We specialise in finding Non-Standard Life Annuities
Enhanced Life Annuities
An impaired-life annuity may be appropriate for people who have a medical problem that may affect their longevity. We specialise in finding Non-Standard Life Annuities for customers with health problems.
What is an enhanced annuity?
There are many types of annuity policies, they all pay a fixed sum. An enhanced or impaired policy works on the principle that someone with a health condition will have a shorter life expectancy. Therefore payments are at a higher rate due to the likelihood they may be paid for a shorter time, meaning an increased income. Ill-health annuities are based on medical conditions. Any conditions that are considered to be life reducing will be considered, but as a rule of thumb, you will need to be on at least blood pressure or cholesterol tablets to generate a small enhancement. Even then, if you are of normal height and weight you may not qualify. Research has shown that up to 40% of people could obtain enhanced rates when they set up their annuity, yet only a tiny proportion of these people actually apply for an enhanced annuity rate.
Who qualifies for an enhanced annuity?
You may be eligible for an enhanced annuity if you smoke or have been diagnosed with a health condition. Simply being a smoker means you may qualify for an enhanced income. A qualifying smoker (upwards of 10 manufactured cigarettes or equivalent a day) can expect to receive an enhanced rate due to smokers having a lower life expectancy. Some other examples that may qualify.
Angina
Cancer
Chronic Obstructive Pulmonary Disease (COPD)
Diabetes
Emphysema
Heart attack/heart conditions
High blood pressure
High cholesterol
Obesity
Organ replacement
Stroke (or T.I.A)
Currently smoke (an average of 10 cigarettes per day over 10 years)
Taking any medication