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Long Term Care Annuity
This works in a similar way to a Purchase Life Annuity. This annuity is purchased using a single lump sum payment which is used to cover the cost of Long Term Care, for when the annuitant will require to be placed in a nursing home. It offers peace of mind to the annuitants and their beneficiaries that the cost of any long term care will be covered with this. The amount received from this type of annuity is usually higher than a conventional annuity as by the time the annuitant enters into care they are impaired and life expectancy may be lower. If the payments made from these are paid directly to the long term care provider, then they will not be taxed, however if these are paid to the annuitant then they will be taxed in the normal way.
Usually for this type of annuity the annuitant will undergo a medical examination to ascertain the medical risk imposed and to check their ability to perform daily activities.
For more information about your annuities and your retirement options simply complete the enquiry form or call us today on 0845 676 1010 to speak directly to our experienced annuity advisers.
