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Fidelity Life: Update on investment policies transfer

Below is an update from Fidelity Life to advisers:

Back in late September we let you and your customers know about a delay in our proposal to transfer Fidelity Bond, Powersaver, Gold Medal and Just for Kids policies to Lifetime Income Limited (Lifetime Income). 

Based on feedback we received, we’ve revised our proposal with customers’ best interests in mind:

  1. Insurance - any optional insurance benefits will now remain with Fidelity Life - they won’t be transferred to Southsure Assurance Limited as initially proposed. 
  2. Investments - the underlying investment assets will be transferred to Lifetime Income and held on policyholders’ behalf by an independent custodian.
  3. Timing - we’ve pushed back the proposed transfer date to 1 April 2019. 

It’s important to note that, other than the underlying investment assets moving from Fidelity Life to Lifetime Income, the proposed transfer will not result in any changes to policy terms and conditions. 

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