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Retirement Plus unveils new offering

Retirement Plus has launched into the fledgling impaired life property market.

The Impaired Life Property Plan is available to homeowners aged 65 and over who suffer from a wide range of conditions including: Heart disease (excluding raised blood pressure), diabetes (that requires insulin treatment), stroke or paralysis, longstanding breathing problems (excluding asthma), circulatory disease, liver disease that requires long-term treatment, longstanding obesity, hepatitis C or HIV infection.

The product also allows the consumer to benefit from a protected share option, enabling home owners to release part of the value of their properties, while also ensuring that a percentage remains within their ownership, either for future advance or for eventual inclusion in their estate.

Key features include:
• May be able to offer significantly more cash, even with the protected share option, because life expectancy is reduced.
• Retirement Plus’s equity share in the property increases at a rate of 0.50 per cent per month (6.17 per cent per annum).
• An application fee of £200 is payable to cover the costs of medical underwriting, but there is no cost to obtain an illustration.

Each impaired life KFI will be accompanied by a KFI for the standard Property Plan. This will allow clients to decide between the higher advance offered by the Impaired Life Plan and the lower roll-up rate of the standard product.


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