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Sep 25, 2014 by |

Medically Underwritten Annuities


Annuities usually are not a good idea for senior citizens. The length of time in an annuity policy tends to vest after the expected lifespan of a senior citizen. Especially for senior citizens in poor health, an annuity may result in a loss of money instead of gain. If a senior citizen passes before the contract date is up, the insurance company does not have to pay up. However, for senior citizens who live with chronic conditions yet expect to live a long life, there is an annuity just for them – medically underwritten annuities.

There are two requirements for a senior citizen to satisfy before qualifying for a medically underwritten annuity: (1) the senior citizen must be diagnosed with a relatively serious condition and (2) the insurer requires a copy of the senior citizen’s medical records. The insurer will then examine the senior citizen’s life and if the senior citizen has a life expectancy that is shorter than the average life expectancy, the insurer will increase the amount of payout on the medically underwritten annuity.

Nevertheless, because annuities generally are not a good idea for the elderly, carefully review the entire policy and talk to friends, family, or an advisor before you buy any annuity.

The Evans Law Firm, Inc. represents victims of annuity fraud, financial elder abuse, insurance and banking fraud, consumer fraud class actions, physical elder abuse, and qui tam (whistleblower/false claims) lawsuits. If you or someone you know has been a victim of annuity fraud, contact the Evans Law Firm for a free and confidential consultation at 415-441-8669 or via email at

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