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Joint life and last survivor annuity
When an annuity is being used to provide income for a retired couple then a single life may not be suitable as when that annuitant dies there would be nothing paid to the remaining partner. A joint life annuity payable until the death of the last surviving partner could present a more suitable option. Payments usually continue in full after the death of the first annuitant but the policy could be written for them to reduce if less income was required.
These annuities can be in advance or in arrears.
Increasing annuity
Some life offices will provide increasing annuities. In these cases the amount paid by the life office increases each year by a pre agreed amount. This can help offset inflation. Increased annuities obviously have a higher premium cost. Some offices will agree to a fixed percentage increase, whilst a few offices will agree to have payments which follow the RPI. Some will offer annuities unit linked to a set fund.
Capital protected annuity
These policies guarantee that the annuitant (of their estate) will always receive back payments that at least are equal to the capital premium paid for the annuity. If the total annuity payments made are less than the capital premium paid, because the annuitant dies, then the life office will pay the balance to the annuitant’s estate. The annuities are more expensive than an ordinary immediate annuity.
Impaired life annuities
Some life offices will offer annuities for the impaired life annuitant. These are for clients with health conditions that indicate a lower than expected life expectancy for their respective age. These will be subject to underwriting scrutiny but if the life office is convinced of the lower life expectancy they may offer an increase annuity based on that lower life expectancy. The level of increased annuity will be dependant on the level of impaired health and the medial treatment developments in that specific area.
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The Legal Principles Surrounding Life Insurance