The pros and cons of the Generali Vision Savings Plan often crop up when advisers discuss long-term savings with expats.

International independent financial advisers have long regarded The Generali Vision family of savings plans as versatile options that come with a range of advantages for expats.

Like all financial products, the Generali Vision Savings Plan should not be treated as a one-size fits all solution, but as an excellent tool for expats with specific financial goals.

Who are Generali?

Generali is a Guernsey-based financial services company operating in many of the world’s leading financial markets.

The company was founded in Italy in 1831 and is one of the world’s top insurance companies when measured in terms of net premiums and assets under management.

The number are impressive – 70 million clients worldwide contributing managed assets of $560 billion.

Vision

Vision is a regular savings plan that helps expats with retirement saving.

Technically, Vision is a regular premium, unit-linked, whole of life, life assurance policy which typically offers better rates of growth than similar policies offered by banks.

Vision is a versatile policy that can be tailored to help expats with saving for retirement, and can step in to ease some of life’s other financial demands, such as putting money aside for education fees, buying home or starting a business.

The Generali Vision Savings Plan was designed with expats in mind.

Most earn more while overseas and what to utilise that money to underwrite their plans for later life. That’s why the plan has flexible with a wide range of funds and terms that suit the lifestyle of the modern international worker.

Benefits for expats

The Generali Vision Savings Plan has a huge life of benefits for expats saving for the futures, including:

Investment Choice

The Vision savings plan is a doorway for savers to access more than 120 top performing direct funds from some world-leading global fund houses. These are chosen to cover a range of individual investment and risk profiles. A Generali Vision plan offers every investor access to high performing stocks and investments usually only reserved for the very wealthy.

Cheaper fees

Because the Generali Vision Savings Plan deals only in direct funds, costs are kept down for many investors. Direct fund charges are considered cheaper by the experts and can make a real difference to growth when the saving is compounded and reinvested over the years.

Enhanced allocation rates

The more you contribute, the more the Vision plan allocates for investment. If you invest more than $60,000 a year, your allocation rate is set at 105% by Generali.

Loyalty Bonus

For plans running 10 years or more, Generali offers a loyalty bonus redeemed against premiums paid.

Always In touch with your money

Keep in touch with your investments 24/7 from wherever and with any device with online access.

Low Policy Fees

Generali Vision Saving Plan policy fees are only $4.50 per month, which compares well with other similar plans.

What about the lock-in period?

All savings plans like the Vision from Generali have a lock-in period, which is the time a saver must pay in contributions before they can change or leave the plan.

The lock-in varies depending on the term of the contract – so a five-year plan has a five-month lock in, while a 10-year plan is likely to last 13 months. The lock-in time may vary between advisers, depending on their financial arrangements with the provider and the clients.

A typical lock-in with other savings plans is 18-months

Emergency funds

Unlike most savings plans, which offer no access to cash in an emergency, Generali Vision will let savers withdraw some cash without any penalty charge.

This is one of the plan’s top features and unsurprisingly proves popular with savers who are worried about tying all their money up.

Although the Generali Vision lets savers take emergency funds, a full surrender does come with penalties.

Currency Choice

Investors can choose one of five global currencies for denominating their savings – US dollars, British Pounds, Hong Kong Dollars, the Euro or Japanese Yen.

Flexible saving

Savers can pay into the plan in two ways – regular and lump sum payments.

Regular payments are monthly, quarterly, six monthly or yearly, while savers can pay in a lump sum at any time.

Savings holiday

Savers can take a payment break for up to 12 months.

 

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