Yes!... when it comes to impaired risk immediate annuities. With this type of annuity, the annuitant provides the insurance company with an attending physician’s statement (APS) and/or hospital records for review. A short time later the insurance company will offer a “standard” rate if the medical history does not influence their mortality tables, or they will offer a “rated age” if they feel the medical history of the annuitant warrants a shorter life expectancy. The rated age would be older than the annuitant’s actual age. Since the payout or income from the annuitant’s deposit is partly determined by age, the payout or income would be higher than it would be if the actual age were used for the calculation. For this reason, it is beneficial to provide as much medical information as possible to the insurance company in order for them to give a fair assessment.
Not all companies that offer immediate annuities will offer impaired immediate annuities, so if you would like assistance in this area, we can guide you to the most competitive companies that do.
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Last Updated: 9/23/2012 10:05:00 PM