Zurich Futura is a unit-linked whole-of-life plan from Zurich International Life that combines life cover with an investment element. It is often grouped with regular savings plans, but it works differently, and its charges in the early years are unusually heavy. This page explains how Futura works, what it charges, and what to ask if you hold it or are offered it.
It is general information for UK expats, not personal advice. The figures come from Zurich’s Futura key information document for its Qatar branch (effective 1 January 2020), cross-checked against a UAE key features document and the current HSBC UAE and Zurich UAE product pages, which present Futura as an active product with optional extras such as critical illness cover on more than 35 illnesses. The terms differ between countries and versions, so check everything against your own policy documents.
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. Futura’s sister plan is covered in our Zurich Vista review.
Zurich Futura at a glance
| Feature | Summary |
|---|---|
| Provider | Zurich International Life Limited, Isle of Man |
| Type | Unit-linked whole-of-life protection with an investment element, regular or single premium |
| Status | . The document does not say |
| Term | No fixed end date. Premiums are payable for a chosen period of 7 to 50 years, or to a later age. The Qatar document gives a 10 year minimum policy term |
| Regular premium | From USD 150 a month, paid for at least 7 years or the whole term |
| Single premium | From USD 15,000, with additional single premiums from USD 5,000 in the UAE document and USD 6,000 in the Qatar document |
| Regular premium charge | Heavy in the early years. See the table below |
| Bonuses | None mentioned |
| Compensation | Isle of Man scheme, up to 90% of Zurich’s liability |
What is Zurich Futura?
Futura is a life insurance policy first and an investment second. It pays a life cover amount on death, and the part of your premium that is left after charges is invested in Zurich’s funds. Cover can be on up to two lives, on a first death, both deaths or last death basis. The policy has no maturity date. It runs until a death claim or until it lapses or is surrendered.
Life cover comes with terminal illness benefit, funeral cover, aeroplane cover and a medical second opinion service. Optional extras include critical illness, family income, fixed term income, disability and hospitalisation benefits, which are charged separately.
Who it may suit, and who it may not
It may suit you if:
- You want life cover and a savings element in one policy and understand the cost.
- You are certain you can pay for at least seven years and keep the policy much longer.
It may not suit you if:
- Your main aim is saving for a goal. Separate life cover and a separate savings vehicle are often cheaper and clearer.
- You might stop paying in the first few years, because the document shows very heavy charges early on.
- You need access to your money. The document does not describe partial withdrawals.
Charges explained
These are the main charges from the Qatar document.
| Charge | How it works |
|---|---|
| Regular premium charge | A percentage of each premium, deducted before it buys units. Per the UAE key features document: 50% in policy months 1 to 24, 7% in months 25 to 60 and 2% from month 61. The Qatar document, as we read it, showed a heavier schedule, so check your own country’s document |
| Single premium charge | 8% in the UAE document (92% invested) and up to 16% in the Qatar document. Deducted before the money is invested |
| Policy charge | USD 7.50 a month |
| Life cover charge | Varies by age, gender, smoker status and amount of cover. Reviewed each anniversary |
| Waiver of premium | 2.5% of the regular premium up to age 40, 3% at 41 to 45 and 4% from 46 |
| Zurich mirror fund charge | 0.75% a year on mirror funds only |
| Currency charges | 1% exchange margin and 0.175% on currency switches |
| Credit card charge | 1.5% of each premium paid by card |
| Fund charges | Set by fund managers and built into prices |
The regular premium charge is the thing to understand. The UAE key features document shows 50% of each premium deducted in policy months 1 to 24, so only half of the first two years’ payments is invested. From month 25 to month 60 the charge is 7% (93% invested), and from month 61 it is 2% (98% invested). The same pattern applies from the date of any premium increase. This front-loading is why leaving Futura in the first few years is so costly, and why one independent review puts the break-even point at around year 13 or 14. The Qatar document, as we read it, showed a heavier schedule, with 100% in the first 24 months, which is a reminder that the terms differ by country and version. Confirm your own schedule with Zurich in writing, because it is the most important number in the plan.
Adviser fees. The document does not describe adviser charges. Any fee your adviser takes is separate and should be shown to you in writing, in money.
Funds
The remaining premium can be invested in Zurich’s range of equity, bond, cash and mixed-asset funds, with risk ratings from 1 to 5. There is no capital guarantee, so you could lose some or all of what you invest. Fund managers can suspend dealing, which can delay buying, selling and payments.
Stopping, cancelling and surrendering
Cooling off. You can cancel within 30 days of receiving the policy documents. Zurich may refund premiums less any fall in investment value.
Surrender. The document specifies no separate surrender charge, and says you can surrender at any time, but the value may be far less than you invested. Your personalised illustration shows the surrender values, so ask for it.
Stopping or reducing payments. The document does not describe a pause option. Stopping or reducing regular premiums may cause the policy to lapse, ending the benefits with no refund.
Withdrawals. Not described. Ask what is allowed before assuming you can take money out.
Security and compensation
Zurich participates in the Isle of Man Policyholders’ Compensation Scheme, which pays up to 90% of Zurich’s liability under the contract if it becomes insolvent. It does not protect the value of the unit-linked funds.
Tax for UK expats
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, inheritance tax for UK expats and wills and trusts, since a whole-of-life policy can be placed in trust.
If you hold Futura now
Ask Zurich for a written surrender value, a statement of charges paid, and the current cost of the life cover. Then compare keeping it with the cost of separate cover plus a separate savings plan. If you are past the heavy early months, the case for staying is often stronger than in the first two years, but life cover costs rise with age, so check them too. Compare the investment side with the RL360 Regular Savings Plan and Zurich Vista.
Zurich Futura: frequently asked questions
1. Is Zurich Futura still available?
The document does not say.
2. Is Futura a savings plan or life insurance?
It is a whole-of-life insurance policy with an investment element.
3. How much is the minimum payment?
USD 150 a month, paid for at least 7 years or the full term.
4. What happens to my first two years of payments?
The UAE key features document shows 50% of each premium deducted in months 1 to 24, so half is invested. The Qatar document, as we read it, showed more. Confirm your own schedule with Zurich in writing.
5. Can I pause payments?
The document does not describe a pause option, and stopping may cause the policy to lapse.
6. Can I cancel after signing?
Yes, within 30 days of receiving the policy documents.
7. Is my money protected if Zurich fails?
The Isle of Man scheme covers up to 90% of Zurich’s liability, but not the value of the funds.
8. Can you review my Futura policy?
Yes. Send us your latest statement and policy documents and we will set out the costs and your options.
Get your Futura policy reviewed
If you hold Futura or are being offered it, we can show you the real cost, your exit position and the alternatives. Request a callback and we will arrange a time that suits your time zone.