Enhanced Life or Special-Situation Annuities

Enhanced Life or Special-Situation Annuities

If you have health issues which could shorten your life expectancy, you may qualify for higher annuity rates than with a traditional annuity.

Health problems might include chronic asthma, diabetes, heart attack, high blood pressure, kidney failure, multiple sclerosis cancer or stroke.

You might also be able to get a Special Situation Annuity if you are overweight, or smoke. Some companies also offer higher rates to people who have worked in certain occupations or who live in certain areas of the country.

Most types of pension plan have the option of taking a tax-free cash lump sum, before exchanging the fund for a series of income payments. Income payments are taxed using the PAYE system. You can receive your payments monthly, quarterly, half yearly or annually.

You can choose as to what type of death benefits to include at the outset. The options available are to provide for a spouse or civil partner/dependents pension.
You will receive an income for life, and you can elect for your spouse to receive an income for their life upon your death. There's the option of Tax-Free cash at the outset, and higher annuity rates than a Traditional Annuity may be available. The contract is simple to understand and there is minimal paperwork needed to start the payment of benefits.

These annuities provide guaranteed pension payments and higher annuity rates. They therefore suit individuals with low attitudes to risk and security, or individuals with both low and high attitudes to risk but are in ill health.

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Call a Sidstone Pensions Adviser today on 08445 045196