
- Founded in 1832
- US$160 billion under management
- Based on the Isle of Man, a AAA-rated jurisdiction by S & P
- A rating (strong) by S & P and Moody’s
- Operates in 16 countries
- 2,9 million customers worldwide
- 11,7% international market share
The Reserve product is what is commonly referred to in Europe a “Portfolio Bond” and feature a perfect combination of investment flexibility and freedom to choose.
Please find below key-facts on the Reserve product.
- The owner of the contract can be an individual, trust or company
- You may have up to 6 persons as life assureds ensuring the continuation of the policy hence making it a perfect generation and estate planning vehicle and avoidance of forced heirship laws.
- Minimum single premium approx. $500,000
- The policy is an offshore life insurance policy with a death benefit of 101% of the surrender value and payable on death of the last surviving life. The client may increase the life insurance cover against a mortality fee if that’s desired.
- The product permits the client, or the appointed investment manager, to select assets from a virtually limitless range including equities, bonds, and offshore investment funds.
- The insurer accepts contributions in any freely convertible currency. However, the client must specify the currency he/she wants the product to be denominated in. Valuation can be given in GBP, USD, Euro, HK Dollars and Swiss Francs. Payment on benefits or withdrawals may be paid in any freely convertible currency, worldwide.
- No surrender penalty applies to withdrawals. The client may withdraw up to 90% of the account value free of charge. However, the client must always leave sufficient funds in the account to cover outstanding establishment charges. A full surrender of the account during the initial charging period (5 or 8 yrs) will result in a surrender penalty.
- The initial charging period during which the Establishment Charge is levied can be either five or eight years. An eight year charging structure typically costs 1,25% of the initial investment making the product one of the most cost efficient investment products available in the market field.
- Product charges consist of an Establishment Charge, Administration Charge, Dealing and Settlement Charges.
- The company accepts US persons, or other world-wide citizens/expats as life assureds, however the owner must be non U.S., e.g. trust or company. The life assured is not required to sign the application.
