An enhanced, or impaired, annuity will pay a higher income to people with health problems or where their lifestyle is likely to reduce their life expectancy. Here at annuitysupermarket.com we are always striving to get the best annuity rates for our clients. One question we are always being asked is, “What is the difference between an enhanced annuity and impaired annuity?”
Enhanced annuities
Enhanced annuities are available for lifestyle factors such as smoking or being overweight, even your postcode can qualify for an enhanced annuity rate. Taking prescribed medication for miWhat you need to remember is you do not need to be ill to qualify for enahnced annuity rates. Here are a few quick reminders of what might qualify:
- Smoking – 10 cigarettes a day for the last 10 years (or the equivalent cigars or tobacco)
- Obesity, high cholesterol, hypertension
- High blood pressure and diabetes mellitus
Impaired Annuities
Impaired annuities are those that use a medical condition that may significantly reduced life expectancy. A medical report may be required from your doctor. The following medical conditions will be considered:
- Heart attacks, heart surgery or angina
- Life threatening cancers
- Chronic asthma
- Major organ diseases e.g. liver or kidney
- Other life threatening illnesses such as Parkinson’s, multiple sclerosis and strokes
