An Immediate Needs Annuity, also known as Long Term Care Insurance, is a type of insurance which guarantees a regular income to cover the costs of care. There are several different terms for Immediate Needs Annuity, including:
- Immediate Care Annuity
- Immediate Care Plans
- Immediate Need Care Annuity
- Long Term Care Insurance
- Annuity for Home Care Fees
Immediate Needs Annuities pay your registered care provider a regular tax-free income for the remainder of your life. A one-off payment is required in order to purchase a plan which is determined by the following factors:
- Medical History
- Amount of Monthly Payment Required
There is no fixed price as each plan is tailored around individual needs and priorities. There are multiple Immediate Needs Annuities available so you should always shop around to find the best one for you.
When taking out an Immediate Needs Annuity you should always seek independent advice.
You can find out more about Immediate Needs Annuities here.