For financial products with a friendlier face
If you have already used your tax exempt savings allowance, or would like to save a larger amount every month then our Regular Saver could be for you.
You can save from as little as £5 per month, to build up a tax free lump sum and you will also benefit from life cover during the term of your plan. Life cover is available up to £100,000.
The plan is available to adults aged from 18 to 65 at entry, subject to acceptance. Children from 10 onwards can also hold a plan.
The Regular Saver works by offering a guaranteed amount (the sum assured) that will be paid out on the maturity date of the plan, if all premiums have been paid. This sum assured is also guaranteed to be paid if you die during the term of the plan.
The plan could also grow in value by the addition of annual bonuses. The level of bonus is not guaranteed but once they have been added to the planthey cannot be taken away as long as the plan runs to maturity and all premiums have been paid. Bonuses will also be paid out on death during the term of the plan.
If you wish to apply for a Regular Saver, please read the key features and product guide containedthe Information Packbefore applying. You can use the links to the right to access this.
For any further details on any of our products please get in touch:
A plan that enables you to save a fixed premium every month for a fixed term. At the end of the plan you will receive the guaranteed sum assured and any bonuses that have been added to the plan. You will also receive life cover for the duration of the plan.
You can save from as little as £5 per month or £50 per year. The maximum sum assured is £100,000 and this will limit your premiums depending on the chosen term of the plan. Based on an entry age of 30, the maximum you could pay over a 10 year term is £820 per month. The maximum you could pay over a 25 year term is £240 per month. These amounts would both give a sum assured of around £100,000 payable on maturity or earlier death.
Yes you can. However, the total sums assured of such plans cannot be in excess of £100,000.
At the start of the Plan you will be given a sum assured based on the premium level you choose to pay. The sum assured is the minimum amount you will receive on maturity, provided you pay all the premiums due and you let the plan run to the maturity date.
At maturity you will receive the sum assured plus any bonuses that have been added to the Plan.
The sum assured is also the minimum amount your estate will receive should you die during the term of the plan.
If you cash the plan in early and at least one year's premiums have been paid then you will receive a 'surrender value'. This is likely to be less than the premiums that have been paid in, especially in the early years. If you cash the plan in before the first year's premiums have been paid, then you will receive nothing.
You may be liable to tax on any gain if you surrender the plan early.
Your money is invested in a fund on which Kingston Unity pays taxes. Currently you will not be subject to taxation on maturity proceeds on your plan. However, if you surrender your plan and you are a higher rate taxpayer in that year you may be liable for tax on your investment gain at the difference between the higher and basic rates of tax.
In addition, the amount of the gain may result in a reduction of the amount of any old age relief or child tax credits being received. This information is based on our understanding of current taxation legislation which may change in future.
If you die during the term of the plan, then your estate will receive the sum assured and any bonuses attached to the plan.
You will need to complete a medical questionnaire as part of the application process. The plan is subject to acceptance. If adverse evidence is revealed on your questionnaire then you may need to undergo a medical examination, the cost of which will be met by the Society.
The premiums are invested in our With Profits Fund. This is a mixture of cash, equities, property and fixed interest investments. The aim of the fund is to provide a smoothed growth.
Each year a bonus rate is declared, depending on the performance of the With Profits Fund. Any bonus declared is added to the plan. There may also be a terminal bonus at maturity. Bonuses added to the plan are guaranteed to be paid as long as the plan runs to maturity and all premiums have been paid.
It is important to remember that bonus rates are not guaranteed and past performance cannot be used as a guide to future performance.
The plan currently has charges of 50% of the first year's premium and 5.5% of the annual premium after the first year. You share in all the profits and losses of running the with profits fund. This will include sharing in any profits and losses from expenses of the whole fund being above or below the total of all the charges levied.
The premiums are invested in the Kingston Unity With-Profits Fund which invests in a mixture of assets such as property, fixed deposits, shares and cash. Find out more »
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