Saga says best UK pension annuity rates available if you tell all about your health. Many consumers are losing out on their annuity retirement incomes because they are not being frank about their health conditions, according to Saga. The insurance intermediary stated that, for some people, declaring any medical conditions may entitle them to substantially higher pension payments in retirement. While Saga estimates that only 8% of those with an annuity are receiving better annuity rates due to their health, as many as 40% of people retiring could actually be entitled to higher payments, and these can be well worth having.
On an average pension fund of £30,000, declaring any medical conditions could result in an uplift of as much as £800 each year. Andrew Goodsell, chairman of Saga, said that it’s vitally important that retirees are open about any health conditions when they buy an annuity, as it can improve their retirement income for the rest of their lives, and, in fairness, retirees are entitled to these higher UK annuity rates; they are readily available.
Earlier this month, Saga revealed that a desire for greater standard of living amongst retirees was encouraging some to look at thealternative of equity release as a way of increasing their income, but that’s something I don’t want to get in to, as it’s an area fraught with difficulties. Unless you’re one of those people much better off in terms of assets, I think I would stick to finding the best annuity rates for your retirement.
