Obviously, the longer the policy is held and premiums maintained, the higher the bonus paid.
What happens if I want to close the plan early, stop contributing or withdraw some cash?
If a RL360 Quantum savings plan is surrendered within its original initial allocation period, it will have no surrender value – in effect suffering a 100% surrender charge. Once the RL360 Quantum savings plan has completed the initial allocation period, then if the policy is surrendered in part or in full, the initial units purchased will be subject to a surrender charge.
It is important to be aware that the RL360 Quantum Savings Plan is a medium to long-term savings plan, if you decided to cancel the plan in the early years you could lose a large proportion of the money you have saved.
RL360° Quantum Savings Plan is a life insurance company. They know a customer’s financial circumstances can change at short notice, so the plan includes a contribution holiday that allows a saving’s break. You also have the flexibility to take cash out when you like and to pay in extra lump sums. Savers can take a break from contributing to the RL360° Quantum Savings Plan for up to two years.
Each RL360° Quantum Savings Plan has an initial allocation period. During this time, no money can be taken from the plan. The length of the initial allocation period depends on the terms you have agreed with your independent financial adviser. Once the period has expired, savers can withdraw money monthly, quarterly, four-monthly, six-monthly or yearly. One-off withdrawals are also allowed.
The company points out that Quantum is a regular savings policy designed for capital growth over the medium to long term, so taking regular withdrawals which exceed investment growth are likely to impact the value of any savings.