MVA-free options
This section only applies to CMI Worldwide Premier Account and CMI UK Premier Bond.
The CMI Worldwide Premier Account and CMI UK Premier Bond are offshore single premium
investment plans with some life cover and can hold up to ten separate funds at any
one time. It is important to understand the difference between your policy and the
fund(s) in which you have invested. Your contract does not have a specified investment
term and can continue for the whole of your life. Your contract gives you access
to a range of investment funds, including Guaranteed Growth Funds (GGFs), which
do have a specified investment term.
A market value adjuster (MVA) may apply at any time during the GGF investment term.
However, at the end of the investment term an MVA does not apply.
There are a number of options available to you at the end of the GGF investment
term. If you choose to leave your investment as it is, it will be automatically
switched into the equivalent, or nearest equivalent, currency reserve fund and will
remain invested in this fund until we receive instructions from you.
At the end of the GGF investment term there are four main options available. We
recommend you read the following information carefully and discuss these options
with your financial adviser before making a decision.
Please select the information you require from the list below:
At the end of the Guaranteed Growth Fund (GGF) investment term you can remain invested
in a GGF. The GGF fund that is currently available is GGF7. This fund has a minimum
investment term of ten years. If you would like to invest in GGF7, please complete
the GGF switch form. Information on GGF7 is available on request.
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We recommend you carefully read all the options available to you at the end of the
GGF investment term and discuss them with your financial adviser before making a
decision.
If you would like more information about remaining invested in GGF, please contact
our customer services team:
Customer Services Team
CMI Insurance Company Limited
Clerical Medical House
Victoria Road
Douglas
Isle of Man. IM99 1LT
Tel: +44 (0) 1624 638888
Fax: +44 (0) 1624 625900
Email: IOM.PolicyAdministration1@clericalmedical.com
Please only use email for general enquiries, as your message is not encrypted and
will not be secure.
At the end of the Guaranteed Growth Fund (GGF) investment term you can switch all
or part of your investment into any of the available investment funds. The minimum
switch amount is currently £200 ($300 or €300). The following switching rules and
guidelines apply.
1. You can switch to any of the other funds available under your plan.
2. You can hold up to ten separate investment funds in your plan.
3. You can switch between any of the available funds up to twelve times a year,
without a switching charge. Please note: If you switch out of a GGF on any day before
the end of the GGF investment term, an MVA may apply.
4. You can choose funds to suit your investment objectives based on the funds risk
rating.
If you would like to switch some or all of your investment into any of the available
funds at the end of the GGF investment term, please complete a GGF switch form.
If you would like to switch some of your investment at the end of the GGF investment
term and surrender the rest, please complete a GGF surrender form as well as a GGF
switch form and return both to us.
We recommend you carefully read all the options available to you at the end of the
GGF investment term and discuss them with your financial adviser before making a
decision.
If you would like more information on the funds available under your policy, please
contact our customer services team:
Customer Services Team
CMI Insurance Company Limited
Clerical Medical House
Victoria Road
Douglas
Isle of Man. IM99 1LT
Tel: +44 (0) 1624 638888
Fax: +44 (0) 1624 625900
Email: IOM.PolicyAdministration1@clericalmedical.com
Please only use email for general enquiries, as your message is not encrypted and
will not be secure.
Please click on the following for a list of the funds available to your product.
The International Insurance Fund Report details the performance of these funds over
a five-year period.
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Free download so you can view the
document in pdf format.
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Your plan has a regular withdrawal facility, which allows you to take money out
of your investment on a monthly, quarterly, six-monthly, or yearly basis. The minimum
that can be taken from the bond at any time is currently £200 ($300 or €300).
- If you switch all or part of your investment into any of the available unit-linked investment funds, you can take unlimited regular withdrawals from these funds free of charge. Please click on the following for a list of the funds available. The International Insurance Fund Report details the performance of these funds over a five-year period.
- If you switch all or part of your investment into the Guaranteed Growth Fund (GGF)7, the maximum regular withdrawal amount allowed in any 12-month period is 10% of the amount switched into GGF7. Any regular withdrawals from GGF7 which are specified at outset will be MVA free.
- If you are currently taking regular withdrawals from your investment and you decide to leave your investment as it is, there is no need to fill in the regular withdrawal form, as your regular withdrawals will continue unless you tell us otherwise. However, if you would like to increase or reduce your regular withdrawal amount, please indicate this on the regular withdrawal form.
- If you decide to continue your investment at the end of the GGF investment term and wish to postpone or cancel your current regular withdrawal, please tick the relevant box on the regular withdrawal form. If you cancel your regular withdrawals and wish to reinstate them at a later date, please note an MVA may apply.
We pay regular withdrawals directly to your bank account by direct credit or telegraphic
transfer. Direct credit transfers are free and can be made in sterling to UK bank
accounts, but there may be restrictions on direct credit payments in other geographical
areas. Please note that bank charges are deducted for payments made by telegraphic
transfer.
We recommend you carefully read all the options available to you at the end of the
GGF investment term and discuss them with your financial adviser before making a
decision. We also recommend you consult your financial adviser on the tax treatment
of regular withdrawals in your country of residence.
If you would like more information on regular withdrawals, please contact our customer
services team:
Customer Services Team
CMI Insurance Company Limited
Clerical Medical House
Victoria Road
Douglas
Isle of Man. IM99 1LT
Tel: +44 (0) 1624 638888
Fax: +44 (0) 1624 625900
Email: IOM.PolicyAdministration1@clericalmedical.com
Please only use email for general enquiries, as your message is not encrypted and
will not be secure.
Please click on the following for a list of the funds available to your product.
The International Insurance Fund Report details the performance of these funds over
a five-year period.
|
|
Free download so you can view the
document in pdf format.
|
At the end of the Guaranteed Growth Fund (GGF) investment term you can:
1. Surrender part of the investment which has reached the end of its specified investment
term and leave the rest invested in any of the investment funds available under
your plan, including GGF7. Please click on the following for a list of the funds
available. The International Insurance Fund Report details the performance of these
funds over a five-year period.
2. Surrender your investment free of any surrender charges or MVAs. This only applies
to investments which have reached the end of their specified investment term.
If you would like to surrender some or all of your investment at the end of the
investment term, please complete a GGF surrender form. If you would like to surrender
some of your investment at the end of the investment term and switch the rest to
another available fund, please complete a GGF switch form as well as a GGF surrender
form and return both to us.
We recommend you carefully read all the options available to you at the end of the
GGF investment term and discuss them with your financial adviser before making a
decision. We also recommend you consult your financial adviser on the tax implications
of partial or full surrenders in your country of residence.
If you would like more information about your surrender options, please contact
our customer services team:
Customer Services Team
CMI Insurance Company Limited
Clerical Medical House
Victoria Road
Douglas
Isle of Man. IM99 1LT
Tel: +44 (0) 1624 638888
Fax: +44 (0) 1624 625900
Email: IOM.PolicyAdministration1@clericalmedical.com
Please only use email for general enquiries, as your message is not encrypted and
will not be secure.
Please click on the following for a list of the funds available to your product.
The International Insurance Fund Report details the performance of these funds over
a five-year period.
|
|
Free download so you can view the
document in pdf format.
|