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This type of annuity recognises that your condition may mean that your life expectancy is likely to be shortened, and therefore will be taken into account when calculating the actual pension offered. This can have the result of significantly increasing your initial pension.
In order to access weather you are entitled to this type of annuity it would be necessary for you to complete a medical questionnaire, in which you would disclose your medical history. The insurer may also request a report from your own General Practitioner (GP), normally referred to as a GPR (General Practitioners Report). This will allow the annuity underwriters to evaluate the risk and make you an offer.
In order to find the best impaired life annuity rate it may be necessary to forward your application to multiple insurers, in which case you will need specialist pension advice.
Not all illnesses will qualify for an impaired life annuity, but some of the most common that may be considered are as follows:-
- Heart Conditions
- Cancer
- Multiple Sclerosis
- High Blood Pressure
- Diabetes
- Stroke
- Chronic Asthma
- Emphysema
- High Cholesterol
- Overweight
- Smoking
Some people are reluctant to ask for pension advice, thinking that it may be to expensive, but in reality this is not necessarily the case and is usually a false economy.
Normally the services of a pension specialist will be funded by the insurer as part of the marketing costs. The additional income you receive should more than justify any additional costs incurred.
Pensions in general is a very complicated and specialised field and in my opinion anyone reaching pension age should enlist the help of a pensions advisor, preferably someone who has both qualifications and experience advising on pensions.
Making the wrong decisions at this time of life could be extremely costly and virtually impossible to put right.
Please join me in my next post when I will continue to explain some more annuity options.
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