Benefits are payable under the insurance aspect of the policy only on the death of the life or lives assured under the policy, and only to the beneficiaries nominated at inception of the bond.

As with the Asset Protection Bond, the policyholder sets and controls key investment and insurance parameters of the policy includes stating the investment strategy they want to pursue, indicating their choice of investment manager and custodian, appointing the beneficiaries, and specifying the choice of life cover. The policyholder is able to change most of these parameters during the lifetime of the policy.