Can I get a better rate if I suffer from an illness?
Choosing the right annuity rate can have a big impact on your annuity income and there are a number of different factors that you need to take into consideration before you choose which rate is right for you. If you are suffering for an injury or illness then you may be eligible for a higher annuity rate as in general your annuity rate is calculated on your life expectancy and any illness or injury that you have could bring down your life expectancy.
Taking into account a number of different annuity options which are available to you could see your potential annuity income significantly increase and if you have a long term illness then you may consider an enhanced annuity or other annuity option which could generate you a higher annuity income.
How can shopping around benefit me if I have an illness?
If you have an illness then you may find that there are a number of different annuity options on the market which are available to you and shopping around to find the right one can really reap the rewards further down the line.
The Open Market Option allows you to choose between a range of different annuity providers and you no longer have to keep with your traditional pension provider when you choose an annuity option. If you have an illness then you could consider a provider who offers a better rate for your condition and you may therefore shop around to find an enhanced annuity provider.
Could I consider an enhanced annuity?
An enhanced annuity takes into account your individual situation and has the potential to give you a better annuity income if you have a shorter life expectancy. As annuities are generally based on your life expectancy, if you can prove that yours is shorter than average – perhaps through the provision of medical evidence – then you could be eligible for an enhanced annuity which can give you a higher annuity income.
Enhanced annuities are available for a wide range of medical conditions including heart disease, cancer, heart attack and various other serious long-term illnesses.