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Key reveals enhanced terms for retirees in ill-health
3rd April 2008
As the UK equity release market continues to grow with a 9% rise in demand over the last year, many retirees may be unaware that if they are suffering from ill health, they may be entitled to enhanced terms available from some specialist providers reveals Key Retirement Solutions.
For those who are suffering from ill-health that may impact their life expectancy, some specialist equity release providers will allow them to release greater sums from their homes compared to traditional lenders. In addition more favourable terms may be available from some providers. The nature of the health condition, including severity, length of condition and the treatment being received, are all factors that may affect the amount that can be released. Conditions that will be considered include heart attack, diabetes, cancer, stroke, chronic respiratory disease, kidney or liver disease, multiple sclerosis, Alzheimer’s and high blood pressure/cholesterol.
Some retirees are understandably uneasy about investigations into their health, so it is important to note that when applying for an enhanced terms equity release product, it is not necessary to have a medical, the provider will simply obtain confirmation of their condition from their GP. Only approach a proven specialist equity release adviser to make sure you can be safe in the knowledge they will be suitable trained to ask the correct questions in a sensitive manner to assess your eligibility.
Dean Mirfin, Business Development Director at Key Retirement Solutions said: “Health is a sensitive issue for many, but when considering equity release it is vital that retirees are open and honest about any condition or medication they are taking, as this will ensure their financial advisor is adequately informed to give the best possible advice.”
The following example shows how retirees can benefit from improved terms:
Harry is 71 and owns a property worth £200,000. Harry had a stroke two years ago, he still has diabetes treated with insulin and a significant heart disease. Harry would like to raise the maximum amount available. For this example, Harry’s illness has been classified by medical underwriters as severe and he has a life expectancy of a typical 83 year old. As a result, he could receive £25,000 more (25% more than someone in good health) from a specialist provider.
|
Property plan product |
Amount Available |
|
Classic Property Plan in good health |
£96,660 |
|
Impaired Life Classic property Plan |
£121,200 |
Source: Retirement Plus
Dean Mirfin, Business Development Director at Key Retirement Solutions continues:
“The possibility of receiving a better deal by taking out an enhanced product highlights the need for retirees to make sure they seek specialist independent financial advice before making any decisions. Not only is it important to make sure equity release is right for you, but also that you are raising the money effectively and taking out a plan that is suited to your individual needs and circumstances.”
For more information, please contact:
Dean Mirfin (Business Development Director)
Key Retirement Solutions
07879 678737
Lansons Communications
Linda Tyson
Tel: 020 7566 9713
lindat@lansons.com