What is an Impaired Life Annuity?
An Impaired Life Annuity is an enhanced
benefit, that reflects a reduced life expectancy due to a
health problem .
Open Market Option, Compulsory Purchace
Retirement Annuity. Gives you the opportunity to use your pension
fund to purchace a special annuity, that will pay an
increased benefit.
This will clearly be of interest to people who
require an immediate income, and are suffering a long
term or terminal illness.
Purchased Life
Annuities. An effective way of providing an immediate
regular income in return for a single payment. These
enhanced annuity terms are available to people to reflect
their impairment.
Many people choose to buy a Purchaced Life
Annuity with the Tax Free Cash they receive from their
pension. Or alternatively from their savings.
Immediate Needs
Annuity. These enhanced annuities are for the elderly
who need care. The worry that savings will be drained
before the elderly person dies, is a real
problem.
With an Immediate Care Annuity, people can
choose either to meet the cost of care themselves for a
limited period, after which the annuity would cover a
specified cost, until death occurs. Alternatively they
can decide to cover the cost of care with immediate
effect, for the entire lifetime of the elderly
person.
Joint Life
If a Joint Life Annuity is required and both
the main life and the spouse are impaired then the
reduction on death can be on either life. In such cases a
spouses pension of up to 100% is also
available.
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