Over three quarters (76%) of over-55s don’t know that medical conditions or lifestyle choices, such as smoking and drinking alcohol, could actually increase the money they receive from an annuity, new research by Legal & General shows.
1 Oct 2018
The findings mean that many retirees could be missing out on a higher pension income by not disclosing health issues or lifestyle choices when buying an annuity. This could potentially cost them thousands of pounds in retirement income.
Emma Byron, Managing Director at Legal & General Retail Retirement Income:
"Customers are confused about how annuities work. People with health conditions, as well as smokers and drinkers, stand to benefit from better annuity rates – but only if they disclose everything to their financial adviser or annuity company."