According to a consultancy firm, sales of impaired life annuities rose by 55% in 2002 but there is still some way to go.
Impaired life annuities give better rates for those people in less than normal health and can even be affected by where you live in the country. There is still some way to go because many people are not aware they could get a better income because of their health problems.
When you use your pension pot to buy you an income for life you buy an annuity. Most companies will only offer you their normal rates unless you tell them your health problems. Some companies do not offer impaired life annuities and it is important to know that you can take your pension pot to a company that can.
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You may be eligible for an impaired life annuity if you have health problems, are overweight or smoke. You may also be eligible if you worked in certain occupations or if you live in specific postcodes around the country. Don't miss out on what you are entitled to.