Saga: Consumers need to be honest about health

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Saga: Consumers need to be honest about health

Tue 15th Dec 2009

Many consumers are losing out on their pensions because they are not being honest about their health conditions, according to Saga.

The insurance provider stated that, for some people, declaring ill health may entitle them to higher pension payments in later life.

While Saga estimates that eight per cent of those with an annuity are receiving a better rate due to their health, as many as 40 per cent could be entitled to higher payments.

On an average pension pot of £30,000, declaring any illnesses could result in an uplift of as much as £800 a year.

Andrew Goodsell, executive chairman at Saga, said: "It is vitally important that people are frank about health conditions when they buy a pension annuity, as it can improve their income for the rest of their life."

Earlier this month, Saga revealed that a desire for greater standard of living among pensioners was encouraging some to look at equity release as a way of increasing their income.

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