Hi, I'm a 63-year old man, and I'm looking for a fixed, immediate, lifetime annuity. Because I have risk factors (diabetes and obesity), I'm wondering whether I would do better with a company that offers medical underwriting. Vanguard used to offer it, but they don't any more. Does anybody know of a company that still does?
Medical Underwriting?
- Thread starter slobone
- Start date
- Staff
- #2
Vanguard isn't an insurance company but they probably offered the product through a broker arrangement. Not many agents know about them, but they do still exist.
A local (your state) agent that is knowledgeable in impaired risk annuities is your best shot.
A local (your state) agent that is knowledgeable in impaired risk annuities is your best shot.
- 15,041
It can. Most carriers pulled them because they never got sold. Instead they went to rates based solely on age and gender.
- 1,271
SPIA is designed to protect people from outliving their retirement money. It only makes sense that those who are sicker get more payments.
You mean BIGGER payments, Franz? Payouts are based on actuarial tables, no? They don't determine payouts individually.
Correct me if I'm wrong.
- 15,041
Normally they just refer to the table based on age and gender. With medically underwritten annuities, they review health which may result in a higher payout for an individual with a low life expectancy.
Again, it almost never gets sold, so not much to worry about.
