Income generation
Income generation
If you have released a cash lump sum from your home and would like to generate a regular steady income to manage your money more efficiently we can help you to find a suitable product.
Our research department keeps up to date with any new products so that our advisers can recommend the most competitive deposit accounts and purchased life annuities available.
Although you can choose to invest cash released from your home, equity release plans are designed to provide you with cash to spend and equity should not be released purely to invest.
Purchased Life Annuities
Purchased Life Annuities are plans which can provide you with a guaranteed and secure income for life. In return for a lump sum the annuity provider can offer you a level or increasing income for the rest of your life.
You can opt to include a guarantee period on your plan which would mean that the income payable would continue to be paid to your estate if you died.
You can also opt for a capital guarantee which means that the balance of the money used to purchase the plan is returned to your estate and beneficiaries if it has not been paid out as income. A non-tax payer can benefit for special tax treatment which means the income can be paid without tax being deducted.
You can choose to have the annuity paid to you on a monthly, quarterly, half-yearly or on an annual basis to suit your needs.
Deposit Accounts
Deposit accounts provide you with the opportunity to earn more interest on your money/savings than an everyday current account. There are a wide variety of deposit accounts available and providers can offer accounts which can be accessed immediately or those which have notice periods of 30, 60 or 90 days. A deposit account may be a suitable option if you wish to keep an emergency fund.
If you would like to find out more about income generation please call us on FREEPHONE 0800 531 6027 and a member of the team will be happy to help. Lines are open from 9am-5.30pm.