Enhanced and Impaired Life Annuities
These are annuities offered by four or five
companies which take into account an individuals health and
medical conditions. If you have some medical problems then
it is worth exploring this option. One of the biggest
misconceptions about this type of annuity is that it is only
people who have suffered serious health problems who will
qualify for an impaired life annuity. This is not
necessarily true, even relatively minor illness
could qualify you for a enhanced annuity.
It is true that the more serious health
problems, such a cancer and heart problems qualify for the
greater enhancement, but even people who have suffered
relatively minor health problems could still get a better
rate. For example if you have asthma and high blood pressure
then this could qualify you for a better rate than a
conventional annuity.
It is estimated that around 40% of people who
take out an annuity, could qualify for some sort of
enhancement based on their health, previous occupation and/or where they live in the country.
It is a strange market since all cases are
assessed on an individual basis, and all companies require
medical details, initially at least provided by you.
For people who have had serious problems with
their health, the difference between a conventional annuity
can be staggering. However, if you start building in a
spouse's pension or a guarantee period then it can reduce
this difference, especially if your spouse is in good
health.
Diabetes and Annuities
If you have diabetes then you will qualify for
a better rate than a conventional annuity. There is even one
provider who has a "diabetic rate". The level of
income depends on what
type diabetes you have, whether it is controlled by diet
alone, or tablets or insulin. If you have any other
conditions then the rate could be even higher.
As independent financial
advisers we can search the entire annuity market on your
behalf, and discuss all the options and answer any questions
or queries you have. Contact us
online or call us on 0800 011 2713 without obligation.
Don't take any
chances with your annuity, you only have one chance to get it
right,
talk
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