Impaired Life Annuity - Is It Worth It?
If you are an individual with severe health issues and a reduced life expectancy, plus you're over 50 years of age, you will need an impaired life annuity plans to enhance your level of income. An unfortunate situation such as this is hard to swallow but this type of annuity gives hope to the annuitant and beneficiaries. There are stipulations for qualification of an impaired life annuity to become effective.
Your impaired life annuity will pay you an "enhanced annuity". It is also unfortunate that the lower the life expectancy, the higher the investment of the annuity. Believe it or not, insurance companies, such as Pacific Life Annuity, are happy to pay the annuitant that has a lower life expectancy, because they will not have to pay them for very long. The higher the annuity rate at purchase, the larger the amount of income paid.
Enhanced annuities take additional factors based on their policies, besides age, sex, and retirement, into consideration. Life expectancy is taken into consideration in addition to whether you smoke or are overweight. There are actually three types of enhanced annuities.
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Life annuities, which depends on whether you're a smoker, overweight, have diabetes or high blood pressure. To qualify for select annuities, you must have worked in a manual occupation all your life in addition to have lived on north of the Bristol/Wash line (England). The third type of enhanced annuity is the impaired life annuity which was described earlier. There are several qualifications that must be met before receiving an impaired life annuity. First of all the annuitant must be age 50 to 75. They must be diagnosed or predicted with reduced life expectancy (usually less than 5 years). Reduced life expectancy is often established by the annuitant's life style. Lifestyle factors include if they have smoked cigarettes for over a specific period of their life. Other criteria include, if the applicant is in poor health and has heart disease, cancer, diabetes, or other severe and permanent health conditions. An applicant will not acquire an impaired life annuity policy unless the applicant can prove or show evidence of the critical and permanent condition/conditions. Typically, this evidence would be a letter signed by their physician. Choosing what to do with your savings is a very import undertaking that must be considered very carefully. There are pros and cons to everything. It is up to the annuitant to take time out and contemplate all of the options set forth. Although sad and unfortunate, the impaired life annuity can be the element responsible for the ability of the annuitant to have special care in their time of despair. |
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