Impaired life annuity rates and enhanced annuity rates are extremely valuable to have, and basically they provide higher pension annuity rates for a much improved retirement income. Industry research has shown that up to 40% of retirees could obtain enhanced annuity rates when they buy their annuity, yet only a tiny proportion apply for them. Let’s look at some eligibility criteria: do you smoke cigarettes? do you suffer from ill health or have you ever been hospitalised for a period of time for a serious illness? are you currently taking regular prescribed medication? The good news; if you can answer yes to any of these questions, we may be able to secure you increased enhanced annuity rates.
People who smoke at least 10 cigarettes a day (or 3 ounces of tobacco) and have done so continuously for the last ten years will generally get better enhanced annuity rates. From the ill health perspective, there are over 1,500 reasons which could enhance your annuity income, and you really do need to make sure you declare any lifestyle or medical conditions when applying for an annuity to check if you qualify for special annuity rates.
Some annuity providers (insurance companies) will pay you a higher retirement income if you have certain medical conditions. Statistics show that retirees with these certain health conditions have a shorter life expectancy than the average of the UK populous. These specialist annuity providers use this to your advantage, and they will pay you a higher annuity income because they calculate that, on average, this income should be paid out for a shorter period of time overall. And, you don’t have to be seriously ill to qualify. One man recently qualified for impaired annuity rates, and he now runs marathons but he actually suffered a heart attack 10 years ago.
