Most people who are ready for retirement are given several options for how they will receive their monthly pension.
For several years in the UK, and more recently in the US, the option for an enhanced annuity has become a more attractive option for individuals who may have health issues that will preclude their living the number of years expected for a person in perfect health.
An enhanced option takes into account the health status of an individual and is priced accordingly.
Depending on when the annuity is purchased, it may be less expensive to purchase than a standard or traditional option.
These annuities are medically underwritten and are offered by a select number of providers.
By taking the time to work with a financial advisor who is knowledgeable and experienced in this type of option, you can increase your monthly pension significantly.
Many people qualify for this type of option and are unaware of it, but there are over 5000 medical conditions, or combinations of medical conditions that can qualify an individual for the benefit.
In addition to medical conditions, life style choices may also provide the qualification needed for the benefits.
An individual who is obese, smokes, has high blood pressure, or lives with someone who smokes, may qualify for the option and increase their monthly payment allotment from the fund.
Because of the many medical conditions and life choices that can be used to qualify for this type of option, it is important to do some research before selecting a different type of option.
The fees and benefits available through providers vary and some providers will only deal with financial advisors, so it is important that you find an individual who has an in depth knowledge of the process for getting the maximum from your benefits.
The best time to begin planning for retirement and financial freedom is during your peak working years.
When you work with an experienced advisor, they will be able to provide you with information and details about how to take advantage of this option and increase your monthly payments.
Therefore, meeting with a trusted advisor and developing a plan and making the right decision when it is time to begin collecting on the annuity will help you to have the financial freedom that you want in your later years.
The selection of an enhanced annuity must be made at the time you start collecting the funds and there are provisions in some policies for an initial sum to be taken from the annuity when you retire that can be used for expenses related to the retirement.
For several years in the UK, and more recently in the US, the option for an enhanced annuity has become a more attractive option for individuals who may have health issues that will preclude their living the number of years expected for a person in perfect health.
An enhanced option takes into account the health status of an individual and is priced accordingly.
Depending on when the annuity is purchased, it may be less expensive to purchase than a standard or traditional option.
These annuities are medically underwritten and are offered by a select number of providers.
By taking the time to work with a financial advisor who is knowledgeable and experienced in this type of option, you can increase your monthly pension significantly.
Many people qualify for this type of option and are unaware of it, but there are over 5000 medical conditions, or combinations of medical conditions that can qualify an individual for the benefit.
In addition to medical conditions, life style choices may also provide the qualification needed for the benefits.
An individual who is obese, smokes, has high blood pressure, or lives with someone who smokes, may qualify for the option and increase their monthly payment allotment from the fund.
Because of the many medical conditions and life choices that can be used to qualify for this type of option, it is important to do some research before selecting a different type of option.
The fees and benefits available through providers vary and some providers will only deal with financial advisors, so it is important that you find an individual who has an in depth knowledge of the process for getting the maximum from your benefits.
The best time to begin planning for retirement and financial freedom is during your peak working years.
When you work with an experienced advisor, they will be able to provide you with information and details about how to take advantage of this option and increase your monthly payments.
Therefore, meeting with a trusted advisor and developing a plan and making the right decision when it is time to begin collecting on the annuity will help you to have the financial freedom that you want in your later years.
The selection of an enhanced annuity must be made at the time you start collecting the funds and there are provisions in some policies for an initial sum to be taken from the annuity when you retire that can be used for expenses related to the retirement.
