Friends Provident International has over 40 years of experience in the international life assurance market. They provide savings, investment and protection solutions to customers in Asia and the UAE.
They have offices in Dubai, Hong Kong, Singapore and the Isle of Man.
Friends Provident International is part of IFGL.
IFGL provides investment, savings and protection solutions to international investors around the world and the group comprises RL360, RL360 Services, Ardan International and Friends Provident International.
The group employs 650 staff and administers assets of US$24 billion for 210,000 customers (figures as at 31/12/2020).
Please note, the Friends Provident International Ultra Advance is closed to new business.
Ultra Advance is a unit-linked, regular payment savings plan designed to be held as a medium to long-term investment.
The Ultra Advance savings plan's terms are between 5 and 25 years.
The key features of Friends Provident International's Ultra Advance savings plan includes:
The plan risks stated on the brochure include:
The costs of Friends Provident International's Ultra Advance savings plan includes a significant surrender charge which applies for the initial period.
This period depends on the total duration of your plan - but canceling before the end will always incur penalties.
Other plan charges include:
Other Charges like an annual management charge and other fund expenses are imposed by the underlying fund manager and the amount depends on which fund is chosen.
Plan holders must invest in mirror funds.
These are Friends Provident International branded copies of other funds.
The mirrored funds are built and managed by dedicated companies, Friends Provident International charges extra to copy them. This costs 1.2% added to the underlying fund costs of up to 3 or 3.5%.
Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:
Yes, you can get out of your FPI Ultra Advance savings plan early.
However, you will incur a financial penalty, and depending on how long you have left to save and the performance of your plan to date, it may - or may not - make financial sense for you to do so.
In the majority of cases we see, it is financially beneficial to exit. But we can only give you personalised advice after reviewing your policy.
Yes - and the commission received will effectively wipe out your early years' payments.
We would highly recommend reading the expert verdict to learn more.
It's hard to admit that I didn't have a clue about how much my adviser was being paid.
I was naive and only realised it when I tried to cash it in early due to a change in my circumstances.
The good news is that the Friends Provident International Ultra Advance is closed to new business.
But for anyone already invested, the high costs erode your returns and the available fund range is unsatisfactory.
It is easy for these products to be badly misrepresented at the point of sale and more flexible, more open architecture and simpler plans are now available.
If you already hold a Friends Provident International Ultra Advance plan and it is worth approximately £500,000 or more, we strongly recommend you seek a Second Opinion to ensure you are on track to get and keep the life you want.