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How do you qualify for an enhanced annuity?

'Enhanced until proven standard...' The quick rule of thumb should be that it is worth assuming that everyone will qualify for an enhancement to their annuity income unless, through the fact-finding process, it can be proven otherwise.

Our top 5 tips that may help raise your chances of being able to deliver an enhanced annuity outcome for your client:
  1. Explain the importance of assessing health and lifestyle.
  2. Always assume they qualify until proven otherwise, filling out a Common Quotation Form (CQF) without leaving any unanswered questions.
  3. Look for positive indicators.
  4. Investigate further.
  5. Seek certainty - don't leave things uncertain.

For further information on some of the medical conditions presented to Just Retirement for underwriting, you can access the glossary of common medical conditions in our underwriting guide.
Below are three case studies to get you thinking



Age:
71
Smoker: No
Conditions: Polio/hypothyroidism/aortic valve

Full Underwriting: After completing the Common Quotation Form (CQF) in just 10 minutes, Penny's adviser could recommend Just Retirement and an increased retirement income of 27%.

Simplified underwriting:
In this case, simplified underwriting would not have produced a quote.

   

Age
: 64
Smoker: No
Conditions: Ulcerative colitis and asthma

Full Underwriting: After completing the CQF, Mr R.E.Tyree's adviser could recommend Just Retirement and an increased retirement income of 21%.

Simplified underwriting: In this case, simplified underwriting would not have produced a quote.
   

Age
: 60
Smoker: No
Conditions: Oestoporosis/breast cancer

Full Underwriting: After completing the CQF, Rita's adviser could recommend Just Retirement and an increased retirement income of 60%.

Simplified underwriting: Simplified underwriting would produce an increased retirement income of only 30%.
All case studies based on Just Retirement research, based on a sample of 40 cases (November 2013)

Our expertise has enabled us to provide enhanced annuities to tens of thousands of financial intermediaries' clients who have benefited from underwriting on more than 1,500 medical conditions alone or in combination added lifestyle qualifying conditions. In fact, our research indicates that up to 60%* of cases could qualify for an enhanced annuity.

* Just Retirement research, April 2013


Useful linksUse our better annuity outcome calculator to see the benefits of full underwriting
Get an enhanced annuity quote
Read up on a range of case studies

 

A-Z of Medical terms