This kind of annuity applies to individuals who are suffering from serious medical conditions.
If you are an impaired life annuity policy holder, you will be eligible for higher annuity rates and as a result higher monthly income post retirement.
There are a large number of companies which offer this option and there are a number of ways of getting the best impaired life annuity rates.
Firstly, let us find out what impaired life annuity means.
Impaired life annuity is quite similar to enhanced annuity.
However, it is designed to provide a higher income for those who suffer from a really severe condition.
In most cases, the highest rate is offered to those who have some kind of life threatening health problems.
An individual may be eligible to receive higher rates and this depends on the type of condition he is suffering from and the severity of the condition.
This type of annuity option guarantees a much higher income rate for the rest of an individual's life.
Generally, the rate that a person receives under this type of annuity is much higher than that an individual receives for a regular annuity plan.
The reason that the annuity provider offers a higher rate is that it will assume that it will have to pay you regular income for a short period of time.
In the UK, about 33 percent of retirees may qualify for impaired life annuity, but there are still many people who are not aware of how they can benefit with this type of annuity.
Lack of awareness on annuity is the major reason people are not considering the benefits of this plan and as a result missing out a lot on their monthly income.
This kind of annuity is has a relatively low risk because it guarantees income for the rest of a person's life.
Today, there are about 1500 medical conditions for which people can receive a higher annuity rate.
Out of these, there are some conditions for which people may qualify for higher rates.
How To Get The Best Rates In order to get the best rates, one of the most important things that a person must do is to provide all the relevant details to the annuity provider.
It is important to provide complete details about your medical conditions, medications that you have been taking and all the other details related to the health in general.
The time that you take out providing all these information is worth the benefits you will get if you qualify for impaired life annuity.
Some of the common conditions for which you may qualify for the highest annuity rates include diabetes, heart condition, cancer, stroke, high cholesterol, high blood pressure and so on.
Before you buy an annuity plan, always make sure that you shop around so you can get the best rates.
Moreover, there are a number of tools available online that can be used to estimate the highest annuity rates that you may be eligible for.
Although these may not provide an accurate figure, you can get an estimate of what you are worthy of.
If you are an impaired life annuity policy holder, you will be eligible for higher annuity rates and as a result higher monthly income post retirement.
There are a large number of companies which offer this option and there are a number of ways of getting the best impaired life annuity rates.
Firstly, let us find out what impaired life annuity means.
Impaired life annuity is quite similar to enhanced annuity.
However, it is designed to provide a higher income for those who suffer from a really severe condition.
In most cases, the highest rate is offered to those who have some kind of life threatening health problems.
An individual may be eligible to receive higher rates and this depends on the type of condition he is suffering from and the severity of the condition.
This type of annuity option guarantees a much higher income rate for the rest of an individual's life.
Generally, the rate that a person receives under this type of annuity is much higher than that an individual receives for a regular annuity plan.
The reason that the annuity provider offers a higher rate is that it will assume that it will have to pay you regular income for a short period of time.
In the UK, about 33 percent of retirees may qualify for impaired life annuity, but there are still many people who are not aware of how they can benefit with this type of annuity.
Lack of awareness on annuity is the major reason people are not considering the benefits of this plan and as a result missing out a lot on their monthly income.
This kind of annuity is has a relatively low risk because it guarantees income for the rest of a person's life.
Today, there are about 1500 medical conditions for which people can receive a higher annuity rate.
Out of these, there are some conditions for which people may qualify for higher rates.
How To Get The Best Rates In order to get the best rates, one of the most important things that a person must do is to provide all the relevant details to the annuity provider.
It is important to provide complete details about your medical conditions, medications that you have been taking and all the other details related to the health in general.
The time that you take out providing all these information is worth the benefits you will get if you qualify for impaired life annuity.
Some of the common conditions for which you may qualify for the highest annuity rates include diabetes, heart condition, cancer, stroke, high cholesterol, high blood pressure and so on.
Before you buy an annuity plan, always make sure that you shop around so you can get the best rates.
Moreover, there are a number of tools available online that can be used to estimate the highest annuity rates that you may be eligible for.
Although these may not provide an accurate figure, you can get an estimate of what you are worthy of.
