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 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.