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In 2004/2006 things were going well for Colin Andrews. He was then an expatriate residing in Lebanon and working on a large construction development there.
In September 2005, Colin started contributions of $2,000 per month to a 20 years contractual ‘Offshore Retirement Plan’ typical of those available before Close OPES came along. By July 2006 he had contributed $22,000. "This should really put me in in a good position by the time I retire in another 20 years or so", he thought.
Then, because of hostilities in Lebanon, work on the project stopped completely and Colin left with his family, planning to return to Lebanon when work resumed. Subsequently, his company decided to close its operation in Lebanon. Colin found himself back home and out of a job.
To continue contributions to the retirement plan was financially impossible. Colin asked the insurance company to allow him to take a 'holiday' and start again later. The insurance company refused on the grounds that he had not paid-in for very long.
"'All right then" he thought, "I'll just take the cash value, we could use the money anyway".
Imagine his surprise when he was informed that the cash value of his plan was exactly NOTHING - ZERO - ZILCH. Every penny of the hard earned $22,000 he had paid was taken by the providing insurance company.
Would many people enter such a contract if they understood that such a loss, however unlikely the circumstances, was possible?
The expatriate life is full of uncertainties. Wars, bankruptcies, company takeovers, changes in policies, health problems; all these can cut an overseas tour short through no fault of the expat.
You will never be exposed to any such loss with Close 'OPES.
Charges are fair and clearly set out. You can stop, restart, increase, decrease, contributions or take an in interest free loan if needed |
