Charges will depend on the type of plan you take out from RL360 as they offer different charging structures largely linked to the amount of commission or earnings being taken by the third party salesman or adviser, but here are some of the key charges.
Establishment charge: an establishment charge will be deducted by cancelling a percentage of the initial units on each policy anniversary for the first 5 years.
The rates at which initial units are cancelled are; 80% year one, 70% year two, 60% year three, 50% year four, all remaining units taken year five.
Premium charge: deducted from the accumulation units and is 7% of each premium paid.
Contract charge: is an on-going charge of 0.375% of the current fund value and is deducted on the quarterly anniversary from accumulation units.
Policy fee: this is taken on the quarterly anniversary from the accumulation unit balance. GBP 10.5, EUR 15.75, USD 21.
Additional charges: the funds that are held within your policy will be subject to an annual management charge, typically between 0.5% and 2%.
In addition, you may appoint an investment adviser, who will charge a fee of around 1%.