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REVIEW SUMMARY

Investors Trust Evolution Savings Plan

Investors Trust is a globally recognised brand that represents the ITA Group of Companies.

ITA International Holdings is the parent company of Investors Trust Assurance SPC based out of the Cayman Islands, ITA International Insurer, a Puerto Rico based and licensed company, both rated “A-” by AM Best, and ITA Asia Limited, a Labuan-licensed company based in Malaysia.

Investors Trust work in Cayman Islands, Malaysia and Puerto Rico with service points in Dubai, Hong Kong, Uruguay and a corporate support office in the U.S.

They offer a variety of lump sum products tailored to meet the different risk profiles. Ranging from capital protected fixed income portfolios to alternative investments.

Investors Trust is licensed and regulated by the Cayman Islands Monetary Authority and essentially specialise in the provision of investment–linked insurance.

Overview
FAQ
Customer Reviews
Expert Verdict

The Evolution Savings Plan was launched in 2002, it’s a regular premium life assurance, also known as a contractual savings plan.

Investors Trust says that the Evolution savings plan allows you to monitor your portfolio online. It also offers access to a wide range of top asset managers along with loyalty bonuses and extra allocations.

Investors Trust claims that the more money you commit to investing in your financial plan, the more you can save.

When annual contributions to your plan exceed specified amounts, you can earn extra allocations throughout the term of the plan. 

The key features of Investors Trust Evolution savings plan are as follows:

  • Evolution is a regular contribution plan.
  • It has a range of investment terms for you to choose from. These include: 5, 10, 15, 20, and 25 years.
  • The currency options available to you in the Evolution savings plan are USD ($), EUR (€) and GBP (£).
  • There are three options within the Evolution for you to choose from (we will have a look at it in detail below).
  • The minimum contribution amount for the Evolution plan would depend on the type of the plan chosen. It can be as low as USD/EUR/GBP 1,200 per annum or USD/EUR/GBP 12,000 per annum.
  • Fund transfers are free under this savings plan.

The Evolution savings plan has three different types of offerings under it:

  1. Evolution
  2. Evolution Plus
  3. Evolution Select

Let's have a look at what each of these entail.

1. Evolution:

Topic

Description
   
Currency Options USD $ - EUR € - GBP £
   
Issue Age 5 Year Term: 18 - 80 years
10 Year Term: 18 - 75 years
15 Year Term: 18 - 70 years
20 Year Term: 18 - 65 years
25 Year Term: 18 - 60 years
   
Minimum Contribution Amount USD/EUR/GBP 1,200 per annum (5 year plans: minimum x 2)
   
Riders Lump Sum Minimum: USD/EUR/GBP 2,500
Minimum Increase: USD/EUR/GBP 600 per annum
   
Modal Premium Annually, Semi-annually, Quarterly, and Monthly
   
Investment Terms 5, 10, 15, 20, and 25 years
   
Guaranteed Death Benefit In the event of a relevant death, the standard amount payable will be 101% of the Account Value
   
Extra Allocations USD/EUR/GBP 1,200 - 1,799 100%
USD/EUR/GBP 1,800 - 3,599 101%
USD/EUR/GBP 3,600 - 5,399 102%
USD/EUR/GBP 5,400 - 7,199 103%
USD/EUR/GBP 7,200 - 13,499 104%
USD/EUR/GBP 13,500 or > 105%
   
Loyalty Bonus 7.5% of contributions years 1 - 10
5% of contributions years 11 - 15
5% of contributions years 16 - 20
5% of contributions years 21 - 25
   
Free Partial Withdrawals Allowed after the completion of the initial period, subject to maintaining USD/EUR/GBP 1,200 surrender value


The charges of the Evolutions version are as follows:

Topic

Description
   
Annual Administration Charge 1.9% years 1 - 10
0.35% years 11 thru Term of Plan
   
Policy Fee USD/EUR 7.00 (GBP 4.5) Monthly
   
Structure Fee 0.125% monthly of fund balance
   
Surrender Charge Equal to the sum of the annual administration charges due for the remaining contract years at the time of surrender


The bid/offer spread is NIL and there is no fund transfer fee for this type of the Evolution savings plan.

