Purchased Life Annuity

Also worth knowing

• What are the main uses for our Purchased Life Annuity?

  Depending on their circumstances, some of our customers have used their Purchased Life Annuity in the following ways:

  1. School and college fees
  2. Retirement planning
  3. Funding a life policy ‘back to back’
  4. Inheritance tax planning

• How long is the Purchased Life Annuity set up for?

  Your client can choose to have their Purchased Life Annuity as either a Life Annuity or a Temporary Annuity.

  The Life Annuity pays an income throughout the life of the annuitant. In the case of a joint life annuity, we’ll continue payments until both annuitants have died.

  The Temporary Annuity pays an income for a specified number of years or until death, if this occurs before the period has expired.

• What age limits apply?

  Life Annuity

  Minimum age – 35 attained

  Maximum age – 94 years and 11 months

  Temporary Annuities

  Minimum age – no minimum

  Maximum age – 94 years and 11 months

  However, for annuitants over 80, we’ll only accept applications if they include a death benefit option in the policy.

• Are adviser charges available?

  Yes, adviser charges are available as either a percentage or a fixed monetary amount of the lump sum paid for the annuity.

  Your client can ask us to deduct the charge from the total lump sum they pay.