UK Launches First Ever Lifetime-Win Lottery

By Ben Hamill - March 19 2019

UK Launches First Ever Lifetime-Win Lottery

Most of us would grab at the opportunity of a guaranteed £10,000 monthly income for life. And not having had to have performed a stitch of labour or effort for the privilege is something that most of us can only dream of. For the first time ever in the history of the UK Lottery, players now stand the chance of winning exactly that. Tickets have just gone on sale for the first ever “Set for Life” Lottery draw, scheduled to take place on Monday week.

A guaranteed £10,000 every month for 30 years is the prize, a windfall that, according to a pre-launch survey, has proved to be particularly attractive to especially younger players.

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A £10,000 A Month Income

According to event organiser and Lottery operator Camelot, the amount of £10,000 was chosen as such due to the fact that it represents a realistic monthly income; and something that people are able to envision and relate to.

According to Camelot, all prizewinners will receive a £10,000 monthly payout after tax deductions, regardless of their tax bracket. This is based on calculations determined by current tax laws in force in the country. Inflation has however not been provided for. The UK allows for Lottery-winnings to remain tax-free, with only the interest earned on the investments of winnings being subject to taxes payable.

An Abundance of Benefits

What’s more, in the event of a player’s death before the full 30-year term has been reached, that player’s estate will become the beneficiary of the remainder of the policy, save for any payments already having been made to the player during his or her lifetime. Heirs of the now deceased player could therefore stand to benefit from the proceeds of the win, depending of course on his or her own financial status, according to the UK’s estate and inheritance laws in force at the time of the player’s passing.

Financial analysts have however warned that players would be well advised to go easy on the spending and especially forward-looking reliance on the funds. According to statistics published by the bank of England, £10,000 in the year 1998 would be equal to £3,706 three decades into the future; or in other words, in 2028.

The operator has said that before having started working on logistics of a lifetime spanning Lottery win; it first studied similar games in countries like Canada, Australia and the US. In the US, its common practice for players to have the choice of a lump-sum payout or an annuity-based annual payment.

Also, said Camelot, the success in ticket sales achieved by its Rich for Life scratchcard game, which ran between 2007 and 2012, offered valuable insight as to the levels of popularity that may be achieved by a lifetime-win style Lottery game.