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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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