WAY Estate Transfer Plan
WAY Estate Transfer Plan
The WAY Estate Transfer Plan is an offshore insurance Bond consisting of a series of non-surrenderable unit-linked single premium endowment life assurance policies.
The Bond will be divided into 400 identical individual policies of the same amount, as long as the initial investment in each of the policies is a minimum of £125. The Bond is denominated in Sterling.
The premium will be invested in the funds managed by WAY Fund Managers which are selected from time to time by the policyholder or the appointed Adviser.
The bond aims to:
- To provide capital growth over the medium to long- term.
- To provide the option to take the proceeds of sequential maturing policies from the Bond and the option to extend the maturity dates of those policies.
- To provide a sum assured payable on the death of the life assured.
- To reduce potential inheritance tax liabilities.
Basic Features
| Investments | Collectives/UK Assets/Discretionary Managers |
| Withdrawals | No. Only the proceeds of maturing policies can be paid out as they hit their individual maturity date all maturing policies have segments that fall outside of segmenation and are managed by technical services |
| Death Benefit | Surrender Value + GBP100 |
| Surrender | No |
| Assignments | Yes - whole bond only |
| Additional Charges | Financial Adviser |
| Additional Notes | N/A |
| Cash Accounts | The Cash Account must be kept in credit with a minimum of 2.00% of the value of the Portfolio or with any other minimum value as IOMA Life may specify from time to time. |
| Policy Currency | GBP |
| Adviser assigned | Combination of broker only, adviser (ongoing adviser charge applied) and self advised. NB regarding advisor charges for the product type being deducted as a 'segment' through maturity. |
| Charges | Charges will be deducted quarterly on policy anniversary based on the policy value. |