Cancer is a very emotive topic, and really shouldn’t be linked to finances, but when it comes to having cancer and buying an annuity at retirement it is really important. Cancer comes in many shapes and forms, some very much more serious than others, and treatment also comes in many forms. The point is that all this has an effect on the purchase price of an annuity, or whether buying an annuity is the right thing to do in certain circumstances. Cancer, like many other serious health conditions, can have the effect of greatly reducing life expectancy. This, from an annuity point of view, means that an enhanced annuity rate is probably in order, and this could be substantially more than a standard rate annuity, resulting in a much bigger retirement income. If you’re interested in supporting research into cancer, see www.cancerresearchuk.org
If the cancer , or other condition, is very serious, life expectancy could be very short. In such cases an alternative to an annuity is probably in order as they do not normally pay out on early death. As always, proper advice should be taken. This website does make a donation to Cancer Research UK for each contract entered into, to help in some small way with their important research.
