Impaired Annuity Rates
Getting The Best Impaired Annuity Rates…
In order to get the best annuity rates, it is recommended for you to take advantage of the Open Market Option, which is basically the freedom to shop around the market instead of simply getting the annuity your pension provider is offering.
By considering other providers and comparing various annuities, you can check if you qualify for higher rates, for example, by seeing if you can get an impaired annuity.
Impaired annuity rates are among the highest available, up to 40% more than standard annuities, and the reason is because companies don’t expect the investor to live long.
Indeed, your annuity rate is determined mostly by your life expectancy so if you are suffering from a serious medical condition and are expected to live less than a decade more, you will get significantly higher rates than someone who has a clean bill of health and will live up to 90.
Impaired annuity rates are calculated based on how severe the medical condition is, which, in turn, indicates your life expectancy.
For example, a person suffering from malignant lung cancer in its advanced stages, and is no longer responding to chemotherapy can get the maximum rate, considering he has a short while to live, while a person suffering from Alzheimer’s Disease may live longer and will get about 15% higher rates, and a person who has kidney failure but still has other healthy organs and is undergoing continuous dialysis may get less.
If your condition is not serious at all or not life-threatening, like diabetes or a mild digestive disorder, you may just qualify for an enhanced annuity, though this is still good since enhanced annuities still offer higher rates than a standard annuity.
In order to get the highest rates you can get from your annuity, it is recommended that you seek professional financial advice. In fact, some companies will not let you get an impaired or enhanced annuity on your own, only through a financial adviser.
We can help you get in touch with a financial adviser. All you have to do is fill up our no-obligation form and someone from our panel of financial advisers will contact you to give you the advice and assistance you need for free.
Our financial advisers can also help you answer the questions in impaired annuity forms properly so you can get the best impaired annuity rates, though of course, you will need to back up your answers with the proper documents.
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