You can apply for Whole of Life Insurance if:
- You're over 18 years old - if you're the policy owner
- You're aged between 18 to 74 years old - if you're insuring your life
- You're aged between 18 to 59 years old - for critical illness
Whole Life Insurance Exceptions
- Active War Risk
- Suicide (whether sane or insane at the time) within 12 months of the Policy Commencement Date
- If a benefit is payable as a direct or indirect consequence of any act of the Life Insured which is a deliberate and material violation of any law
Exclusions have been kept to a minimum. Details of full exclusions will be available on the policy terms and conditions.
What happens if your circumstances change?
Part of the exceptional flexibility which Futura offers is the opportunity to change your protection package as your life and circumstances change. You can review the level of protection and benefits you require at any time, subject to satisfactory evidence of health and any other evidence which may be required, although your benefits and premiums can be automatically indexed to offset the effects of inflation. So while Futura provides you with lifetime cover, it can also be adapted regularly to accommodate changes along the way.
Can you choose the level of premium you wish to pay?
Futura offers a number of different approaches designed to suit your own financial situation. Essentially, you start with the level of protection and benefits you wish to achieve, and then choose from a number of payment options and premium levels to provide those benefits. Selecting higher premiums initially is more likely to ensure that your fund value remains sufficient to maintain your chosen level of benefits for a longer period of time. Vanishing premium is the option whereby you pay a higher premium for a limited period of between 7 and 15 years, with the prospect of paying no more thereafter, but still receiving protection. Choosing to pay a lower amount may have an impact on long-term sustainability. Please contact HSBC for more information.
Will your premium change?
Zurich International Life will review your policy upon major changes to benefits or premiums, and on every five-year policy anniversary, to ensure that the premiums are sufficient to maintain your benefits for at least a further five years.
What are the payment options?
The ways in which you can make your payments are also flexible. You can pay a single premium or regular yearly, half-yearly, quarterly or monthly premiums. If you wish, you can pay a combination of single and regular premiums. Additional single premiums can be added at any time. Because Futura is designed to be flexible, payment may be increased, decreased, or even suspended on a temporarily basis, provided that the value of your Futura policy remains sufficient to support the benefits.
Which currencies are available?
Futura can be denominated in one of a range of major currencies including sterling, US dollars and euros, although you can make payments in any freely convertible currency. Your choice of policy currency automatically determines the currency in which your benefits will be stated.
In which circumstances can the policy be terminated?
Your policy will be automatically terminated when:
The amount of death benefit sum insured is paid on death; or
Your policy is encashed; or
Your policy is encashed; or the paid up value of your policy can no longer sustain the cost of the benefits (the policy will lapse without value)
Does the policy take inflation into consideration?
Once your Futura policy is established, it can be adjusted automatically to help counter the effects of inflation. Choosing this option will mean that the level of your benefits and your premiums will be adjusted at a rate of 5% annually.
What happens if you cannot pay the premium?
There is a grace period of three months from the date your premium is due. If contributions remain unpaid after this period, and your policy has acquired an encashment value, then Zurich International Life will make your Futura paid up with any death benefit remaining in force. Even if your policy has been made paid up, you still have the option to reinstate it or encash it. When made paid up, additional benefits may continue except for waiver of premium benefit which will be discontinued. Reinstatement of a paid up policy may be subject to satisfactory evidence of health and other information. If a policy has not acquired an encashment value, it will lapse automatically without value.
Does the policy have a cash value?
If the policy is terminated early then there may be an encashment value. However, the plan is designed as a lifetime protection policy and any value is likely to be low compared with the premiums paid, especially in the early years. Please contact HSBC for more information.
You may encash your policy partially, only if the policy account is sustainable after the reduction of your benefits following such partial encashment. Zurich International Life reserves the right to make a charge for any partial encashment.
Is the policy subject to taxation?
The tax treatment of any benefits taken from this policy will depend on the personal circumstances of the recipient of the benefits, including the tax laws in your country of residence and/or domicile. Zurich International Life is incorporated in the Isle of Man and does not pay capital gains tax or income tax in the Isle of Man on capital gains and income attributable to policy owner investments. There may, however, be an element of withholding tax deducted from some income and dividends, which cannot be reclaimed. Zurich International Life and HSBC Bank ME are unable to provide individual tax guidance. Tax planning, and international tax planning in particular, is a complex area and we recommend that you seek professional tax advice.
Zurich International Life is a business name of Zurich International Life Limited which provides life assurance, investment and protection products and is authorised by the Isle of Man Government Insurance and Pensions Authority.