Will my medical history affect my annuity application?
Annuities and their accompanying rates of payment are very much linked to the health of recipients. This is because if a person suffers from health-affecting medical conditions or lifestyle choices – smoking or obesity, for example – then their lifespan can be shortened, compared to the average person.
As annuity payments are provided until a person dies, a person who is expected to live fewer years may receive a higher income.
If you think you might have a lifestyle or medical condition that'll affect your annuity, it's important to tell annuity providers when you're shopping around – you can only purchase an annuity once, and you could increase the amount you receive.
Return to Retirement Planning home.