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RL360 is based in the offshore financial stronghold of the Isle of Man, from where they do business in Asia, Africa, the Middle East, Latin America and the UK.
RL360 is part of International Financial Group Limited (IFGL).
IFGL provides investment, savings and protection solutions to international investors around the world and the group comprises RL360, RL360° Services, Ardan International and now also Friends Provident International.
IFGL has 210,000 policies, USD24 billion of assets under administration and 650 staff working for them.
NOTE: From the 1st of July, 2019, RL360's Paragon Savings Plan has been withdrawn from sales to new applicants.
Paragon is a regular premium off shore savings policy issued in the Isle of Man by RL360.
The policy offers the potential for growth over the medium to long-term, where its value is linked to the performance of investment funds.
The minimum regular premiums you can pay into the RL360's Paragon can be summarised below:
The minimum single premium you can pay in at any time into the Paragon savings plan are as follows:
|Additional single premiums|
The features of RL360's Paragon savings plan are as follows:
The charges of the RL360 Paragon savings plan can be summarised below:
|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.|
|Premium charge||It is deducted from the accumulation units and is 7% of each premium paid.|
|Contract charge||Is an ongoing 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. The quarterly fee is GBP 10.50, EUR 15.75 and USD 21. This fee increases every year in line with the Isle of Man Retail Price Index.|
Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:
The surrender charges are very high.
For example, the policy holder can pay up to 54% of whatever they put in for the first 4 years if they want to exit.
However, even if you don’t surrender, these initial or establishment charges are taken anyway to cover sales costs. In this example, the 54% is taken over the first 5 years.
Seek advice from a regulated financial planner if you're thinking about surrendering or cashing in your plan so you understand all your options and their consequences.
RL360 is subject to Isle of Man tax laws. The Isle of Man does not tax any growth or income earned in your policy.
However, withholding tax may be deducted at source on income arising from investments held in some countries, which cannot be reclaimed by them.
You may have a personal liability to tax depending on the tax regime in your country of residence and your own personal circumstances.
A full encashment results in penalties being applied through surrender charges linked to the term of the policy.
In effect, this means that in polices with an original term of more than 15 years, most, if not all, of the first 18 months - 2 years premiums will be lost upon surrender.
It is important to be aware that the RL360 Paragon is a long-term savings plan, if you decided to cancel the plan early you could lose a large proportion of the money you have saved.
In today’s market place, there is absolutely no reason to lock yourself in to a contractual savings plan like this.
Circumstances change, unforeseen events occur, and you may need to access your hard-earned savings.
This, in our view, should be possible without a penalty.
I was told this was a flexible savings scheme.
I lost my job and wanted to get some money out after just 2 years and found out I could not access my money.
In our opinion, this product is very disappointing.
Paragon is very expensive, inflexible and is easily misrepresented at the point of sale.
Anyone considering investing in an RL360 Paragon should read and understand the terms and conditions in great detail.
If you already have the Paragon from RL360, 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.