UK enhanced annuity provider Partnership has announced it will launch a specialist care annuity in the US, after sealing a deal with an American life insurance company.
Partnership Assurance Group has today announced it has entered an agreement with US business Genworth Life Insurance Company to launch a medically underwritten immediate annuity, comparable to the care annuity offered by Partnership in the UK.
A care or immediate needs annuity is bought by people who will soon need to start paying for long term care arrangements. Care costs can be high, so in exchange for a lump sum an immediate needs annuity will cover those costs. As with enhanced annuities medical underwriting is used to assess the health of the member.
The launch is expected in the first quarter of 2016.
Last year Partnership set out plans to diversify away from the UK individual annuity market, launching defined benefit scheme de-risking deals and talking about an expansion into the US…Read more at New Model Adviser