Hansard Worldwide Limited (Hansard Worldwide) benefits from being part of the FTSE-listed Hansard Global plc group. Central to this relationship is a reinsurance arrangement between Hansard Worldwide and Hansard International Limited, which is based at the Groups’ headquarters on the Isle of Man. The arrangement ensures that Hansard Worldwide contract holders benefit from the Groups’ insurance, administration and technological expertise.
Hansard Worldwide is regulated by the Insurance Commission of the Bahamas (ICB) and Hansard International is regulated and supervised by the Isle of Man Financial Services Authority (IoM FSA) in respect of both its insurance and reinsurance business.
Established in 1987, Hansard International has been providing innovative financial products and services for its customers for 30 years, during which time Hansard have generated over £1 billion of assets under administration and providing services for over 40,000 clients across the globe.
Hansard offer a wide range of savings and investment solutions to meet the needs and demands of their global customer. They also offer market leading online systems which were launched in 1999, affording both the customer and the advisor access to key information in relation to clients policies held with them.
Vantage is an international regular savings plan which binds you to save an agreed amount on a regular basis for a pre-agreed number of years. Applicants must be between 18 years and 65 years of age at date of commencement. It can be written on a single-life or joint-lives first-death or second-death basis. Applications cannot currently be accepted from residents of the United States of America and cannot normally be accepted from residents of the European Union member states.
On the death of the life assured before the agreed maturity date, the standard sum assured is 101% of the value of the initial and accumulator units. The contract will mature on expiry of the term, which must be agreed at outset, unless fully surrendered prior to the end of the term. The term should be at least 10 years and no more than 25 years. Hansard Vantage is not suitable for contract holders who will be aged over 75 at maturity.
Units are allocated to a choice of around 180 unit funds from Hansard International’s Series 2 unit fund range. These are mirror funds from around 30 Asset Managers covering 20 different asset/sector types. When the contract is taken out, the contract can be linked to a maximum of 20 different unit funds. Thereafter, there is no maximum.
A mirror fund is a type of mutual fund, typically run by a life insurance company, that enables an investor to access another company’s mutual fund through their insurance policies. These types of funds usually involve extra fees and charges.
The plan is available in most major currencies and you may change the currency denomination of the contract at any time, at the exchange rate then prevailing.
Policyholders may make contributions in most freely convertible currencies, with the minimum contribution level being set at the date the contract is put into force by converting the GBP limit to the chosen contract currency. Once contributions have been made for two years, future contributions may be reduced or waived provided certain conditions are met.
Increases to contributions to the Hansard Vantage can be made at any time and are directed to a new contract. No service charge is applied on the new contract while the base contract is in force. The term of the new contract must be a complete number of years.
There are a variety of fees and charges that apply to the plan including the Annual Management Charge, Service Charge, Switching Charge and Additional Unit Allocation Statement: all these will impact on the return you receive from the plan.
In the early years of the contract, charges are carried forward, without interest, until there are sufficient accumulator units to meet them.
Hansard, through the Hansard Vantage Platinum ll offset costs by applying bonus determined by the length of the savings term chosen at outset, including loyalty bonuses and intial bonuses. You lose these initial bonuses if you do not maintain the plan for 5 year. In essence you get charged if you do and charged if you don’t maintain the plan. We think this shows, despite the concept of “paid-up” often sold as a benefit, that in reality the lack of flexibility, access and charges has to be considered. It does not offer a full range of discounted funds, direct equities or trackers to invest in.
On early withdrawal from, or full surrender of a Vantage contract after payment of the first two years’ contributions, the appropriate number of accumulator units are surrendered at their full unit value using the applicable unit bid prices.
In effect this means that most, if not indeed all of the first 2 years premiums are lost upon surrender.
Following a withdrawal the contract must have an accumulator unit value of not less than GBP 1,000. Withdrawals are subject to a charge. Initial units have no monetary value except at the end of the chosen term or prior death. The minimum withdrawal at any time is GBP 100.
If you want to learn more about the Hansard Vantage Platinum II Solution, or, discover how to get your investment savings plan to work, then fill out our contact form below.