In relation to opening a freeway fund, if I initially opened a lump sum investment fund with X amount just to see how it performs, can I change the account to a regular saver at a later date or would I need to open a new, separate account for this?
It means that by default they will increase the amount that you pay (by varying the direct debit) by 5% in order to attempt to keep pace with inflation and keep the real value of your contribution the same as it was originally. You can normally ask them not do do this automatically or at all if you don't want it.It states that an indexation rate of 5% p.a. is applied to the regular premium. What does this mean?
It all depends on how you want to start. I thought that the single lump sum and regular monthly contribution setups would be different policy numbers. Do they allow for a single fund seeded with a lump sum and then toppped up monthly?In relation to the Regular Savings plan, if I start with a single premium injection of 2,000 & pay a regular monthly premium of 100, initially, do I pay 2,100 (ie. 2,000 injection & 1st monthly payment of 100), OR just pay 2,000 initially & 100 will be taken out each month thereafter?
I don't think so. Many (most?) regular contribution products structured as life assurance policies levy a monthly policy fee for regular contributions. One thing to check is whether or not this policy fee continues to be charged (through encashment of units if necessary) if/when you stop making regular contributions for whatever reason.Another statement in the documentation reads "Transaction charges of 3.81 euro per month for Regular Premium Term Life policies". Is this different to open-ended policies as the website states there are no transaction charges?
Probably - you need to meed the money laundering/identification requirements to the letter these days.Also, as regards the documentation required with the application such as driver licence, credit card statement & tax free allowance certificate. I have these documents but it states they need to be dated within the last 3 months which is not the case with the driver licence or tax free allowance certificate. Does it matter if they are over 3 months old?
It all depends on how you want to start. I thought that the single lump sum and regular monthly contribution setups would be different policy numbers. Do they allow for a single fund seeded with a lump sum and then toppped up monthly?
nelly said:Another statement in the documentation reads "Transaction charges of 3.81 euro per month for Regular Premium Term Life policies". Is this different to open-ended policies as the website states there are no transaction charges? Only charge is the yearly maintenance fee of 1%/1.2% for respective funds.
Do QL do life assurance? Are you sure that there's not some confusion about the fact that QL (and most or all other) unit linked funds are actually structured as life assurance policies under the hood?Quinn Life charges 3.81 per month on Term Life polices.
They do not charge transaction charges on monthly unit linked products i.e. savings or pensions.
Nelly123 said it was a term life policy charge. This is unrelated to their savings and pensions. Term life is a fixed sum, fixed term, life insurance product like mortgage protection (although the sum assured reduces in mortage protection).
Do they allow for a single fund seeded with a lump sum and then toppped up monthly?
I think it also encompasses any product structured as a life assurance policy - e.g. any other unit linked investment - and is to guard against churning.This does not apply to me as I have no other life policy but can you explain what this statement means please?
In general owner occupier mortgage holders are required to take out mortgage protection life assurance which clears the mortgage in the event of the death of the mortgage holder(s). They are not obliged to purchase this from their lender and shopping around is generally a better idea.Also, as I would probably be seeking a mortage in the near future, I think they offer some form of life assurance policy with a mortage if I am correct, I am not sure about this.
No.If this is the case, how would it effect this Quinn Life policy or vice versa? ie, what are the above "financial consequences" in this situation?
In relation to flexability about payments into a freeway account I know you can start with a lump sum, change over to monthly payments but can you add discretionary lump sums if desired at later irregular points?
"Yes (once its 1270 euro or greater)."
Wrong, once the regular saving or lump sum had been set up with either €51 minimum or €1,270 respectively then any amount can be added subsequently. I add a lump sum of €1,000 every qtr so have first hand experience.