Times are changing. These days people expect - and demand - more flexibility and control when it comes to their retirement, especially from the products that give them an income. They want the peace of mind of a guaranteed income, control over their investment, flexibility of income and the potential to leave some death benefits.
Income for Life offers your clients:
- the certainty of a guaranteed income for life
- the potential to ‘lock in’ increases to their guaranteed income if investment returns are good
- the knowledge that any increases in their guaranteed income won’t be capped if their fund performs well
- the safety net of knowing that their guaranteed income level will never fall because of poor investment performance, even if their fund falls to zero, their income’s guaranteed.
- the potential to leave an inheritance from their pension fund to their dependants
- a choice of investment portfolios to suit most risk profiles
- the ability to carry on their guaranteed income after age 75 through an Income for Life Annuity or Income for Life ASP
Income for Life is a three-part plan that will last your clients’ lifetime. Until they reach age 75, it’s a drawdown plan, or unsecured pension (USP) with a guaranteed income. When they reach 75, they can choose to still receive the guaranteed income and move to either an Income for Life Annuity or Income for Life ASP or they can give up the guaranteed income and move into a conventional annuity or ASP. Your clients can also decide to take their guaranteed income from an Income for Life Annuity at any time.
There are some events which could cause the guaranteed income to fall. Find out about these, and the other risks and benefits of Income for Life here.
