Key Features of the
Purchased Life Annuity

Key Facts

The Financial Services Authority is the independent financial services regulator. It requires us, Hodge Lifetime, to give you this important information to help you decide if this purchased life annuity is right for you. You should read this carefully so you understand what you are buying; and keep it safe for future reference.

Its aims

  • To provide a fixed, guaranteed annuity income in return for a cash sum payment (the purchase price)
  • To provide the income at agreed intervals, either monthly or annually in arrears
  • To allow you to choose, subject to plan features, an element of either Capital or Income Protection
  • To allow you to choose to have the income based on the lifetime of the annuitant (or survivor of joint annuitants), or for a specified term of between five and ten years

Your commitment

  • The income will be purchased from your own funds
  • Once you have purchased your annuity you cannot alter the arrangement or cash it in

Risk factors

  • The income will cease on the death of the annuitant (or survivor of joint annuitants) even if this occurs in the early years of the plan.
  • If the plan does not include either Capital or Income Protection, no further payment will be made
  • Do not forget that inflation would reduce what could be bought in the future with the income shown in the personal illustration and policy document

WARNING – this contract has no cash-in value at any time.


Next: Purchased Life Annuity Questions & Answers




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