Impaired Life and Enhanced Annuities
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Impaired life annuities pay a regular income for the rest of your life in the same way as lifetime annuities do. However, they pay a higher retirement income to those suffering from various medical conditions on the basis that they have a lower than average life expectancy. Medical conditions include high blood pressure, asthma, diabetes, heart conditions, kidney conditions, various cancers, and multiple sclerosis (MS), among many, many, others. In fact, there are literally hundreds of conditions that can be taken into consideration, although impaired life annuities apply to those with more serious medical conditions – unlike enhanced annuities which pick up those people with more mild medical conditions or lifestyle issues.
An annuity provider will usually request a medical report from your doctor if you're applying for impaired life annuities. They do this to ensure that the details provided by you in your application form are actually correct. If you are offered an impaired life annuity, your retirement income will be higher than a standard contractual annuity because the annuity provider anticipates paying your income for a shorter period of time overall, and this really can make a significant difference to your important retirement income .
Enhanced annuities are usually offered to regular smokers, but can also benefit those people who are heavy drinkers or who are overweight (sometimes obese), or those with more mild medical conditions. Enhanced annuities may also be appropriate if you have spent a good part of your working life in a more hazardous occupation, such as sometimes mining. Again, the annuity provider will usually request a medical report from your doctor. If you are offered an enhanced annuity, your retirement income will be higher than you'd get from a conventional annuity because the annuity provider anticipates paying you your income for less time. Again, this can make a significant difference to your retirement income.
If you're soon to retire we can help you find out if you're eligible for impaired life or enhanced annuities. Who knows, we might be able to get you a retirement income substantially higher than that offered by your existing pension company. What are you waiting for. Give us a call – you could have thousands of pounds better off as a result. And that means more pounds in your pocket to pay your bills with or to take that holiday you promised yourself, and that can not be a bad thing.