What is an enhanced life annuity?
An enhanced lifetime annuity, also known as a medically enhanced annuity, is an annual lifetime income, like a conventional annuity, that takes into account any medical conditions you may have.
This chart shows the difference in annuity income between someone in good health who purchases a standard annuity, and someone who is overweight, a smoker and has high blood pressure.
For more serious conditions, such as heart disease, some cancers and lung problems, the difference could be even more.
If you have some medical problems then it is worth exploring this option. One of the biggest misconceptions about this type of annuity is that it is only people who have suffered serious health problems who will qualify for an impaired life annuity.
This is not necessarily true, even relatively minor illness could qualify you for a enhanced annuity.
It is true that the more serious health problems, such a cancer and heart problems qualify for the greater enhancement, but even people who have suffered relatively minor health problems could still get a better rate.
For example, if you have asthma and high blood pressure, or are even a smoker then this could qualify you for a better rate than a conventional annuity.
It is estimated that around 40% of people who take out an annuity, could qualify for some sort of enhancement based on their health, previous occupation and/or where they live in the country.
It is a strange market since all cases are assessed on an individual basis, and all companies require medical details, initially at least, provided by you.
Contact us today to see if you qualify and see how much you could get.