That’s right, 75% of retirees miss out on the best UK annuity rates, and 59% could qualify for enhanced annuity rates. More than three quarters of UK adults aged 55 and over are unaware that certain types of medical conditions could entitle them to a higher level of annuity income, according to new research from MGM Advantage. The findings show that millions of people at retirement are potentially missing out on a higher income in their retirement because they’re not taking advantage of the higher annuity rates that come with enhanced annuities. Worryingly, according to the findings, 59% of people aged 55 and over claim they have a medical condition that could qualify them for enhanced annuity rates.
Only one in four people are aware that they could get higher UK annuity rates when they retire if they suffer from certain medical conditions. Four fifths of UK adults over the age of 55 claim to have had a health check within the past twelve months and 65% claim to have had one within the past six months but people are not sharing their results with their annuity providers. MGM Advantage warns that people who don’t mention any underlying health issues could risk losing out as enhanced annuities pay out on average 24% more for men and 22.7% more for women.
