End result was 'affordable' premiums saving about 40%
Make sure you maximise your retirement income by seeing if you qualify for an Impaired Life Annuity
Impaired Annuites : Frequently Asked Questions
Impaired Life Annuities
What is an Annuity?
An annuity converts your pension fund into a life-long income. The benefits you receive are dependent mainly on three factors, the amount of money in the fund when you purchase the annuity, the amount of annuity that can be purchased per £ of your personal retirement fund and the age you decide to take the benefits.
Does the Annuity rate vary?
The annuity rate varies on an ongoing basis, both upwards and downwards. The basic annuity you receive although guaranteed for life is dependent on when you take the benefit (this could be favourable or not as the case may be). Once you start taking the benefit the terms of payment cannot be altered.
When are annuities used?
Types of pension schemes that are usually taken as an annuity are, Self Employed Retirement Annuities, Personal Pension Plans and Voluntary Contribution Schemes (either company sponsored or free standing).
Will I qualify for an Impaired Life Annuity?
Generally if you suffer from any illness, or even if you have smoked for over 10 years, it is worth filling in our enquiry form to see if you qualify. If you do qualify for an Impaired Life Annuity it could boost your income by over 30%.
What other benefits can be included in my annuity?
You will have various options when taking your annuity and you will receive guidance as you complete our enquiry form. Options include the frequency of payments, spouses pensions, escalating benefits, and guarantee periods. Taking some of these benefits may negate the advantages of receiving an impaired life annuity.
How long does the process take?
This can vary depending on what medical and other evidence is required and how quickly it can be supplied. Typically we would expect the process to take 4 to 6 weeks for an impaired life annuity and 2 to 3 weeks for a standard annuity.
Will I need to have a medical examination?
In most cases no, the insurance company will usually rely on information supplied by your Doctor to set the impaired annuity rate.
My illness is not shown in you're A-Z does that mean you can't help?
Not at all. The A-Z index covers the most common illnesses. If your particular condition is not there please enter your illness as OTHER and we will be pleased to try and help obtain a quotation on impaired annuity rates.
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