Quinn Life Freeway Funds

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?
 
Nelly123, as you have a lot of specific T&C questions about Quinn investments would it not be better to e-mail them with a list of questions. There is a better chance of getting fully accurate replies.

info@quinn-life.com
 
I have been asking these questions directly also, but some questions are better answered by individual experience of investors who have no ties to a specific company or product as opposed to quinn employees who will naturally promote their product in the best light possible.
 
nelly123 said:
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?
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What did they reply to this question? With respect, these are terms and conditions questions that have factual answers either you can move to a regular saving account or not. I cannot see how the company could sway the answer to this one in order to make the product look good.

Now if you are asking about how quickly or accurately their customer care reponds to queries or something along those lines then yes actual customer experience/feedback is relevant.

You will note by reading the previous answers that people are disagreeing or unsure of the answers to some questions so you could be getting inaccuarate information on the basic workings of the investment.
 
In relation to my question about moving to a regular savings account, yes I respect what you're saying in this regard. But the majority of my questions are open-ended & I am simply trying to gain knowledge on investing.
 
hello
new user: dumbing it down if thats ok?
done some research into the freeway funds and jumped online to get more. pretty exhaustive thread here but my question is really untechnical and really specific to me, so i'm still not sure. i'm getting on in years and just want an "account" where i can invest money (lump-sum, moderate ssia dividend) and hopefully get regular returns for lifestyle spending.
quinn life claim that you 'can cash in part of your investment at any time', so i guess my question is:
how practical is it to expect to withdraw semi-regularly?

(practical as regards easineess of access, but also as regards the costs and penalties)

deposit accounts offer ridiculous returns, but should i be looking at a completely different form of investment?

(i understand there may not be enough background info here, and i apologise to professional posters, so feel free to ignore; but any advice would be appreciated...)
 
Hi

I received the information packs in the post from Quinn Life about their Freeway Funds.
Just a few quick questions in relation to their content.

It states that an indexation rate of 5% p.a. is applied to the regular premium. What does this mean?

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?

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.

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?
Appreciate any feedback.

Thanks
 
nelly123 said:
It states that an indexation rate of 5% p.a. is applied to the regular premium. What does this mean?
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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 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?
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?
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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.
Probably - you need to meed the money laundering/identification requirements to the letter these days.
 
ClubMan said:
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?
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According to Berni, they do




I thought that the €3.81 no longer applies to QL savings plans (maybe pensions?). It was discussed on AAM before, and I think there are inconsistencies in the information that QL publish.
 
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 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?
 
I have checked. Quinn have existing term life policies and they charge €3.81 transaction charge monthly on these policies. As they still have active policies they are obliged to detail this charge on their terms of business but are not currently writing new business on the term life product.

They have no monthy transaction charges on savings or pensions.
 
Thanks to all for the advice.

Do they allow for a single fund seeded with a lump sum and then toppped up monthly?
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As regards your query above ClubMan, yes QL confirmed that you can open a Regular Save policy with an initial lump injection followed by regular monthly installments.
 
Hi Folks,
Quick question in relation to Euro Bonds for Quinn Life.
It says 'If interest rates rises then bond prices with fixed rates of interest attached will fall'

Sorry stupid question here, but does that imply that Quinn Life Bonds have a fixed rate of interest e.g. the value of the fund will drop if European interest rates go up?
Thanks
 
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?
 
I noticed the following statement on the Regular Premium Savings Plan proposal form:

Declaration of Insurer or Intermediary:

"I have advised the client as to the financial consequences of replacing an existing policy with this policy by cancellation or reduction, and of the possible financial loss as a result of such replacement".

This does not apply to me as I have no other life policy but can you explain what this statement means please?

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. 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?
 
nelly123 said:
This does not apply to me as I have no other life policy but can you explain what this statement means please?
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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.
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.
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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.
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?
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No.
 
richieg said:
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?
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Yes (once its 1270 euro or greater). Remember these guys are in the business of getting you to invest with them.
 
"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.
 

Well, they've never refused an ad hoc investment of 1270 of mine. As I said:these guys are in the business of getting you to invest with them
 
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