Vision was a regular savings plan sold by Generali Worldwide, and it is now looked after by Utmost Worldwide Limited, which bought Generali Worldwide in 2019. It is closed to new business, but many expats still hold it and are asking what it costs, what stopping would mean and whether to keep it. This page explains how Vision works, what it charges and the options open to existing holders.
It is general information for UK expats, not personal advice. The charges and terms below come from the Vision brochure (code 12/15), whose Details Guide information is current as at November 2014. Your own policy documents are what count, and terms vary by version and country, so check every figure.
This guide sits under our section on regular savings plans for expats. You can see every plan we cover on our expat savings plan reviews page. Utmost’s current regular plan is covered in our Utmost Focus review.
Utmost Vision at a glance
| Feature | Summary |
|---|---|
| Provider | Utmost Worldwide Limited (formerly Generali Worldwide) |
| Type | Whole-of-life, regular premium, unit-linked plan |
| Status | Closed. Utmost’s own document library marks Vision as closed. Generali stopped taking new Vision business in Dubai on 3 March 2019, and Utmost says its Vision plan cannot be marketed in Hong Kong. |
| Term | Minimum 5 years, ending no later than the life assured’s 75th birthday |
| Minimum premium | USD 300, GBP 200, EUR 270 or HKD 2,500 a month on terms of 10 years or more. Shorter terms need 2.5 times as much |
| Funds | More than 200 options, with up to 20 held at once |
| Main charges | Administration fee of 2% a year for ten years then 0.3%, a plan fee and an investment administration charge of 1.5% a year |
| Loyalty bonus | 5% of premiums at set anniversaries, on terms of 10 years or more |
| Death benefit | 101% of the investment value |
What happened to Generali Vision?
Generali Worldwide sold Vision, and its sister plan Choice, to expats around the world. In 2019 the Utmost Group completed its purchase of Generali Worldwide and renamed it Utmost Worldwide Limited. Existing policies carry on under their original terms and charges. In the Gulf, Generali ended new regular savings business in March 2019 and kept its service centre open for existing clients. Policies are now administered by Utmost Worldwide.
If you took out Vision, your paperwork may still carry the Generali name. The plan is the same; the company behind it has changed. This page covers the plan as a closed product for people who already hold it, and for anyone comparing it with a newer plan.
How the plan works
Premiums and term. You chose a premium and a term of at least five years, and paid monthly, quarterly, half-yearly or yearly. Plan owners had to be aged 19 to 70 at the time, with up to two planholders and two lives assured. Loyalty bonuses needed a term of at least ten years.
Minimum premiums. On a term of ten years or more, the monthly minimums were USD 300, GBP 200, EUR 270 and HKD 2,500. Terms under ten years needed 2.5 times as much.
Allocation. Larger annual premiums were allocated at more than 100% on terms of ten years or more: 101% from USD 3,600 a year, rising through 102%, 103%, 104% and 105% to 106% from USD 60,000 a year.
Funds. Vision offered more than 200 investment options from external and internal managers. You could choose up to ten at the start and hold up to 20 at once. Switching was unlimited within that cap, with no switch fee at the time. Automatic switching to lower-risk funds was available in the final five years before the end of the term.
Charges explained
| Charge | How it works |
|---|---|
| Administration fee | 2% a year of regular premiums due for terms of 10 years or more, for years 1 to 10, then 0.3% a year. For terms under 10 years, 2.75% for years 1 to 5, then 2%. Paid by cancelling initial units |
| Plan fee | USD 4.50 a month, or equivalent |
| Investment administration charge | 1.5% a year |
| External fund charges | Annual management charges of 0.5% to 3% and bid/offer spreads of 0% to 2% |
| Internal fund charges | Spread of 0% to 1%, no management charge, advisory fees up to 0.75% |
| Premium protection cover | If chosen, 1% to 3% of premium depending on age and sex |
| Single premium establishment charge | 1.5% a year for five years, on single premiums only |
What this means. Add the 2% administration fee, the 1.5% investment administration charge and fund costs, and the early years of Vision are expensive. The initial period lasts a little over a year on a ten-year term and nearly two years on a twenty-five year term, according to independent reviews. After the tenth year, the administration fee drops sharply to 0.3%, so a plan that is already well into its term costs far less to run than a new one. That is an important reason not to switch just because a plan looks expensive on paper.
