Why your snoring partner is worth £12,000

A snoring spouse can be an irritant, but new figures show that their condition could land them with thousands of pounds extra income in retirement.

A snoring spouse can be an irritant, but new figures show that their condition could land them with thousands of pounds extra income in retirement.

Figures from MGM Advantage show that sufferers of sleep apnoea, who are heavy snorers, could net nearly £600 extra a year if they declare the condition when buying an annuity, which provides a lifetime income from your pension pot. Over a typical retirement period of 21 years, this amounts to a £12,000 pension income boost.

Andrew Tully, Pensions Technical Director at MGM Advantage said: "If you are a snorer, you're highly unlikely to tell many people but, when thinking about your retirement and purchasing your annuity, it's something to make very clear. Sharing that little bit of information could mean a difference of thousands of pounds of extra retirement income."

There are 6 million people over the age of 65 who have been diagnosed with sleep apnoea according to the NHS. It is just one of the conditions you should consider mentioning to a financial adviser when buying a lifetime income with your pension. If you have just minor ailments or "lifestyle" conditions such as smoking, you should qualify for what is called an "enhanced annuity" which should give you more money every year.

If you have more serious health problems, or more than one condition, need an "impaired life" policy. It is also important to shop around to get the best rate.

You don't have to do this alone indeed you would find it very hard to do so. Instead, ask a financial adviser for a standard medical form (available at commonquotation.co.uk) , which is accepted by all insurers. Fill it in as accurately and completely as possible; remember the more severe the conditions you disclose, the better the deal you get. The Association of British Insurers will next year bring in a code of conduct that requires its members to draw annuity buyers' attention to the benefits of shopping around.

Visit the Telegraph Retirement Service for expert advice on maximising your income at retirement.