The insurance contract (wrapper)

Hold all your assets in one place.

The Insurance Policy (aka wrapper) offers the following benefits:

Holds all of your assets in one place. The wrapper (insurance contract) can hold many types of assets. Beyond your investments in funds and direct shares, the wrapper can hold bank accounts and brokerage accounts.  In the wrapper, you can also place shares of privately owned companies that for example own property. The benefits of holding all of your assess in one place are the following:

Succession planning. You can define the method you wish your assets to be distributed in case of death of the wrapper owner.  That is, you give specific instructions and the names of the heirs that you wish and those will be carried out. Additionally, you can name more assured lives on the wrapper, in which case the wrapper will continue to exist after the death of the owner.

Asset protection. As assets are transferred to Quilter Plc, ownership is separate from the beneficial owner. This provides a protection barrier. At the same time, this creates a counterparty risk. Quilter is regulated by several independent bodies such as the Central Bank of Ireland, FCA in the UK and South Africa. These regulators, collectively, ensure that this risk is minimized.

Gift segments. As your wrapper could stay for decades of for lifetime, it provides the ability to plan your future needs. Every wrapper can be divided into any number of segments with a specific maturity date. On that date, you may decide to use the proceeds of a segment to finance your needs (e.g. a wedding, university for kids, buying a house, etc). In this way, you avoid extra costs. If you decide at maturity date that the segment is not required then you just do not exercise your right.

Tax planning. Having your assets (movable and immovable) in one place can always help with tax planning as there is a single point of reporting. Additionally, the wrapper may provide specific tax breaks.