Adviser fees. If your plan was arranged by an adviser, find out whether they still receive anything from it, what they do in return and whether it can be changed. Ask in writing.
The loyalty bonus
On regular premium plans with a term of ten years or more, Vision added 5% of the premiums paid in the first ten years at the tenth anniversary, then 5% of the previous five years’ premiums at the 15th, 20th, 25th and 30th anniversaries. The brochure’s example is a plan of USD 500 a month over 30 years, which builds a bonus of about USD 9,000. There was no bonus on single premiums. As with any bonus, it is paid for by the charges and depends on completing the plan.
Stopping, pausing and withdrawing
Full surrender. There is no fixed percentage surrender charge on regular premiums. Instead, the initial units are cancelled to cover the administration fees still to come, so the surrender value can be far below what you paid in, especially in the first years. Independent reviewers describe the first two years of premiums as potentially lost on early exit. Ask Utmost for a written surrender value.
Premium holiday. After the initial period you can pause premiums for up to 12 months, provided the surrender value is at least USD 3,000 and the insurer agrees.
Stopping altogether. If the surrender value is at least USD 1,500, the plan becomes paid up and charges continue. Below that, the insurer may fully surrender it, and if the value falls below USD 150 the plan lapses with no value.
Withdrawals. Partial surrenders carry no charge. Once the plan has a surrender value of USD 2,250, the minimum withdrawal is USD 750, and at least USD 1,500 must remain. Regular withdrawals start at USD 75 a payment.
Death benefit
The standard benefit is 101% of the investment value. An optional additional death benefit of up to 40 times the annual regular premium could be added at extra cost, depending on age, sex and cover level. Check whether you took it. If your plan has life cover you still need, that matters when you compare alternatives. See our guide to wills and trusts for UK expats.
Your options if you hold Vision
- Keep paying. Often the best result if you are well into the term, past the heavy early years, and the funds are suitable.
- Make it paid up. Stops premiums but charges continue, and you may lose bonus entitlement.
- Review the funds. A fund review costs nothing in plan charges and can fix poor fund choices.
- Surrender. Ends the plan. The cost depends on how far through the initial period and the term you are.
- Move to a different plan. A new plan starts a new term and new front-loaded charges. It only makes sense if the numbers clearly favour it.
Compare staying and moving in money, over the same period, including any surrender cost and the new plan’s charges. Our review of RL360 Quantum shows how we approach an older plan.
Tax for UK expats
The plan is issued offshore, which does not make it tax-free for you. Tax depends on where you are resident when you surrender, withdraw or when a claim is paid. If you return to the UK, gains can be taxed as chargeable event gains. See our guides to offshore investment bonds and inheritance tax for UK expats.
Utmost Vision: frequently asked questions
1. Is Generali Vision the same as Utmost Vision?
Yes. Utmost bought Generali Worldwide in 2019 and now administers the plan.
2. Can I still buy Vision?
No. Utmost lists it as closed, and Generali stopped taking new Vision business in Dubai in March 2019.
3. What does Vision cost?
Mainly a 2% a year administration fee for ten years, then 0.3%, a plan fee, a 1.5% investment administration charge and fund charges.
4. What happens if I stop paying?
The plan becomes paid up if its surrender value is at least USD 1,500, and charges continue. Below that it can be surrendered or lapse.
5. Can I pause payments?
After the initial period, for up to 12 months, with the surrender value at least USD 3,000 and the insurer’s agreement.
6. Is there a loyalty bonus?
Yes, on regular premium plans of ten years or more: 5% of premiums at the 10th anniversary and further 5% at the 15th, 20th, 25th and 30th.
7. Should I move to a newer plan?
Only if the figures clearly support it after the surrender cost and the new plan’s charges.
8. Can you review my Vision plan?
Yes. Send us your latest statement and policy documents and we will set out the costs and your options.
Get your Vision plan reviewed
If you hold Vision, we can show you what it costs, your exit position and whether a different route is worth considering. Request a callback and we will arrange a time that suits your time zone.