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.