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Other forms of investment type Life Insurance

LIFE INSURANCE

Home Income Plan

A means for people over age 70 to use part of the value of the home they own to borrow money which is used to buy an annuity to give them an income for life. You can get a cash lump sum too. Since 9 March 1999 such schemes are no longer viable except for those well into their 80s as tax relief was withdrawn for all new schemes of that type. Existing plans are unaffected and the tax relief will continue if someone in a scheme wants to move home.

An alternative way of raising an income from your home is to sell part or all of it to a reversion company which in exchange will pay you an annuity for the rest of your life, see Property Home Income Plan or to take a loan.

Other forms of investment type Life Insurance
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Last updated 28 March 2003