Impaired life annuities provide a greater pension income to those with shorter life expectancies than would be available from standard annuities. Impaired annuities are intended for serious conditions such as:
• Chronic heart disease
• Cancer (secondary and some primary)
• Chronic Lung Disease
• Parkinson’s Disease
• Alzheimer’s Disease
Please note this list is not exhaustive.
Enhanced annuities also provide an increase over the standard rate available and are given for lifestyle conditions such as
• Diabetes
• Heart attack
• Chronic asthma
• High blood pressure
• High Cholesterol
Again, this is not an exhaustive list.
The market is maturing and there are providers who specialise now in areas such as smoker annuities and more recently, postcode annuities. These work on the basis that statistically, people in different parts of the UK have different life expectancies.
Many people when taking their pension share on divorce decide to purchase an annuity. If you are considering purchasing an annuity as part of your pension share, please stop and consider whether you might benefit from one of these annuities.
If you require any further assistance, please contact us on 0800 092 1229 or email advice@thedivorceifa.co.uk
