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Family Isa bond launched


Family Assurance is launching a life assurance Isa which aims to achieve an annualised growth rate of 17 per cent.


The Brighton-based friendly society says its Family Isa Bond will invest in its Family Capital Builder Fund, a qualifying life fund fully invested in its Family Asset Trust.


This has an annualised growth rate of 17.9 per cent and has risen by 336 per cent since its launch in 1991.


The Family Asset Trust is managed by the Society&#39s asset management arm, Pavilion and invests 60 per cent in FTSE 100 companies and the balance in FTSE 350 firms.


Fund manager Alan Perkins says the fund is currently overweight in telecoms and the IT sector.


The Family Isa Bond is offered for a minimum lump sum of £500 and has an initial charge of 5 per cent and an annual charge of 1 per cent.


The life assurance cover is set at a minimum of 101 per cent of premiums paid, has no minimum investment term and partial withdrawals are allowed at any time without penalty.


It is offering IFAs 4 per cent commission on all sales.


Family Assurance marketing director Barry Chambers says: “Life Isas are the best kept secret in the investment industry. The underlying investment in our new insurance Isa is a well respected unit trust with an excellent track record.”

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