Enhanced or Impaired Life Annuities are not just about heart attacks and cancer. Impaired life annuities offer a better annuity rate for people who are suffering from serious conditions that may reduce their life expectancy. These work in a similar way to an enhanced annuity, yet are designed to offer increased annuity rates to people, who are suffering from more severe and possible life threatening, medical conditions.
Impaired life annuities offer lots of advantages for people suffering from health issues. Providing a higher level of income than standard annuities, a higher proportion of annuity providers are now offering these annuities. Once you have satisfied the annuity providers that your medical conditions are likely to affect your life expectancy, there may well be conditions attached to the annuity which offer a disadvantage against the flexibility of standard annuities.
Life Expectancy
Unfortunately annuity providers don’t offer much compassion in their working out. Impaired life annuity rates can also be purchased by people using a lump sum, (as opposed to a pension fund), to purchase an annuity. This can take the form of either a purchased life annuity or an Immediate Care Annuity, sometimes known as long term care annuity.
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