annuity with non-pension money / annuity linked to life expectancy

C

Carolina

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Hi again
Is it possible in Ireland to purchase an annuity with money that is not a pension fund (savings you have in the bank)? Can an Irish resident buy an annuity from any country in Europe or are we limited to Irish companies?

Can you get better annuity rates if you have poor health?

thanks,

Carolina
 
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Yes it is possible, my brother did this before.

I think that it is in only possible to buy from companies that are regulated in Ireland.

Yes, should get better rates for poor health.
 
Hibernian used to offer impaired life annuities for people with a demonstrably shortened life expectancy but I don't know if they still do. Not aware of any other providers.
 
Friends First used to do an Immediate Annuity. Not sure if they still do or if they ever had an impaired life 'feature' on the product.

The market for this type of product here is very small so your best chance is to contact the companies directly or get an advisor to do so for you.

The standard commission used to be 2% so if you get a provider to take the money, you may be able to negotiate on this charge. Reinvesting the commission would enhance the rate payable.
 
Irish Life would be the best bet - if the annuity is large enough I think they can make an allowance for an impaired life?
 
Bez,

Is that who your brother got his annuity with?

Was it long ago?

How much would the amount have to be for them to make an allowance on an impaired life?
 
Yea it was - that was about a year ago.

A friend told me about €500000 or more would make them look at the health in detail.
 
As far as I know, all of the life assurance companies in Ireland have stopped quoting for "voluntary" annuities i.e. where you have a lump sum that hasn't come from a pension fund but which you want to turn into an annuity. I remember that Friends First used to offer this product (known in life assurance speak as a "Purchased Life Annuity") but I think they've withdrawn it recently. A good life assurance broker should be able to help.
 
So two new phrases for me here: 'impaired life' and 'immediate annuity'.

Is it possible and simple to purchase an annuity from a UK company if you are irish resident?

Situation is that my uncle is 75. Lives alone with a small pension but has a large amount of savings. Has had heart bypass surgery. Is worried that he will live past 95 (as many of his relatives have) and find that his lump sum has run out and he can't pay for long term care. Also he has a history of not managing money well, so running out of cash is possible.

I thought maybe an annuity would be a way to insure against running out of income. But maybe there is another way?
 
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