Scottish Life International has added a Children’s Plan to their product range. The policy is the ideal way to start planning for a child’s future in an easy and affordable manner. Features of the policy include:

* Low and affordable premiums

* Benefit escalation options – whole of life

* Withdrawals - one-off or regular (school or university fees, or retirement benefits)

* Vanishing premiums / unlimited premium payment term

* No medical underwriting involved – ease of administration

Which country must the child be resident in for an application to be accepted?

Scottish Life International accepts applications for children resident in the following Gulf countries: United Arab Emirates, Jordan, Syria, Kuwait and Saudi Arabia. There is no restriction on children moving outside these countries once the policy is established.

What benefits are available?

There is no maximum on contribution levels; 100% of contributions are invested and the cost of the insurance benefits is then deducted.

Life cover is available up to an initial maximum of US$ 100,000 with the option to include 50%, 75% or 100% Accelerated Critical Illness cover. Cover can be provided for a limited term or for ‘whole of life’.

Withdrawals to help fund education fees, business start ups, wedding plans or retirement benefits can be planned for as a one off single withdrawal or as regular withdrawals.

A benefit increase option is also available, so the real value of the benefits can be maintained in the future.

What is the minimum premium?

The minimum annual contribution is US$ 1,600; or you can choose to contribute US$ 800 half-yearly. Policies can also be contributed to in Pounds Sterling and Euros.

What is the minimum age to start a contract?

There is no minimum age. However, no life cover or benefits are payable if the child dies, or suffers a critical illness before reaching their 6th birthday. In these cases Scottish Life International will return the greater of the premiums that have already been paid, or the fund value.

How much is paid on death?

Other than within the first six years, the amount payable on death is the greater of the life cover in force at the time of death, or the fund value.

Who is the contract owner?

The contract will be issued in the name of the child although control of the contract will remain with the child’s parent(s)/legal guardian(s) until the child reaches age 18. Scottish Life International will then write to the child to verify their usual signature and request a fresh copy of identification; as a child reaches the age of 18, they become the legal owners of the contract.

To whom are the benefits paid?

Up to age 18 the beneficiaries will be the parent(s)/legal guardian(s) although the child may choose to change this after reaching this age.