Financial security is essential for a lot of people. Having enough money to take care of the bills when unexpected circumstances occur is similarly important. That is why some people decide to get impaired annuity. It helps a lot to purchase an impaired annuity so that you can be ready to those crucial times when you need the money the most. It’s definitely worth the investment especially if you are the type of person who has a very poor healthy lifestyle.
What is impaired annuity?
It is a form of financial security where in a person receives a fixed amount of money each year for the rest of the person’s life. The amount depends on the type of Annuity purchased. Some may have higher amount than other type of annuity.
An impaired annuity is granted to a person whose life expectancy is lower compared to others. It means that to qualify for an impaired annuity a person’s state of health should be poor and has medical history of illness that prevents them from living longer.
Who are qualified to get impaired annuity?
Not all people can be qualified to have an impaired annuity. A person must be diagnosed or asses with a poor health status. The life expectancy of the person should be lower and is nearing the end p
point of his/her life. People who experienced heart attacks, high blood pressure and high cholesterol levels are qualified to get this type of annuity.People that are diagnosed to have cancer, Parkinson’s disease and diabetes are eligible to have an impaired annuity. And all people who are suffering from other diseases and medical complication that is life threatening.