What is an 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:
Financial peace of mind
There are a number of concerns that you and your loved ones may have when faced with the issue of paying for care, for what is usually an unknown length of time.
A major worry may be that the money might run out, so you will no longer be able to have the care provider or type of care (such as care in your own home) that you prefer. For many, the fact that the value within the estate is being depleted is also a considerable concern. This is where an immediate needs annuity can be extremely beneficial – you can rest assured that your preferred care provider is paid for without impacting on your care and comfort.
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.
Advantages and disadvantages of an immediate needs annuity
To ensure that you choose the right type of support for you, it’s important that you weigh up all of your options when looking at an immediate needs annuity.
Advantages of an immediate needs annuity
Drawbacks of an immediate needs annuity
Discuss your needs with our friendly team
When the need for care arises, we’d love to hear how we can help. Get in touch with our customer support team to discuss your support needs.
Speak to our team
Our friendly, knowledgeable team can answer your questions and talk you through your options. We are available 7 days a week.
Book a free care assessment
Your local Helping Hands care manager will visit you to understand your needs and preferences and discuss how we can help. We can visit you at home, in hospital or even a care home to carry out the care assessment.
Confirm your care package
We create a tailored care plan for you to review. Once you’ve agreed the plan, we can organise care in as little as 24 hours.