Zurich Futura's fees and charges can be summed up below.
Regular charges:
•Regular premiums are allocated at the following rates:
This means that for at least the first two years of your policy, all your premiums are used to pay the set up charges for your policy.
For years three to nine Zurich takes a 7% initial charge from your regular premiums and for year ten onwards, they take a 2% initial charge from your regular premiums.
•Single premiums are allocated at 84%. This means that for all single premiums Zurich takes an initial charge of 16%.
Benefit charges:
The cost of providing benefits is determined by the age, gender, smoker status and other personal details of the life or lives insured, together with the levels of cover required.
Benefit charges will increase yearly.
Benefit charges are deducted monthly in advance by cancelling units in your choice of funds.
Policy administration charge:
A policy administration charge is deducted from your policy each month. The current charge is detailed below:
Monthly policy administration charge:
Annual fund management charge:
The annual fund management charge (AMC), is deducted from each fund by the fund manager, prior to calculating the unit price.
Additional charges may be levied by fund managers to cover other fees and costs incurred in the running of the funds.
Zurich’s mirror fund management charge:
The mirror fund charge applies to all mirror funds and the current charge is 0.75% a year of the mirror fund value.
It is deducted daily before calculating the mirror fund unit price.
Regular premium cessation charge:
If you stop paying regular premiums within five years, your policy will be subject to a one-off charge. The current charge is detailed in the table below:
This charge is deducted by cancelling units in your choice of funds.
Credit card charge:
If you pay your regular premiums by credit card, Zurich will make a charge which is currently 1.5% on each premium amount by increasing the amount collected.
Currency switch charge:
If you switch between funds of different currencies then there is a charge which is currently 0.175% of the currency switch amount.
