It is surprising to learn that an estimated 40% of people would be eligible to receive enhanced rates, but fail to do so. Ultimately missing out on potential increases which could make a substantial difference to their retirement income. If you are intending to include joint life benefits, your spouse’s state of health will also be considered. This is why it’s most important that you advise the insurance company of any lifestyle or medical conditions, to ensure they have all the relevant information to quote the best rates.
The calculations used by insurance companies to ascertain the amount of income you will receive are based on a number of factors including such things as your age, sex, state of health or whether you smoke.
If any of the following applies to you or your spouse, it may work in your favour
- Have you been hospitalised in the last ten years
- Are you on any medication
- Do you smoke regularly
- Do you have angina
- Do you have high blood pressure
- Do you have chronic asthma
- Do you have diabetes
- Do you have a serious illness or had major surgery
Some of the leading insurance companies offer preferential rates in such cases, as they work on the assumption that they may be paying you for a shorter period of time and therefore will increase your income accordingly. We know which insurance companies offer the best rates in these circumstances, and will obtain the best quotations for you to help make your decision easier.