2. Evolution Plus:

Topic

Description
   
Currency Options USD $ - EUR € - GBP £
   
Issue Age 18-85 Years
   
Minimum Contribution USD/EUR/GBP 12,000 per annum
   
Riders Lump Sum Minimum: USD/EUR/GBP 2,500
Minimum Increase: USD/EUR/GBP 12,000 per annum
   
Modal Premium Annually, Semi-annually, Quarterly, and Monthly
   
Guaranteed Death Benefit In the event of a relevant death, the standard amount payable will be 101% of the Account Value
   
Partial Withdrawals Allowed anytime, subject to maintaining USD/EUR/GBP 10,000 surrender value


The charging structure of the Evolution Plus is as follows:

Topic

Description
   
Annual Administration Charge NIL
   
Policy Fee USD/EUR 10.00 (GBP 7.00) Monthly
   
Structure Fee 0.16% Monthly over Account Value (1.92% p.a.)
   
Credit Card Fee 3.5%
   
Surrender Charge Only 1.92% during first year. No surrender charges after year 1


The bid/offer spread is also NIL for the Evolution Plus savings plan and there is no fund transfer fee.


3. Evolution Select:

Topic

Description
   
Currency Options USD $ - EUR € - GBP £
   
Issue Age 18-85 Years
   
Minimum Contribution USD/EUR/GBP 12,000 per annum
   
Riders Lump Sum Minimum: USD/EUR/GBP 2,500
Minimum Increase: USD/EUR/GBP 12,000 per annum
   
Modal Premium Annually, Semi-annually, Quarterly, and Monthly
   
Guaranteed Death Benefit In the event of a relevant death, the standard amount payable will be 101% of the Account Value
   
Partial Withdrawals Allowed anytime, subject to maintaining USD/EUR/GBP 10,000 surrender value


The charges of the Evolution Select plan are as follows:

Topic

Description
   
Annual Administration Charge 1% over Annual Original Premium during 5 years
   
Policy Fee USD/EUR 10.00 (GBP 7.00) Monthly
   
Structure Fee 0.125% Monthly over Account Value (1.5% p.a.)
   
Credit Card Fee 3.5%
   
Surrender Charge End of year 1 - 4%
End of year 2 - 3%
End of year 3 - 2%
End of year 4 - 1%
End of year 5 - 0%

 

NOTE:

  • Monthly payments are only available with credit cards and direct debit.
  • Fund transfers are free up to 15 switches per year.
  • There will be no loyalty bonus for full contribution payment terms less than 10 years. All contribution payments due must have been received within the grace period, with no contribution decreases or partial withdrawals, for the loyalty bonus to take effect.
  • The surrender charge is waived at the end of plan year 15 if all contributions have been paid within the grace period, with no contribution decreases or partial withdrawals, for the first 15 plan years, regardless of the actual term of the full contribution payment term.
  • The issue age limit may vary depending on the jurisdiction.
  • We would highly recommend reading the 'expert verdict' section of this review to learn why our experts gave the Evolution savings plan only 3 out of 5 stars in this independent review.

 

 

The Pros

> Investors Trust offers an online viewer, with ease of topping up, withdrawal, and other admin done efficiently
> There is a borrowing facility although this is expensive
> Company based in tax-efficient locations. Therefore, especially for expatriates that are living in low or 0% capital gains environments, this is a good option

The Cons

> American expatriates can’t be accepted for this platform
> Advisers can add high commissions which creates lock-in periods and high surrender penalties
> Easily mis-represented at the point of sale
What are the currency options offered by Investors Trust Evolution savings plan?

The currency choices are:

  • USD
  • EUR
  • GBP
Are there early encashment or withdrawal penalties for the Evolution savings plan?

Early encashment penalties are equal to the sum of the annual administration charges due for the remaining contract years at the time of surrender.

Does the Evolution savings plan offer a guaranteed death benefit?

Yes, there is a guaranteed death benefit in the Evolution savings plan.

In the event of a relevant death, the standard amount payable by Investors Trust will be 101% of the account value.

The product was mis-represented to me

I thought I could access my money whenever I wanted.

Well, imagine my unpleasant surprise when I DID withdraw some and the real costs and charges didn't reduce but actually went up in real terms.

 

Expert assessment of Investors Trust Evolution savings plan

Although this product is arguably more attractive than other contractual savings schemes, it has now been superseded by more cost effective, flexible and less complex options.

If you already hold an Investor Trust Evolution Savings Plan from Investors Trust SPC and it is worth £250,000 or more, we strongly recommend you seek a Second Opinion to ensure you are on track to get and keep the life you want.

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