International Variable Life Policy
International Variable Life Policy
The International Variable Life Policy is intended as a life insurance contract for U.S. federal income tax purposes.
The policy is designed to meet the requirements of section 7702 of the US IRS code.
Upon death of the life assured it pays a variable death benefit to the appointed beneficiary.
The policy can be surrendered, in which case the policy value less any accrued/due fees less any surrender charges apply. It can also be surrendered in part, although withdrawals are not permitted.
it allows access to assets on an open architecture basis, subject to acceptance.
Basic Features
| Investments | Open Architecture/Discretionary Manager/Investment Adviser (Note investment diversification rules) |
| Withdrawals | Part Surrenders- USD5,000 minimum (Minimum remaining policy value - USD50,000) |
| Death Benefit | Variable |
| Surrender | Yes |
| Assignments | Yes - only whilst Life Assured is living |
| Additional Charges | Investment Adviser (limit undefined) |
| Additional notes | US Compliant |
| Minimum charge value | Minimum applied to a policy, but is equal to its existing fixed amount. |
| Policy Currency | USD |
| Adviser assigned | Broker and Self Advised |
| Charges | Charges will be deducted quarterly on policy anniversary based on the policy value |