Annuitants should always mention any medical conditions, both past and present, when applying for a pension annuity. Failing to do so could mean them losing out on thousands of pounds of potential retirement income. Andrew Goodsell from SAGA that “It is vitally important that people are frank about health conditions when they buy a pension annuity, as it can improve their income for the rest of their life.
Medical conditions effect the level of annuity rates that are offered by pension providers. If your medical condition affects your life expectancy, you may be eligible for an enhanced annuity also referred to as an impaired life annuity. Depending on the severity of your medical condition, you could be entitled an increase in retirement income of around 40%. Typical conditions include those who have asthma, diabetes, high blood pressure or those who drink or smoke heavily. Just because you feel healthy now, does not mean passed health problems won’t affect you in the future, so always mention any illnesses or conditions, both past and present.
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