It is a little known fact that around 40% of people who take out an annuity could qualify for some sort of enhanced annuity based on their health, lifestyle, previous occupation or even where they live.
The problem is that 72% of the over 55’s are unaware that certain medical details could mean they could receive an extra 20% increase to the standard lifetime annuity offered.¹ A recent study by annuity provider MGM advantage shows retirees could risk losing out financially as enhanced annuities pay out on average 20.68% more for men and 22.15% more for women. For the first five years of retirement for example, the difference between the amount paid out by an average standard and enhanced annuity is £2,908.30 for a man buying an annuity with £50,000, and £2,642.30 for a woman²
Conditions that could mean you could receive an enhance pension include:
- High Blood Pressure & High Cholesterol
- Heart Disease
- Kidney Disease
We have the advisory experience and access to the whole of the annuity market to ensure that you get the best possible pension income at retirement.
¹The research was conducted online by Research Plus between 7th and 17th October 2011 with 2086 UK adults aged 55 years and over of which 1261 were retired and 825 non retired
²According to stats from the MGM Advantage Annuity Index September 2011