More about Prudential’s new enhanced annuity proposition
As we have covered recently, Prudential, a leading player in the annuity market, is updating its enhanced annuity proposition with product changes developed to take into account an increased range of conditions that may affect a client’s longevity, including a high body mass index, raised cholesterol or blood pressure.
Prudential state that, depending on the severity of the condition, an annuity rate increase of up to 30pc could be granted to a retirees’ annuity income.
Currently, the enhanced annuity market stands at around 10pc of the overall annuity market and looks set to grow still further in the near future as advisers and clients get to grips with the market. Prudential therefore believe it is a good time to launch this extended enhanced annuity contract.
Enhanced annuity rates are available on both guaranteed annuities and with-profits annuities with quotes being generated within 24 hours. Quotes remain valid for 14 days when applied to a guaranteed annuity and 42 days when applied to a with-profits annuity.
It is worth keeping a watchful eye on this developing market. You might well qualify for enhanced annuity rates yourself. Seek advice and find out.
