ASKFinancially

Guide to Annuities
UK Pensions

Impaired Life Annuities

Impaired life annuities pay an income for life like conventional annuities, but it is specifically for people who have a medical condition which severely reduces their life expectancy, including, but not limited to:

  • high blood pressure
  • diabetes
  • heart conditions
  • kidney failure
  • certain types of cancer
  • multiple sclerosis
  • chronic asthma

The income from these annuities is mainly based on your medical condition and life expectancy, so unlike other annuities you will be asked for a report from your doctor to verify the details on your application form. If you are accepted for an impaired life annuity policy, your income will be higher than from a conventional annuity because the annuity provider expects to pay your income for a shorter period of time. This can make a substantial difference so always take advice to ensure you are offered the right type of annuity for your personal circumstances.

The Pensions Advisory Service gives the following list of providers who offer impaired life annuities:

Note: These providers
will only accept business through an Independent Financial Adviser.
  • Aviva
  • Canada Life
  • Just Retirement
  • Legal & General
  • LV=
  • MGM Advantage
  • Partnership
  • Prudential

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Guide Contents

What is an Annuity?
When might I need an annuity policy?
Types of Annuities
Pension annuities
Annuity income options
Enhanced and Lifestyle annuities
Impaired Life Annuities
Annuity Rates
FAQs
Where can I go to get more help?

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