More reasons to choose RL360 LifePlan

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Even more reasons to choose LifePlan

New features make our comprehensive protection product even more attractive.

RL360 has launched a new Split Trust for use with our whole of life international* protection product, LifePlan. We have also further strengthened LifePlan’s proposition by removing credit card charges on all regular premium payments made in this way.


The Split Trust allows a UK domiciled LifePlan policyholder, who has selected both Critical Illness and Life Cover, to have access to their Critical Illness benefit whilst ensuring that the Life Cover does not fall into their taxable estate for UK Inheritance Tax (UK IHT) purposes.


How does the Split Trust work?

Upon the diagnosis of a Critical Illness, and subject to surviving the diagnosis by 30 days, the trustees will advance the Critical Illness Cover to the life assured for them to use as they see fit. The Life Cover element of LifePlan will remain in trust and will not be taken into account for UK IHT valuation purposes on their death.


Where the life assured does not survive the diagnosis of the critical illness by 30 days, the Critical Illness benefit is not paid, remains in trust and, more importantly, outside of their UK IHT assessable estate.


The LifePlan Split Trust was developed by Neil Chadwick, Technical Marketing Manager at RL360, who commented: “The features of this trust are not rocket science – they just make sense for advisers and investors alike when undertaking this type of planning. Like all of our product developments, we listened to what our customers were looking for and developed it for them. The Split Trust is a practical estate planning solution and I am confident it will prove very popular.”


No credit card charges

Withdrawal of credit card charges on LifePlan equates to a saving of 1.5% on every regular premium payment made by a policyholder on their credit card. Generally, offshore life companies will pass this charge (levied by credit card companies) onto policyholders; however, RL360 will cover this cost going forward.


What this means in monetary terms

The following example highlights a LifePlan policyholder who is paying a regular premium of USD412 per month, with a USD500,000 sum assured, and who will turn 31 next birthday. Removal of the 1.5% credit card fee per monthly premium paid will save him USD74 every year, or USD4,736 over the lifetime of the policy (assuming he pays monthly premiums until the age of 95).


The policyholder could choose to save this money, or increase his monthly premium and invest the extra USD74 per annum into his LifePlan policy.


Natalie Hall, Head of Marketing at RL360, commented: “LifePlan’s comprehensive range of features means it is one of the most competitive international protection products in the offshore market, and removal of the 1.5% credit card charge per premium only strengthens its proposition to investors.


“This is another example of RL360 continuing to enhance its proposition by consulting its customers and delivering benefits that matter.”


* LifePlan is not available for sale in the UK or to residents of the United States of America.