Drop in DINCOME after age 55
Hello Folks,
During a recent spring clean of my finances I checked out my RAFBF DINCOME that I've been paying for decades. I should have been aware, but, such is life that when i was young I paid little heed to this far-in-the-future part of life.
I'm currently serving. If I die, each of my DINCOME units provide the family a £10k lump sum and then a monthly income, dependent on units held, is in payment until what would have been my 55th birthday. If the policy is enacted after the age of 55 then only the £10k lump sum per unit is paid.
Very few on my unit were aware. It wasn't something that changing to service to 60 triggered me to look at - it feels though that there may be a bit of a cliff edge for some that didn't spot this. Thought that this knowledge may help a few to plan ahead a bit better than I, while younger and fitter, now that service to 60 is a factor. The evident issue for me is that to achieve something similar from age 55 onwards while now approaching 50, and with declarable health issues, is nigh on impossible. Other irons in the fire will cover me off!
In no way is this a criticism of RAFBF or the way that this is administered - I am grateful for the product - it seems to me good value for what has been a fairly sporty time in the mob. The above is a rough understanding in my discussions with RAFBF - do your own homework please for your situation. If you all know this already, and I am the one who has been in the dark, apologies!