Offshore Investment Bonds
Utmost International Choice (formerly Generali Choice Account)
An independent review of Utmost International Choice by our team of experts
Book a Discovery CallSummary
Utmost International's Choice, formerly the Generali Choice Account, is a single-contribution, whole-of-life, investment-linked insurance scheme (ILAS) offered by Utmost Wealth Solutions. Guernsey-based Generali Worldwide was acquired by the Utmost group and rebranded as Utmost International, a London-headquartered life assurance group with entities in Ireland, the Isle of Man and Guernsey.
The plan pays a death benefit of 101% of its value, allows a single premium with ad hoc top-ups, regular withdrawals and partial or full surrender, and is available in US dollar, sterling, euro, Hong Kong dollar and Japanese yen, with Guernsey policyholder protection. Investors choose up to ten investment options linked to underlying funds, but Utmost, not the investor, owns those underlying units, so planholders carry Utmost's credit risk.
Charges include the underlying funds' annual management charges (0.5% to 3%), bid/offer spreads (up to 5.75%, reduced after discounts) and possible performance and advisory-service fees, and high surrender penalties apply during the establishment period.
Pros
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Wide investment-option choice
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Multi-currency (USD / GBP / EUR / HKD / JPY)
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Regular withdrawals and free fund switching
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Guernsey policyholder protection
Cons
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Superseded by newer, better plans
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High surrender penalties within the establishment period
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You do not own the underlying funds (Utmost credit risk)
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Layered underlying charges (AMC, bid/offer spreads, performance and advisory fees)
Our verdict
Utmost International's Choice, formerly the Generali Choice Account, is a single-premium, whole-of-life, investment-linked insurance scheme that was heavily marketed to international professionals for many years. Within its own peer group of investment-linked assurance schemes it ranks reasonably, but that is the faint praise it deserves: the whole category has been overtaken by cheaper, cleaner and more flexible ways to achieve the same thing.
Two things in particular hold it back. If you surrender while still inside the establishment period, the early-exit penalties are high, the classic lock-in that rewards the sale rather than the saver. And structurally this is an insurance wrapper in which Utmost, not you, owns the underlying fund units; you hold linked sub-fund units and carry the provider's credit risk, while paying the underlying funds' own charges, bid-offer spreads and, in some cases, performance and advisory-service fees on top.
None of that makes Choice a scandal, but it does make it a dated product that newer plans comfortably improve on. It should only ever be held if it was cleanly priced and genuinely suits your circumstances.
If you already hold a Choice plan worth around GBP 500,000 or more, a no-obligation Second Opinion will show whether it still serves you, and whether moving, even after any surrender charge, would leave you better off.
FAQs
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Do I own the underlying funds in the Choice plan?
- No. Choice is an investment-linked insurance scheme: Utmost holds the underlying fund units, and you hold corresponding sub-fund units linked to their value. You do not have ownership rights over the underlying investments, and your plan value therefore carries Utmost’s credit risk.
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Are there surrender penalties or other charges on the Choice plan?
- Yes. If you surrender while still within the establishment period, high early-surrender penalties can apply. The plan also bears the underlying funds’ annual management charges (0.5% to 3%), bid/offer spreads and, in some cases, performance and advisory-service fees, so it is worth understanding the full cost before committing.