Annuities for People with Poor Health and Smokers
If the state of your health is severely questionable, or if perhaps you are a long-term smoker, it is of crucial importance to realise that both these factors will greatly affect your annuity claim to a rather significant degree. Although this may sound like it will mean bad news, it is actually rather valuable.
Why? The Annuity rate available to you is inversely proportional to your health, which in basic terms means that essentially the unhealthier you are, the better your annuity rate will be! Why, for the first time in financial shopping history, is it actually worth your while to be an unhealthy citizen? Simply because your annuity administrator would not expect you to live for as long as somebody who is a picture of health, and therefore not have to pay you an income for as long.
This is the basis for the title “Impaired”, or a far more fittingly descriptive term: “Enhanced”. A doctor’s report is usually required, as a means of testing that your application form details are correct.
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The message of utmost importance here, is that no matter how small or insignificant you may think your health condition is, always mention them to your pensions administrator to make sure you don’t miss out.
Annuities – the Open Market Option