Don’t Forget About An Impaired Life Annuity

If you or your partner have a serious illness, don’t forget to ask for a health rating for your life annuity.
A life annuity,available where life expectancy is impaired, recently issued for a client on a joint basis, increased their income by 5%.
That may not sound much but when you consider that the healthy party was a female AND 12 years younger,you can realize that they were more than pleased.One company issued a rating of 5+ years and a second company rated the couple at 10+ years.The contract however was issued by the 5+ company as it had better standard rates to commence with.
Depending on the age(s) concerned and the illness involved, this approach should not be overlooked when doing retirement planning.