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Genetic factors on Enhanced Annuities

JSmith321
Posts: 64 Forumite

I notice that you can get an enhanced annuity if you have certain health issues but does anyone know if factors below are taken into consideration? 1. The age of death of your parents or even grand parents (My parents lived into their 90's) 2. Obesity, if you were a body builder (LOL) or Rugby player for instance and your weight was more due to muscle than fat and so less of a health hazard.
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I've recently filled out a health questionnaire for an annuity broker with the intention of seeking quotes for an enhanced annuity. There were no questions concerning the health nor morbidity of my parents/grandparents.
The questions around personal characteristics were of the simple weight/height (BMI) type. My history of being a mediocre stand-off half in my University Thirds was not inquired into.
Seriously, if there are particular health-related issues (you or spouse) that you think might be relevant and which might enhance your annuity then you would do well to consult an appropriate IFA. They know exactly which things can be of use to declare to each annuity supplier.
It's possibly the only time in your life that being a fat, chain-smoking alcoholic is a positive advantage, not that I am suggesting that you are.3 -
I don't believe genetic factors are allowed to be taken into account whereas body mass, BMI, lifestyle etc absolutely can be. One of the IFAs on the board will be along shortly to confirm I'm sure.1
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1. The age of death of your parents or even grand parents (My parents lived into their 90's)No. Genetics not asked.2. Obesity, if you were a body builder (LOL) or Rugby player for instance and your weight was more due to muscle than fat and so less of a health hazard.Height and Weight along with waist measurement (the latter not used by most) are asked. Its a crude measure but actually doesn't result in much or any increase without other conditions.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
An observation here... my husband has just died, aged 72, from undiagnosed heart disease. His father died aged 64 and his grandfather aged 59, both of heart disease. None of his immediate family have made it past 78 (and that one was a ruptured AAA).
He had a reasonably healthy lifestyle, was teetotal and a non-smoker. But you can't get past that familial hypercholesterolaemia. Genetic factors absolutely should be taken into account.
When he made enquiries about an annuity at age 64, he worked out he would have to live into his late 80's before he had got anything like a good return for the sum he was investing. I know insurance companies have to make their money somehow, but he always expected he wouldn't make it to 80.
He decided on drawdown instead, and as it happened, it proved to be the correct decision.2 -
JSmith321 said:I notice that you can get an enhanced annuity if you have certain health issues but does anyone know if factors below are taken into consideration? 1. The age of death of your parents or even grand parents (My parents lived into their 90's) 2. Obesity, if you were a body builder (LOL) or Rugby player for instance and your weight was more due to muscle than fat and so less of a health hazard.
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BrainDrained said:An observation here... my husband has just died, aged 72, from undiagnosed heart disease. His father died aged 64 and his grandfather aged 59, both of heart disease. None of his immediate family have made it past 78 (and that one was a ruptured AAA).
He had a reasonably healthy lifestyle, was teetotal and a non-smoker. But you can't get past that familial hypercholesterolaemia. Genetic factors absolutely should be taken into account.
When he made enquiries about an annuity at age 64, he worked out he would have to live into his late 80's before he had got anything like a good return for the sum he was investing. I know insurance companies have to make their money somehow, but he always expected he wouldn't make it to 80.
He decided on drawdown instead, and as it happened, it proved to be the correct decision.
Thank you for taking the time and trouble to respond with a thought provoking post that I’m sure many will find very useful now that it has become clear that genetic factors don’t appear to be taken into account for enhanced annuities.0
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