Futura by Zurich International Life Ltd., is a lifetime insurance plan with the flexibility of allowing you to make changes to benefits as the circumstances of your life change. You can have peace of mind that at any stage in life, Futura can protect you and your family the way you want it to. Whole life insurance rates.
Option to add benefits like critical illness, permanent and total disability and long-term care
Pay yearly, half-yearly, quarterly, monthly or with a single premium
Covers any cause of death*
Opt for separate cover for your spouse or joint cover
Adjust the benefit every year to allow for inflation if chosen
Available in Pounds Sterling, US Dollars and Euros
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.
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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
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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.
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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.
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This Life Insurance plan is provided and underwritten by Zurich International Life.
This is only general information and does not constitute an offer to buy or sell an insurance product or service. It is also not intended to provide any insurance or financial advice. A person interested in this product should read and consider the Product Brochures, Product Summary and Benefit illustration in deciding whether to buy this product. You can ask for these documents from any of our Branches.
Buying a life insurance plan is a long-term commitment. An early termination of the plan usually incurs high cost and the surrender value payable (if applicable) may be less than the total premiums paid. The terms & conditions applicable to these products will be of Zurich International Life and the applicant or the plan holder will not hold HSBC responsible for processing, claims or otherwise.
For the avoidance of doubt, HSBC does not provide tax advice and you should seek your own external tax advice in relation to this product.
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