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Impaired annuities are a relatively new concept in the world of retirement planning. Furthermore the issues that can earn you an enhancement can be surprisingly simple. Our approach with our customers is to ask the key questions that could mean you qualify for an impaired annuity.

'After reading explanations of enhanced annuities on your website, we fully understood what our options were and felt completely comfortable to then phone you for more information. Having made other enquiries with other companies, your response was knowledgeable, friendly and accurate. More importantly, your response was prompt. Dealing with a "whole of market" company gave us a good feeling and confidence that you could provide a competitive quote for my wife's annuity. The sixteen page results pack that was provided promptly, gave us all the information we required to make an "informed decision". We would like to thank Platinum Financial Consulting for making the process so much easier to understand. Anonymous feedback is less meaningful, we therefore approve our details to be put with these comments'.
Mr and Mrs Todhunter - Montrose   10 out of 10

Impaired Annuity Calculator

Impaired Pension Annuities - What are they ?

Many people are unaware that they can get an enhancement on their annuity based on their health and / or lifestyle. Our on-line quote request forms capture key information to test whether you would qualify for enhanced annuity rates.

You may qualify if you are a smoker, take 2 or more medications for the same condition or regularly drink more than 36 units of alcohol per week. See below for further information.

Just like a standard pension annuity, your entire pension fund is exchanged in return for a tax free lump sum and an income for life, known as an annuity.

If you are in poor health or even a smoker, you may qualify for enhanced annuity rates, which means you will have more monthly income.

You world ned to first find out which providers offer enhanced annuities and then find out which one will offer you the most monthly income.

That's where we come in. We will do all the work for you.
Request Quotes Now !

Not all providers offer enhanced rates. It is vital to shop around. Furthermore many customers wrongly feel that they will not qualify for an enhancement and therefore they don't even research this option. Our on line quote form will test whether all our customers qualify for an enhancement. We do this by asking a few simple questions that take less than a minute to answer.

Impaired Pension Annuities - What you need to decide ?

As with a standard Pension Annuity there are many features to an annuity, all of which will impact on the monthly income you will receive.

You need to decide on: a level or index linked benefit, a pension for your partner, a guaranteed period, paid in advance or arrears, as well as a number of other features. Full details appear at the bottom of the page.

Once you have decided on the features you want, you need to make sure all the annuity providers quote on exactly the same basis, otherwise it will be difficult to identify which annuity provider is offering the highest annuity.

We will provide you with quotes from all providers on an identical, like for like basis, so that you can see exactly who is offering you the best impaired annuity rate.

Once you have got all the quotes on a like for like basis, it is typically the case that the annuity provider offering you the highest income is the one you are likely to select.

Our Quote Service is FREE, Request Quotes Now !
If you prefer you can call us on 020 33 55 4827.

Impaired Pension Annuities - How we help

We simplify what can be a very confusing and time consuming process.

If a provider is going to offer you enhanced rates via an impaired life annuity, we can find them.

We want our customers to make fully informed decisions about a very important aspect of their financial planning. To do this we provide free brochures and guides, and of course this website. Every customer who requests quotes also receives a free information pack which tells them everything they need to know about annuities and the various features they contain.

We do all the work in collating the various quotes required, from all the available UK annuity providers.

We then present all our findings to you in an easy to understand report. This means your time is spent on making the important decisions and not on managing a vast array of paper.

For help please call us on 020 33 55 4827,
or use our webform to Request Free Quotes Now !

 
 
 
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Amongst other things it discusses :

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Tax Free Cash
Phased Retirement
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Impaired Annuities
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Impaired Health Pension Annuity - Further Information

All of the technical aspects of an impaired life annuity are the same as a standard pension annuity. The only difference is the calculation of the enhanced rate based upon your health, however this is a matter for the underwriter and they will calculate the rate they are prepared to offer you.

When you approach a company to request that they give you an income for life in exchange for your pension fund, they will make some assumptions about how many years they think you have to live. Based on this, they will offer you a guaranteed monthly income.

If you have suffered from a serious illness, it could have an impact on the annuity providers assessment of your potential longevity. In such circumstances the annuity provider could offer you an increased income. Likewise certain aspects of your lifestyle could cause an annuity provider to consider you have an impaired life expectancy and therefore offer you a higher annuity rate than somebody who is considered to be in good or normal health.

You may have noticed throughout this page that we use both the term impaired and enhanced annuity. This is because they are exactly the same thing and not two different products. If you are considered to have impaired health, then you will benefit from enhanced annuity rates. An impaired Life annuity is therefore an enhanced annuity.

It is worth mentioning that not all annuity providers offer enhanced payments. Some of the major annuity providers use the same calculation for everybody, irrespective of their health. It is important not to overlook these providers as they may still offer you the largest monthly income.

