Site Index
Annuity RatesWhether you’re fit and healthy, suffering from poor health, overweight or a smoker, we’ll find you a higher annuity income for your retirement.
Annuity OptionsYou can add various options to your annuity to tie in with your personal circumstances. Click here for details of the options that might apply to you.
Annuity TypesIt’s important that you select the right type of annuity for your requirements. Click here for details of the various annuities available.
Lifestyle Issues
Your lifestyle can influence your annuity income
More and more people are becoming eligible for higher annuity rates, which can have a really positive effect on retirement incomes.
The term ‘lifestyle issues’ refers to factors other than ill health that are taken into account in the calculation of annuity rates.
Several lifestyle issues are taken into consideration:
■ Are you a smoker? If so, how much do you smoke?
■ Do you drink? If so, what is your alcohol consumption?
■ Are you of average height and weight?
■ Are you greatly overweight, or perhaps obese?
■ What was your occupation whilst at work? Was it of a more manual nature?
Be prepared to disclose details about your lifestyle
As there are many factors involved in the calculation of annuity rates the best way to get accurate annuity quotes is to provide details about anything to do with your lifestyle that might effect the rates you’re offered.
You might find that you’re eligible for higher annuity rates. With around 40% of people at retirement being eligible for higher annuity rates, shouldn’t you find out if that includes you.
Many more people who are fit and healthy and non-smoking are now qualifying for these higher annuity rates, and the difference in annuity income can be quite significant.
Annuity rates are all down to life expectancy
If you’re a smoker, a heavy drinker, or if you’re obese, it’s likely to reduce your life expectancy. If a combination of factors apply, i.e. you’re overweight and a heavy drinker, it will reduce your life expectancy even more.
The shorter your life expectancy, the higher the annuity payments, because the anticipation is that they will be paid for a shorter period of time.
It’s difficult to be precise, but a regular smoker could get an annuity income up to 30% higher, a heavy drinker could get up to 10% more, and someone classed as obese could get up to 10% more. Lifestyle issues can make quite a difference to your retirement income.
