Friends Annuities Life Insurance

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Friends Annuities Life Insurance offers the best plans you might need one. There are different lifetime annuity options you can choose. When it comes to lifetime annuity, there are four plans available you can choose. These are the single life, joint life, level income, and increasing income.

Single Life

With this option, you receive a steady income as long as you are alive. This income can be either level or increasing.

Joint Life

Just like single life, this kind of annuity will keep giving you an income until you die. However, in joint life, the income will keep coming even after your death and it will be your spouse or your civil partner who will receive it. The income your wife or husband will receive may be lower but they will also continue for as long as your loved one is alive.

Income Level

The amount to be provided you from the start up to the last payment will not change.

Increasing Income

Payments into this scheme start lower than in level income but it will gradually increase over time.

Annuities can also be classified as Lifetime, Fixed-Term, and With-profit.

You should consider getting a Lifetime Annuity if you do not want to worry about your future. It will provide you a steady cash flow and you will never have to think about where to get income your whole life. Payments can be given to you at a fixed rate all throughout. Alternatively, you can get an annuity that will adjust to the changes and increase the amount you receive together with inflation.

What does a Lifetime Annuity Give You?

• It gives you a sure income to sustain you for the rest of your life.
• It increases the income you get when you retire.
• The payment period is guaranteed for up to ten years.
• Gives you the chance to secure the future of your loved one. In case of your death, your spouse or your civil partner can continue getting payment as much as you were previously receiving.
• Increasing income or Level income available between 3% - 5%.
• You can choose to be paid every month or less frequently such as every quarter, twice a year, or once every year.

Not All Annuities Are the Same

You may get the same plan but have different income. The interest rate at the time you acquired your annuity also determines if you get a higher or a lower pension. One thing to remember is that you cannot just change or delay your annuity nor can you cash it in.

Most providers will start sending out information to their customers as the day of retirement comes near. With Lifetime annuity plans at Friends Life, you will get a retirement pack to help with more details about your savings and options in availing your pension.

What Are Your Alternatives?

Income drawdown – In this option you do not get all your savings as income. You leave a portion of it as an investment so your money can keep growing more.

Phased retirement - You can choose to get your pension fund a portion at a time to use as income. The pension provider will not pay you everything at once. You can do this to receive income gradually.

Speak to a professional to get the right plan that will best suit your needs.