Impaired Life Annuities
Impaired life annuities are a form of enhanced annuity that are offered to annuitants that have a serious or life-threatening illness. Because their life expectancy will be significantly lower as a consequence of these condition (s), they are offered higher rates compared with conventional annuitants. A typical medical condition that could ensure eligibility would be heart attack, cancer or stroke. However it should be noted that less serious diseases including diabetes and being overweight can in some cases also qualify the person for a better rate. Each case is considered individually by an underwriter, if you are morbidly obese and at the higher end of a BMI calculator then you are likely to a get a greater increase in income compared with someone who is mildly overweight.
In order to secure an impaired life or indeed any other enhanced annuity you may have to supply medical records from your hospital or GP. You may also have to undertake a medical examination in order to verify your heath status. The first task is to complete a medical questionnaire which can then be sent off to a provider.
There are several factors that underwriters will take into consideration such as…
- How severe the condition is
- When you were diagnosed
- Dosage levels of any medication & frequency
- The history of the condition
For more information on impaired-life annuities please complete our annuity quote form now.
