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Life Trust insurance is expanding its Longevity Income Plan (LIP) product range by now offering six plans.
Since the company launched in January, one LIP plan paying income from age 75 and one plan that commences payments from 80, have been available. Now. there are six plans covering ages between 75 and 80.
Life Trust has also improved LIP flexibility by reducing the minimum investment period from ten to five years and by introducing surrender options after two years.
The retirement product is designed to provide enhanced and rising returns to people who live a long time and complements traditional retirement solutions by providing extra income in later years, says the company.
A hedge against inflation, the LIP supports the extra expenditure needs of people who reach an advanced age, it says.
Life Trust is backed by JP Morgan, RBS and D E Shaw Group.
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