Partnership launches life annuity for smokers
www.moneynews.co.uk > Insurance > Partnership launches life annuity for smokers
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Partnership launches life annuity for smokers
Mon 29th Sep 2008
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The monthly income purchased life annuity (PLA) pays an average of 6.5 per cent per annum for people aged 60 to 65 who have smoked at least ten cigarettes a day for ten years.
People who are older may have a higher rate.
Philip Brown, head of retirement and care product development at Partnership, said independent financial advisers and their customers had asked for such a product to be made available.
It is open to anyone with a lump sum available to invest.
"Products that guarantee income are more appropriate than ever in a world of volatile investment markets," he said.
Partnership offers financial products for people with health conditions.
It covers a range of such cases from hypertension to heart failure and cancer.
Partnership claims to be the only company in that area with its own proprietary underwriting manuals and mortality data.
Click here for more insurance news.
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