Best Enhanced Life Annuity Rates – Get A Quote Today
An enhanced annuity is an annuity which is offered to a retiree at a higher rate. This is also known as an impaired life annuity.
According to research, most people do not realize that they might be eligible for enhanced annuity rates, yet one in three of people might be able to receive it.
An enhanced annuity will work on the premise that someone who has impaired health will live for a shorter amount of time than someone of the same age in good health.
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Many different medical issues can qualify someone for an enhanced annuity. This ranges from having a higher blood pressure to having cancer. An annuity rates calculation is used to work out the specifics based on various factors.
For example, two people who have both had cancer still might be offered different enhanced annuity rates. This is because it depends on the kind of cancer both people had, the age at which they had the cancer, if the cancer ever came back, and other aspects of their health.
Some providers do not offer enhanced annuities. It is always worth checking if any of your medical issues might make you eligible for an enhanced rate. The enhanced rate means that whatever age you die, the pension provider must pay out your income.
Other factors affect whether or not you receive an enhanced annuity such as where you live. Areas which are poorer and have a lower life expectancy would also be of interest to the pension provider who is calculating what rate to offer you. Similarly, if you have had a manual labour background such as working in the mining industry, the pension company will incorporate this into their calculations as well.
Enhanced annuities are most popular amongst smokers. Smokers will receive a higher annuity rate because their life expectancy is, on average, ten years lower than a non-smoker. When speaking with a pension company, you will probably be asked if you are a smoker. You will often need to prove this later on (usually with a letter from your GP).
When searching for enhanced annuity rates, it is vital that you shop around. Shopping around or using the “Open Market Option” allows you to compare various different enhanced annuity rates and then choose the best one for you. Research shows you can receive 30% more income by shopping around.