PRE EXISTING MEDICAL CONDITIONS
Minimise the stress
Our aim is to build a personalised and sustainable income framework for you, including optimizing any legacy you wish to leave, around your pre-existing medical condition and lifestyle choices.
• Heart Conditions
• Diabetes
• Cancer
• Multiple Sclerosis
• HIV
This is not a complete list of areas where we can help, there are many more, so please get in touch.
Even if you smoke or are overweight, or have high blood pressure, we can factor these into a retirement plan for you.
If you’re younger and starting your retirement journey with time on your side, there are some plans which allow you to use your time efficiently to gain higher returns. These too take your health and lifestyle into account by rewarding activity to reduce costs and providing a loyalty booster to your fund every five years for simply leaving it where it is.
As you’re approaching retirement you’ll often have a number of pensions including company schemes from previous jobs. When you get to an age where you are considering what benefits these policies will give you in retirement, it is important to seek financial advice. As these are group schemes, they rarely take your health or lifestyle into account.
Using the latest technology, our trusted Advisers can model different scenarios based on your health and lifestyle to forecast a personalised level of income to help you balance the difficult choice between maximising your retirement income and the peace of mind that you can leave a legacy to your loved ones should that be required.
You may wish to consider taking early retirement, perhaps through ill health, then you’ll need more income in the early years until you’re eligible for the state pension and your fund has to last longer. One option allows you to withdraw a prudent amount each year, say between 0% and 5%, and gives you a boost of the funds you withdraw. For example, based on a pension pot of £100,000, if you took out £4,000 it would only cost you £3,400 or for example you could have £10,000 for the price of £8,500 on a fund of £200,000. Or to put it another way, you are getting a 15% boost of your withdrawal back into your pension fund. 1
Active Retirement
There are also excellent options for you where you have an active retirement even though you have pre-existing medical conditions. We can create a personal plan around your health as well as taking your exercise regime into account. This is ideal for people who enjoy golf, walking, swimming, cycling, going to the gym or other forms of regular exercise.
And whilst you can enjoy rewards based on your activity, the major benefit is that your exercise can be used to reduce the charges on your pension scheme.
The results could be an extra amount remaining in your pension each month simply for walking the dog a bit more. This extra growth over time could be substantial and you would also receive a boost to your fund by simply leaving it where it is.
A major concern when you’re in retirement is running out of money. You want a certain and predictable income and the peace of mind of knowing that if you die unexpectedly early, your pension fund won’t die with you.
Whilst enhanced annuity rates are still available for those with pre-existing medical conditions, and still have a place, the market has moved on so much more.
We are able to put together a blended plan combining a secure lifetime income based on your age, health and lifestyle to cover your essential outgoings alongside a flexi-access drawdown facility for ad-hoc additional spending needs. 2
The beauty is that you can use the remaining fund value to cover inflation increases to the guaranteed income element.
If you die in the early years, your fund doesn’t die with you, meaning funds will be available to your loved ones when they need it most. 2
In addition, if your circumstances change and you wish to cancel the lifetime income element and revert to drawdown only, this is allowed in the early years and gives a cash-in value. Or in later life you might want to increase your guaranteed income, this too is possible and the amount is based on your health and lifestyle at that time. 2
You can pause the lifetime income payments at any time, leaving them to be reinvested to use at a future date which can be an excellent facility for tax planning. 2
As you can see there are a number of new initiatives available and our team of experts will be happy to run through the range of options to find the best fit for you.
1 amount based on status
2 these examples are for illustrative purposes only and this information doesn’t give tax advice. This income and capital amounts may be subject to tax. This information cannot be relied upon as financial advice.
