Impaired life annuity does provide value for money

Wed, 08 Aug 2007

Impaired life annuity, a form of pension scheme available to people over the age of 50 and under the age of 75, does offer value for money. The schemes, despite sharing a similar name, are not the same as a life insurance policy.

Impaired life annuity is aimed at those people who are in ill health, or who have shorter life expectancy than most people. This type of pension scheme could provide a better value for money than most pension schemes.

Rober Pell, a media relations executive at Norwich Union, commented that these products could also help those who smoke, are overweight, or live in certain areas of the country. He reportedly commented: "You may get an annuity that reflects the kind of shorter time horizon on their longevity."
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