Immediate needs annuity
An immediate needs annuity is insurance designed to help you pay for care.
Immediate needs annuities are a type of insurance policy, whereby a guaranteed regular income is provided for the cost of your care.
An immediate needs annuity pays a regular tax-free income to your registered care provider for the rest of your life. There is no reliance on investment performance to achieve this, and all that is required is a one-off lump sum payment to purchase the plan. The cost of the plan is determined by a number of factors, including the monthly payment you require, gender, age, and medical history.
Immediate needs annuities are also known as:
Immediate care annuity
Annuity for home care fees
Immediate care plans
Immediate need care annuity
A plan fully tailored to your needs
Each immediate needs annuity is tailored around your individual care needs and priorities, and there is no ‘fixed price’ for a care plan. There are lots of different immediate needs annuities on the market, and it’s important that you shop around to find the right policy for you.
It’s imperative to always seek independent advice when considering taking out an immediate needs annuity.