Smokers annuities

 

Though recent developments in the annuity market, individuals who smoke could now qualify for a Smokers Annuity.

 

Smokers Annuities are essentially enhanced annuity plans which are suitable for those who are in poor health, smoke or suffer a physical condition such as clinical obesity.

 

A Smokers Annuity plan can pay out a higher annuity rate due to the potentially reduced life expectancy of the individual. The annuity income is a personalised rate based purely on your individual circumstances and medical condition. To qualify for this type of annuity, a General Practitioners Report (GPR) on the condition of you health is usually required before a quote can be accurately drawn up.

 

On average smokers annuities can pay out up to 22% more than standard annuities and this mainly due to the expected lower life expectancy. As an example a male individual retiring at the age of 65 with a pension fund of £50,000 would benefit from an estimated £3,575 extra over the first 5 years which is the equivalent of £715 extra each year with a smokers annuity plan.

 

Contact us today to speak to one of our experienced annuities advisers to find the best smokers annuity rates. Take advantage of our free online annuities calculator, complete an online enquiry form or call us on 0800 936 399.