We are often asked this question. The simple answer is that around 40% of people who purchase an annuity at retirement could qualify for enhanced annuities. Some reports suggest it could even be as high as 60% that could qualify.
How do you find out if you qualify for Enhanced Annuities?
Ideally you need to consult with an independent annuity specialist. The specialist will complete a medical information form that asks questions about the medication you may be taking, the number of units of alcohol that you consume, your height and weight and also if you have been hospitalised for any medical conditions. The information collected will allow the annuity specialist to check if you qualify for enhanced annuities. The difference to your income could be quite significant if you do qualify for enhanced annuities.
Do I have to go for a medical?
The answer to this question is normally ‘No’ , however, many of the annuity providers will write to your doctor or consultant to verify the information that you provided in the medical information form you completed to check if you qualify for enhanced annuities.
How long does it all take?
The majority of the annuity providers process your application immediately, they will do any checks they require while the application is being processed so there is no need to worry about a delay in your retirement income. Of course the difference in retirement income could be very significant if you do qualify for enhanced annuities so it would be worth the wait.