When you’re looking for annuity quotes, are special annuity rates, enhanced annuity rates for you? Many believe that about 40% of people at retirement could qualify for special annuity rates. These annuity rates are more commonly called enhanced annuity rates. When you buy an annuity, insurance companies work out your life expectancy. This is because they will have to pay the income to you until you die. If you have health problems or have previously suffered from certain medical conditions, such as cancer, heart attack, asthma, diabetes, high cholesterol or high blood pressure then you may get enhanced annuity rates because it is likely you will have a life expectancy somewhat shorter than a fit and healthy person of the same age.
You can also get enhanced annuity rates for various lifestyle factors such as smoking, if you’re overweight, alcohol consumption and in some cases your previous occupation. According to Just Retirement, one of the enhanced annuity rates providers, moderate cases that qualify could see rate increases of around 33% and the most serious cases could get rates up to 60% higher. Before you buy an annuity you should find out if you qualify for enhanced annuity rates, as they can make a difference.
To get special annuity rates you would normally need to complete a medical questionnaire providing as much information about your lifestyle and state of health as you can. This medical questionnaire is then sent to the underwriters of all the annuity providers that offer enhanced annuity rates. Once underwritten then each provider sends their best annuity quote for the circumstances listed. You can then accept the best annuity quote and apply to the provider, who will then process your annuity application.
