Would an impaired life Annuity be applicable?

RedDragon22

Theoretical question..........

Husband has a SHP and is about to vest his pension
Husband's health is fine/perfect
Wife's health is poor, number of significant conditions

If a joint life annuity was appropriate could the couple qualify for an impaired life annuity? Is it something that exists and could be based on the wife's poor health?

I appreciate that if Mr's health was poor they would qualify, but could they qualify on the grounds that the second life/spouse had health problems?

Thank you in advance.

dunstonh

If a joint life annuity was appropriate could the couple qualify for an impaired life annuity?

Yes. If not impaired they may still get enhanced.

IFAs have what is known as a common quotation form where the information on health is declared on one form and that is given to multiple providers (the impaired life, enhanced life and standard providers) and it saves a heck of a lot of duplication. Plus, most of the providers accept the common quotation form as part of the application so you dont need to repeat the information on their own in-house forms.

Money_Doctor

Dunstoh is correct, e.g if the second life was a smoker this alone may qualify them for an enhanced rate