Have you been diagnosed with an illness, or have other health problems that could reduce your life expectancy? Then you might be able to get a higher retirement income. This is also known as an ‘impaired life’ annuity.
Health problems that mean you could get a higher retirement income include:
- Heart attack
- Kidney failure
- Chronic asthma
- Multiple sclerosis
- High blood pressure
- High cholesterol.
There are some other health conditions that could also mean you get a higher income. For example, if you’re overweight or if you smoke regularly.
Some companies also offer higher annuity rates to people who have worked in certain jobs. For example, those involving a lot of manual labour, or who live in certain areas of the country that have, for example, got lower life expectancies.
You’ll be asked medical questions before you’re offered an enhanced annuity rate. The annuity provider might ask your doctor for more information or ask you to attend a medical examination.
The annuity rate you’re offered is based on an estimate of your personal life expectancy. This is calculated using the medical information supplied.