We underwrite on over 1,500 medical and lifestyle conditions that qualify for an enhanced annuity either on their own or in combination. These include:
- many common medical conditions, for example asthma and diabetes as well as lifestyle factors such as smoking, weight gain and alcohol consumption
- more serious illnesses and conditions including cancers, heart related conditions, kidney failure, multiple sclerosis, strokes and neurological conditions
Where the enhancement is for significantly shorter life expectancy some providers refer to the products they offer as 'Impaired Annuities'.
Facts about Enhanced Annuities
- An estimated 60% of clients could have a condition that may qualify for an enhanced annuity - see what qualifies
- An enhanced annuity could pay around 50%* more than a non-enhanced conventional annuity, and for specific conditions it could be even higher
- As with other lifetime annuities, the income is guaranteed to be paid for life
Most providers also offer all the usual annuity options to:
- Guarantee income payments for a set period of time
- Protect a client’s spouse, civil partner or dependant with a percentage of annuity income
- Protect annuity income from the effects of future inflation
- Protect the value of the pension fund should the client die without having received the full value of their fund
*Based on a male aged 65, with a 45k fund, 5 years guaranteed, no escalation, no value protection, based on RH2 7RU postcode, compared to the lowest standard annuity rate offered via Avelo Exchange on 06.03.12
Useful Links
Download our Guide to Underwriting (login required)
Read some example case studies
Use our Annuity Rate 'Swingometer'