Declaring health conditions could mean better annuity rates

People with certain health conditions can be entitled to a better rate on their annuity (pension income), according to Saga.

Ali Crossley, chief operating officer of Saga Personal Finance, explained that in turn, people with type 2 diabetes or heart conditions for example, could have a higher income for the rest of their life.

She advised: "It's really important to be very honest about your health when you phone up to get an annuity quote.

"It's the best idea to declare any health conditions that you have because it is possible that it would give you a better rate."

The latest figures from health insurance provider Saga indicate that only 40 per cent of over-50s in the UK will choose to compare different providers for the best pension rates and arrangement.

What's more, 44 per cent of people purchased an annuity when they started drawing benefits.

Research from Investment Life & Pensions Moneyfacts has revealed that, after holding firm during the summer, annuity rates have fallen steadily over the last two months.

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