The Just Retirement Fixed Term Annuity offers a unique conversion feature that allows you to take advantage of potentially higher levels of annuity income should your health deteriorate before the end of your Plan term.
The feature is automatically included when you select Plan Protection, one of the benefit options available at outset. You should talk to your financial adviser for more details about this and the other benefit options available with a Just Retirement Fixed Term Annuity.
How does the conversion feature work?
Enhanced annuities offer a higher level of income than conventional annuities for those suffering from a wide range of medical conditions, from the relatively mild to the severe. The conversion feature allows you to convert your Plan to an enhanced annuity at any point during the Plan term, providing your state of health or lifestyle enables qualification for Just Retirement’s enhanced annuity. If your health does deteriorate later on in retirement, you could potentially qualify for a much higher level of income than you can currently get today.
Future income levels will depend on prevailing annuity rates at that time which may be higher or lower than they are today.
A large number of lifestyle and medical conditions may qualify you for an enhanced rate of income. It is not possible to list them all here, but you should consult your financial adviser as soon as possible if, for example, you have a condition that:
- Required treatment in hospital or a prolonged stay in hospital
- Requires ongoing treatment as an out-patient
- Requires ongoing medication to control the condition.
You must select Plan Protection at outset in order to have the conversion feature included with your Plan benefits. You should talk to your financial adviser for more details about this and the other benefit options available under the Just Retirement Fixed Term Annuity.
If your health was to deteriorate during the term of your Plan, you should speak to your financial adviser as soon as you can. They can contact us on your behalf to see if you might qualify for a potentially higher level of income through a Just Retirement enhanced annuity. If you do, you can make a ‘once and for all’ decision to convert your Plan to an enhanced annuity.
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