Common conditions that qualify for an impaired life annuity are :

  • Diabetes
  • Cancer
  • Heart Condition
  • Stroke
  • High Blood Pressure
  • High Cholesterol
  • Angina
  • Kidney Disease
  • Rheumatoid Arthritis
  • Leukaemia
  • Hodgkins Disease
  • COPD (Chronic Obstructive Pulmonary Disease)
  • Cardiomyopathy
  • Atrial Fibrillation
  • Multiple Scleroses
  • Alzheimer's Disease
  • Parkinson's Disease

If you have a condition that is not on this list you may still qualify for an impaired Life Annuity.


If you are a smoker, this may also qualify you for an enhanced annuity. If you have smoked at least 10 cigarettes a day for the last 10 years, you may benefit from a smoker’s enhanced annuity.

People drinking around 36 units of alcohol a week may also qualify for an annuity increase. Just so you are aware, two glasses of wine per evening would mean that you drink 42 units per week.

We understand that customers may feel a little embarrassed answering such questions, but this information could make a significant financial difference to the annuity you receive. Don't worry some of our staff are in excess of 42 units per week !!! Although not during office hours.

When you contact us, please make us aware if you feel you may qualify for an enhanced annuity, as we will need to spend a little more time with you to make sure we present your case correctly to the annuity provider.

While the annuity provider will quote based on the information you have provided, the annuity provider may require further medical evidence from your doctor so that they can fully understand your condition. They may do this either before or after the annuity is set up. So in some cases this may create a small delay before the annuity payment is confirmed. It is vital that your doctor confirms your medical condition as an impaired annuity in payment can still be reduced if your medical records subsequently don't support the information you provide.

Below is the content from our Pension Annuity page. We have repeated it here as, with the exception of the assessment of your health, an impaired health pension works in exactly the same way as a pension annuity.

 

Impaired Pension Annuities - Frequently Asked Questions


There are many questions people may have about impaired annuities, we have listed a few of the most common ones. If you have a question that is not featured below, then please ask us. If your question will be of help to other customers we will include it on this page. You can contact us by calling 020 33 55 4827 or using any of the methods featured on the contact us page.


I am in good health but my partner would qualify for an enhanced annuity - Will this help me ?

If you plan to include your partner on your annuity then, even though it is your pension fund and in your name, your partners health could earn you an increase.

Many factors will come into play in such a situation and it is not possible to discuss them all in this section, but every aspect of the annuity will be considered by the underwriter and, if they believe, that there is some aspect to the case that means that the annuity will payout for a shorter period, then an enhancement is a likely outcome. Therefore a partner with poor health could mean additional income from your annuity. Many customers only think the enhancement applies to them, but your partner's health can make a significant difference.

Conversely somebody who is in poor health and wishes to include a partner who is in good health may find that the annuity they are offered is not much better than a standard rate annuity. In this case it could be that the partner's life expectancy is such that the underwriter feels the annuity is likely to pay out for a normal term.

The important thing is that you take the annuity on the basis that you want irrespective of whether you will receive an enhancement or not. After all it could be a mistake to exclude a partner from an annuity because you will get a better enhancement. You could die suddenly and leave your partner with nothing.

How much of an enhancement can I expect ?

This question, and others like it, are the most common questions we get asked with respect to enhanced annuities. Unfortunately it is not possible to answer it, lets explain why :

While we deal with many impaired annuity cases, no two cases are exactly the same. This isn't only due to the different conditions and degree of impairment, but also down to the number of variables involved with all annuities, such as the customers age, whether a partner is to be included any guarantee period and so on. This makes it impossible for us to give you an indication. We will of course be very happy to provide you with bespoke quotes without any obligation.

The following should also be remembered. Even without any impairment the Financial Services Authority have estimated that by getting quotes from all providers rather than your existing pension fund provider can increase your income in retirement by as much as 30%. If you are in such a position and you also qualify for an enhancement then the increase can be substantial. We have on record testimonials from customers who have received as much as 50% more than the amount they were offered by their own provider.


Will I have to attend a medical ?

While we can never say never, at the time of writing this page, we have never yet had a case go to a medical. In our experience the underwriter are happy to rely upon your medical records to confirm you have the conditions stated on your application. In the rare cases where there may be some doubt, these can normally be resolved between the underwriter and your doctor.

Just like all form of insurance the principle of 'utmost good faith' (Uberrima fides) applies. This means that the insurer trusts and relies upon the fact that you are providing them with truthful information to the best of your knowledge. This means that the insurer will provide you with quotes based on the conditions you have stated without you needing to attend medicals or other tests first.

If you take up the annuity then the insurer may contact your doctor to ensure their records reflect the conditions you have stated. Again in our experience significantly less than 1% of cases result in any discrepancy and then they have been resolved in favor of the customer.

Obviously if you make a declaration that proves to be false then the annuity provider reserves the right to review the annuity they are offering you.

I purchased an annuity a few years ago, I have now suffered a major illness - can I switch to an impaired annuity ?

If you have purchased an annuity then regrettably no. One of the main features of an annuity is that they a guaranteed for life. This gives you some certainty that your income will be guaranteed for life, but the downside is that once set up they cannot be changed.

 

 
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