Do You Need a Medical Exam to Buy an Annuity?: Q&A Friday (TAM Classic)

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welcome to Q&A Friday I'm your host Stan

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the annuity man America's annuity agent

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licensed in all 50 states the question

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is do you need a medical exam to buy an

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annuity the answer is no except for one

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specific circumstance but the answer is

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no across the board they're guaranteed

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issue so if you're the guy out there the

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gal out there that's drinking a bottle

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of Jack Daniels and smoking you know

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three packs Lucky Strikes with no filter

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then first of all God bless you you are

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a goal Setter and I want to party with

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you Cowboy or

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cowgirl but you're going to qualify for

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an annuity now there's one type that you

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can get underwritten for underwritten

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meaning blood work medical work etc and

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that's called an underwritten spia

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single premium immediate annuity for

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Lifetime income these are very very rare

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in this country they're pretty popular

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in England for whatever reason but

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anyway what they're doing if you want an

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underwritten IM immediate annuity is

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you're trying to prove to the annuity

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company that your life expectancy is

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less than it's projected because of your

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health and because it's less and you can

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prove that then the payments will be

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higher that's all you're trying to do

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with an

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underwritten spia now if you you

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probably can imagine you've got to be

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really really sick in the annuity

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company's eyes for them to lower the

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life expectancy in order to uh for you

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to qualify for underwritten Speed now

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can we help with that yes but if you

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come to me and say you know I've got you

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know a typical I'm not going to go

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through the medical issues but it's not

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something that's really drastic and bad

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like fourth stage pancreatic cancer or

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something like that then you're probably

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not going to get um the type of payment

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increase that you're looking

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for so broad-based answer is

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this 99% of all annuities purchased out

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there are guaranteed issue as long as

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you're breathing they're going to issue

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the policy now there could be some

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restrictions on age depending on the

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specific type of policy but there's no

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medical exam for most annuities there's

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only that one annuity type and if you

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want to talk about that we can but boy

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you better be sick that sounds weird boy

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you better be sick to get that but again

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annuity companies don't give anything

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away so you have to prove to them that

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you really are sick and your life

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expectancy really is lower medically

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it's got to be proven medically for them

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to pay you out more because life

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insurance companies don't give anything

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away but with that being said kind of

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wipe that out of your brain a little bit

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because most of you aren't going to do

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that just understand this the vast vast

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majority of annuities out there are

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guaranteed issue and there's no medical

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exam or blood work or any of that

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required that's it that's q& a f r i d a

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y yeah f r i d a y yeah there was like a

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there was like a song but I forgot the

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Cadence of it that's as good as I can do

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with that listen go have a great weekend

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I'm Stan the annuity man see you next

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time