An annuity is a mode of payment which is being done at an equal interval of time. This annuity includes a regular deposit done to the savings account, monthly home mortgage payments, monthly insurance payments and also the pension payments for the retired persons. This annuity is classified based on the payment dates and this may vary like weekly payment, monthly payment, quarterly, yearly or any other payments done at the regular intervals of time. The annuity which provides the regular payment for a person’s lifetime is known as the life annuity. This lifetime annuity varies based on the norms of the country. There are many types of lifetime annuities in the UK available which are,
- Lifetime annuity
- Fixed annuity
- Variable annuity
- Equity indexed annuity
Lifetime annuity – A lifetime annuity are a guaranteed income which comes for your rest of the lifetime. You can also get this payment after your death by mentioning your spouse name. With the subscription to the enhanced annuity you can receive a high income based on your health conditions and the lifestyle you live in.
The fixed annuity – Here the annuities will be fixed payments like the annuity provided by an insurance company which guarantees a fixed return or the initial investment. These fixed annuities are not being regulated by the Securities and Exchange Commission. At the end of this fixed term annuity you will have the same options in which you have to set up the same plan.
Variable annuity – This annuity are the registered one which are regulated by the SEC in the United States of America. They allow the direct investments into various types of funds which are created for variable annuities.
Equity indexed annuity – These annuity are the payments which are being linked to the index and the performance of an index is being credited to the customer.
The retirement solution is the best one for lifetime annuities in the UK. They offer the independent equity release advice for the person who comes over there and they have a crew with experts in the retirement income planning and they guide you very well. There is an option available in the lifetime annuity which is known as Lasting Power of Attorney where you can appoint the people whom you trust the most to make the decisions when you are not able to do or after your death.