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Impaired Annuities:
Health Impairments that Qualify


ivon t hughes

December 20, 2013



Ivon T Hughes



One of the ways of improving your monthly annuity payment is to take into consideration your own or your partners state of health. Each insurance company will consider an application for higher annuity payments if there is an impairment to normal life expectancy.


So how sick do you and/or your partner have to be to qualify? Following is a short list to give you an idea of what most life annuity companies will consider. The list is not all inclusive but provides you with some guidance.


And the best part is that normally there is no medical exam; just a report from the doctor in charge.


Should you bother? Well recently a client aged 70, received the income of a 77 year old, $130.57 a month more!



Impaired Annuities


Heath impairments that may qualify


The following impairments usually qualify for an impaired annuity. These aren't the only impairments that would qualify. Being on the list doesn't mean the impairment will qualify.


If the impairment isn't severe enough or is too severe (life expectancy is less than two years) it won't qualify.


* Cerebral vascular accident (stroke) with residual paralysis


* Myocardial infarction (heart attack) with residual symptoms or angina or other complications


* Multiple Sclerosis (MS) - severe: Unable to work; dementia (marked by deteriorating cognitive functioning often with emotional apathy); requires 24/7 care; wheelchair dependent


* Quadriplegia – paralysis from the shoulders down with loss of bladder and bowel control


* Paraplegia – paralysis from approximately the waist down with loss of bladder and bowel control


* Cancer – advanced or aggressive cancer including metastases (spread outside the organ or place of origin) but life expectancy is greater than two years


* Parkinson's Disease (a degenerative disorder of the central nervous system) – severe: Unable to work; dementia; (marked by deteriorating cognitive functioning often with emotional apathy) requires 24/7 care; wheelchair dependent


* Diabetes (a condition where the body cannot use glucose, a type of sugar, normally) – severe with complications including kidney disease (kidneys operating at less than 50% of their functionality), kidney transplant, stroke, congestive heart failure, heart attack and amputation of a limb or limbs


* Aortic Aneurysm (any swelling of the aorta or weakness in the aorta wall at that location)


* Emphysema – severe with or without cardiac complications: Requires continuous oxygen use. Severely restricted activities - cannot exercise, walk any significant distances, climb stairs independently, etc.


* Cirrhosis of the liver – severe: Repeated hospitalizations with jaundice, encephalopathy, ascites (abnormal accumulation of fluid in the abdomen), liver failure, liver cancer


Health impairments that don't qualify

* temporary impairments


* impairments that can be easily controlled with medication


* impairments that diminish in severity with time


* annuitant has less than two years to live (e.g., has end-state renal disease or liver cancer)


* annuitant is on life support or in a coma


About the Author:

Ivon T Hughes is a leading expert in life annuities in Canada. His website is a recognized authority on annuities. He's also an established insurance and investment broker, licensed across Canada through The Hughes Trustco Group since 1972. Recently, he's been redefining how annuities are sold in Canada.

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