Offshore Savings Account

Frequently asked questions

• How do you protect policyholders?

  If we’re unable to meet our liabilities, policyholders are protected under the Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991. This compensation scheme will pay up to 90% of our liabilities to all our policyholders.

• Can the Offshore Savings Account be used with a trust?

  Yes, our Offshore Savings Account can be used with the following trusts:

  • Gift Trust
  • Probate Trust
  • Excluded Property Trust
    
    

  Trusts explained. Find out more about the types of trust we offer and how they could help you pass on your wealth in a tax-efficient way.

  Tax rules depend on individual circumstances and may change.

• Where are the premiums invested?

  Your premiums are invested into your chosen Canada Life International Limited funds. Each fund is divided into equal parts called units and we use your premium to buy as many units in your chosen funds as possible.

  You can choose up to 10 different funds and switch between them as often as you like, for free.

  As with any investment, values can go up and down and different types of investment have different levels of risk. You may get back less than you invest and past performance is no guide to the future.

• Can the amount paid in be changed?

  Yes, you can increase your regular saving amount and add one-off amounts at any time.

  You can also reduce the amount you save – as long as it’s after the three year minimum contribution period. Although you’ll always need to pay in at least £500 a month or £6,000 a year.