Enhanced Annuity

 

Enhanced annuities are lifetime annuities that include special situations and cover individuals who suffer from poor health.

 

If an individual suffers from a known medical condition such as diabetes, they may apply for an enhanced annuity which offers higher annuity rates. The main reason for this higher rate of annuity is usually down to a reduced life expectancy and therefore the annuity is spread over a shorter period of time.

 

To qualify for an enhanced annuity, the individual normally has to get a General Practitioners Report (GPR) on the condition of their health.

 

There are certain illnesses that qualify for an enhanced annuity, and although this is not an exhaustive list, these illnesses can include, heart disease, Alzheimers, lung disease, Parkinsons and malignant cancers. Some individuals may also qualify for an enhanced annuity due to their life style such as smoking or physical conditions such as clinical obesity.

 

Other non-medical related circumstances could also qualify through a Special Situation Annuity which takes into account an individual’s profession and postcode. For example a builder who lives in Yorkshire would qualify for a higher rate than a stockbroker living in Surrey.

 

These types of annuity plans would usually suit individuals who want an absolute guarantee on their pension payments and have low attitudes towards risk and security. Alternatively it could suit an individual with a high attitude to risk but suffers from poor health.

 

Contact us today to speak to one of our experienced annuities advisers to find the best enhanced annuity rates. Take advantage of our free online annuities calculator, complete an online enquiry form or call us on 0800 936 399.