Pension annuity uplift for type 1 diabetic?

[RBZ5416]

Just out of curiosity, I just did a full annuity quote with Legal & General as a T2 with good control using insulin. The enhanced 14% completely vanished, so I can only assume that they're wanting a high HbA1c showing poor control to qualify.

 

[everydayupsanddowns]

I’d not heard about this, but it sounds very much like the complex hoop-jumping maze-like acrobatics that you might want to ask an IFA about.

Hopefully the benefit gained from their advice will be greater than the fee they take.

 

[Amity Island]

Hi,

Regarding uplifted annuity. Is this a real uplift? Or is the length of the annuity automatically reduced as a result? What I mean is, is the uplift above what one without a serious health condition would get? And if so, if one lived longer than the insurance company invisiged, would the uplifted payments just keep getting paid? Having type 1 for example, even though a serious condition can be managed well.

Thanks

 

[RBZ5416]

Is this a real uplift?

That's debatable. In the first example from the comparison site I used it showed a 14% uplift simply by ticking the diabetes box. But when it came to a full quote, that uplift disappeared. So as I said above, I can only conclude that they want to see badly managed diabetes (backed up by GP verified high HbA1c) to achieve an uplift. So it looks like typical marketing smoke & mirrors. Unfortunately the L&G quote I did didn't save to try amending & I CBA to go through it again.

As for duration, an annuity pays until death & isn't time limited. If you live longer than anticipated you win, & if not the provider wins.

 

[Spathiphyllum]

That's debatable. In the first example from the comparison site I used it showed a 14% uplift simply by ticking the diabetes box. But when it came to a full quote, that uplift disappeared. So as I said above, I can only conclude that they want to see badly managed diabetes (backed up by GP verified high HbA1c) to achieve an uplift. So it looks like typical marketing smoke & mirrors. Unfortunately the L&G quote I did didn't save to try amending & I CBA to go through it again.

As for duration, an annuity pays until death & isn't time limited. If you live longer than anticipated you win, & if not the provider wins.

Do they only ask for one, most recent, HbA1c? ...

In which case one might argue: let your BG run high for 3-4 months, get your HbA1c test, get a high result-- get your enhanced annuity-- and then resume your normal, good management. ; )

 

[RBZ5416]

Do they only ask for one, most recent, HbA1c?

For the L&G quote, yes. But I would expect them to want confirmation of your HbA1c history from your GP before setting things up. But bear in mind I'm only speculating what qualifies for the uplift based on my personal info.