Immediate Needs Annuity Providers
Due to the difficulties and risks involved in underwriting such annuities, there are only a limited number of insurers who have the expertise to offer such annuities. These are currently:
Aviva is the UK’s largest insurance company with over 15 million customers in the UK.
They started offering care fee annuities after taking over Friends Life who had been offering Immediate Needs Annuities for many years
They are currently the only provider to offer a Lifetime Care Charter which offers a partial refund of premiums, should the Government increase what they are prepared to pay for care and if know at time of application, this would have resulted in you needing a smaller annuity.
Just was created through the merger in 2016 of Just Retirement and Partnership Assurance and is now one of the UK’s leading providers of financial products for retirement.
They were the first to offer a free Money Back Guarantee should death occur within the first 6 months on all of their Immediate Need Annuities.
Legal and General have been offering immediate need annuities since the end of 2019 but were founded in 1836 and is one of the country’s leading insurers.
National Friendly are the latest INA provider only widely marketing plan since the start of 2021.
They are a Mutual Society founded in 1868 and are the only provider to offer you the option capital protect up to 100% of the premium in first 12 months.
Even though some may not be so well known as others you will be pleased to know that all the annuities offered by these providers are fully covered 100% by the Financial Services Compensation Scheme.