Impaired Life Annuities
When it comes to selecting the right annuity for you there are a number of things that you may need to take into consideration and if you take the time to shop around and see what is really on offer you may find that there are several annuity options which could provide you with a higher income if you are currently suffering from a long term or serious illness.
An annuity transforms your hard earned pension pot into an income which will be provided to you for the remainder of your life, so you want to make sure that this money is working hard for you. In many cases this can mean shopping around to find an annuity provider which takes into account if you are likely to have a shorter life expectancy.
How do Impaired Life Annuities work?
Impaired life annuities work by taking into account your life expectancy and if you have a pre-existing medical condition, heart condition or other serious medical illness that could severely shorten your lifespan then your annuity is adjusted as a result. Kidney failure, cancer, asthma and high blood pressure are among just a few of the long term illnesses which might make you consider an impaired annuity, if you are looking to go down this path however you will need a report from your doctor clearly detailing your illness.
Annuities are designed to be paid to a person over their remaining lifetime and if for any reason you have a condition which could severely shorten this time frame then you could be eligible to receive a higher annuity income as it is reasoned that it would be paid over a shorter period of time.
What benefits could Impaired Life Annuities bring me?
If you are suffering from a range of medical conditions then an impaired life annuity could provide you with a higher annuity income than that of a traditional annuity provider. This takes into consideration the fact that the income will most likely be paid over a shorter period of time. For this reason it is worth shopping around for a provider who takes into consideration your current heath status and seeing what offers you can receive as a result.