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Living Time reduces minimum term to three years

Living Time is reducing the minimum term on its income plan from five years to three years in a bid to make the product more flexible.

The income plan pays a secure rate of income for the length of the term, then returns a guaranteed maturity amount to the client, which can be used to purchase another retirement income product.

There is no investment risk and the income can be tailored to the client subject to the maximum 120 per cent of GAD limit.

Managing director of sales and marketing Dave Harris says:
“The economic turmoil has made IFAs and clients very wary of locking for life into what 2009 has to offer, driving demand for alternatives to lifetime annuities.

“The income plan pays a secure income for any term of at least three years and to a maximum age of 75 which makes it an ideal solution for those keen to wait for the economic dust to settle and a clearer view of their own health and wealth situation.”

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