'The purchased life annuity market deserves to grow': Should there be more options?

All advisers will be very familiar with classic annuities contracts where the client hands a lump sum, usually from a pension, to a life insurance office, who in return pay them a secure income for life or a set period. Meanwhile, purchased life annuities (PLA) are a less well-known option but that could all change as the market grows. PLA contracts differ from standard annuities in that the lump sum does not come from a pension account. Global WealthMap Chartered financial planner Donia Dimov reached out to PA on the topic. She wanted to obtain quotes for a PLA for a client who...