{"id":47220,"date":"2022-08-13T01:34:32","date_gmt":"2022-08-13T01:34:32","guid":{"rendered":"https:\/\/adamfayed.com\/?p=47220"},"modified":"2025-11-20T06:08:54","modified_gmt":"2025-11-20T06:08:54","slug":"providence-life-compass-review","status":"publish","type":"post","link":"https:\/\/adamfayed.com\/es\/review-articles\/providence-life-compass-review\/","title":{"rendered":"Revisi\u00f3n de la Br\u00fajula Providence Life"},"content":{"rendered":"<p>If you already have this investment, or been proposed it, and are looking for better alternatives as an expat, you can contact me. My contact details are hello@adamfayed.com and WhatsApp +44-7393-450-837.<\/p>\n\n\n\n<p>La informaci\u00f3n contenida en este art\u00edculo es meramente orientativa. No constituye asesoramiento financiero, jur\u00eddico o fiscal, ni una recomendaci\u00f3n o solicitud de inversi\u00f3n. Algunos hechos pueden haber cambiado desde el momento de su redacci\u00f3n.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the basic features of Providence Life Compass?<\/strong><\/h2>\n\n\n\n<p>Premiums start from $300 a month, or 200 Pound Sterling.<\/p>\n\n\n\n<p>You are able to save as an individual, couple (joint life) or entity.<\/p>\n\n\n\n<p>Policy terms range from 5 and 30 years.  You can keep saving on this plan until you reach 75. This means that a 55-year-old can invest into a 20-year savings plans.  <\/p>\n\n\n\n<p>The following currencies are available for funding the investment:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>USD<\/li>\n\n\n\n<li>Japanese yen<\/li>\n\n\n\n<li>Euro<\/li>\n\n\n\n<li>Libra esterlina<\/li>\n\n\n\n<li>Australian dollar<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><a href=\"https:\/\/www.providence.life\/what-we-offer-compass.html\" target=\"_blank\" rel=\"noreferrer noopener\">The plans<\/a> are available to most people, with some exceptions, such as US and Mauritius taxpayers and residents, and residents of some European Union countries.<\/p>\n\n\n\n<p>This is due to regulatory restrictions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the fees for <strong>Providence Life Compass<\/strong>?<\/strong><\/h2>\n\n\n\n<p>The fees are 2% of the contributions every year. This falls to 0.3% after ten years, in addition to admin and establishment charges.<\/p>\n\n\n\n<p>These fees are negated somewhat by the bonuses, which includes 6% of regular contributors and a loyalty bonus of 5% after ten years.<\/p>\n\n\n\n<p>This bonus is only paid if you maintain the contribution, which means that the fees can easily (indirectly) increase if you stop paying in.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How long is the initial period?<\/strong><\/h2>\n\n\n\n<p>Typically, the initial period is 18 months.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Are there penalties for withdrawals?<\/strong><\/h2>\n\n\n\n<p>If you cancel the investment early, surrender charges will exist.  These charges depend on how long you have been paying into the account, relative to the account term.  <\/p>\n\n\n\n<p>For example, in year eight, you will pay few surrender charges compared to withdrawing in year nine on a twenty five year account.<\/p>\n\n\n\n<p>You can do a maximum penalty free surrender, but you will still indirectly face the penalty of not getting the bonus at the end of the account.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the positives associated with <strong>Providence Life Compass<\/strong>?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>There are some excellent fund chooses on this plan<\/li>\n\n\n\n<li>A range of currencies, such as the Japanese Yen, which are difficult to find with every provider.<\/li>\n\n\n\n<li>This is a tax-efficient way for most expats to invest <\/li>\n\n\n\n<li>The plans are portable, meaning you can take it with you when you move to your next expat assignment.  <\/li>\n\n\n\n<li>They do accept applications from parts of the world, like Japan and China, where many life assurance firms have left the market. <\/li>\n\n\n\n<li>There are more expensive plans than this in the market. It certainly isn&#8217;t an expensive plan compared to many of the old-fashioned life assurance products out there.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u00bfCu\u00e1les son los aspectos negativos?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Whilst the plan seems flexible on the surface, any reduction in how much you invest, or premiums unpaid for a considerable period of time, will ensure that you lose your loyalty bonus.<\/li>\n\n\n\n<li>There are better plans, with the same benefits and fewer of the downsides. All the above mentioned positives, such as tax-efficiency and portability, can be found at lower costs or enhanced investment choices elsewhere..  <\/li>\n\n\n\n<li>If you have a lump sum, you can invest without facing the same kind of big surrender penalties.<\/li>\n\n\n\n<li>You are dependent on your advisor for the investment choices. This isn&#8217;t a negative about Providence, but could be either a positive or a negative depending on who you pick.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What can unhappy clients do?<\/strong><\/h2>\n\n\n\n<p>Those who are already in the plan can either:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Surrender completely, if they are past the initial stages <\/li>\n\n\n\n<li>Go for a maximum penalty free surrender <\/li>\n\n\n\n<li>Try to make fund changes to the account. I have helped clients with this in the past, but many are better off at least considering the full or partial surrender option.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusi\u00f3n<\/strong><\/h2>\n\n\n\n<p>Providence Life Compass has some positives, but there are other plans on the market with the same benefits, and fewer of the negatives. There is little reason to buy this plan.<\/p>\n\n\n\n<p><strong>\u00bfLe duele la indecisi\u00f3n financiera? <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"604\" src=\"https:\/\/adamfayed.com\/wp-content\/uploads\/2022\/04\/smile-beige-jacket-4-1024x604-2.png\" alt=\"\" class=\"wp-image-41190\" srcset=\"https:\/\/adamfayed.com\/wp-content\/uploads\/2022\/04\/smile-beige-jacket-4-1024x604-2.png 1024w, https:\/\/adamfayed.com\/wp-content\/uploads\/2022\/04\/smile-beige-jacket-4-1024x604-2-300x177.png 300w, https:\/\/adamfayed.com\/wp-content\/uploads\/2022\/04\/smile-beige-jacket-4-1024x604-2-768x453.png 768w, https:\/\/adamfayed.com\/wp-content\/uploads\/2022\/04\/smile-beige-jacket-4-1024x604-2-81x48.png 81w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/adamfayed.com\/es\/become-adams-client\/\">Convi\u00e9rtase en mi cliente<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/adamfayed.com\/es\/good-match-quiz\/\" target=\"_blank\" rel=\"noreferrer noopener\">Realice el cuestionario de elegibilidad de clientes<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/adamfayed.com\/es\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\">P\u00f3ngase en contacto con<\/a><\/div>\n<\/div>\n\n\n\n<p><strong>Adam es un autor reconocido internacionalmente en temas financieros, con m\u00e1s de 830 millones de respuestas en Quora, un libro muy vendido en Amazon y colaborador de Forbes.<\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Revisi\u00f3n de la Br\u00fajula Providence Life <\/p>","protected":false},"author":1,"featured_media":64509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10166176115445471_100883565069113":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[11534],"tags":[],"class_list":["post-47220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-review-articles"],"_links":{"self":[{"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/posts\/47220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/comments?post=47220"}],"version-history":[{"count":3,"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/posts\/47220\/revisions"}],"predecessor-version":[{"id":235559,"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/posts\/47220\/revisions\/235559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/media\/64509"}],"wp:attachment":[{"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/media?parent=47220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/categories?post=47220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adamfayed.com\/es\/wp-json\/wp\/v2\/tags?post=47220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}