Annuities: ill Health / Enhanced Annuities


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ill Health / Enhanced Annuities

Individuals in poor health suffering with a known medical condition, i.e. diabetes, high blood pressure, asthma, cancer etc, may be offered a higher annuity rate due to their shorter life expectancy. This is usually subject to the completion of a doctor's report or in some cases a medical examination. Also, some individuals may be offered enhanced annuity rates due to their lifestyle or physical condition, i.e. smokers or the clinically obese. Even if you are in good health but your spouse is not, you may be entitled to an ill health/enhanced annuity.

More recent developments have seen the introduction of Special Situation Annuities, which can be based on the applicant's occupation and postcode. For example a steel worker in Yorkshire will be given a higher rate than a lawyer in Devon.

Advantages
• You will receive an income for life that will not fall and, also for your spouse's life if this option was selected at outset.
• Up to the maximum amount of Pension Commencement Lump Sum can be taken at outset.
• Higher annuity rates may be available than under a 'Conventional Guaranteed Annuity'.
• The contract is simple to understand and there is minimal paperwork needed and no on-going reviews required.
• The selected income level is guaranteed and is not subject to future investment returns.

Disadvantages
• Any options to provide future increases or death benefits must be selected at outset and will result in a lower initial pension payment.
• Once in payment the selected benefits cannot be altered to take account of changes in your circumstances.
• The income you receive is dependent on the annuity rates at the time of purchase.
• An annuity can represent poor value if you were to die early without having selected a guarantee period or a spouses annuity.

Suitability
These annuities will suit individuals that qualify for ill health/enhanced annuity rates, who want an absolute guarantee on their pension income with no investment risk.

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