We’ve talking before on the importance of shopping around and how you should compare annuities before making a purchase. But what we want to focus on now, is enhanced annuities.

What Are Enhanced Annuities?

Enhanced annuities are, basically, annuities for those with certain condition or meeting certain criteria. They offer higher rates than standard annuities. This is because the criteria that people have to meet in order to be eligible for enhanced annuities, are criteria that would be expected to hinder your life expectancy. As annuity rates are calculated based on life expectancy, this means higher monthly payments.

What Are the Eligibility Criteria for Enhanced Annuity Rates?

The most common eligibility criteria for enhanced rates include:-

Smokers

If you have smoked at least ten cigarettes per day or more for ten years or more, you’re likely to be eligible for enhanced annuity rates. This Is because smoking is related to a large number of life threatening illnesses.

Unhealthy BMI

If your body mass index puts you in an unhealthy weight category, you could also be eligible for enhanced annuity rates. This is based on the fact that being of an unhealthy weight is also linked to  a number of health conditions.

Pre-Existing Medical Conditions

There are a whole host of pre-existing medical conditions that could mean you qualify for enhanced annuity rates. These include chronic chest problems, heart disease, high blood pressure and a whole host of others. Even if you don’t consider your health condition to be one that hinders your life, it’s still worth finding out whether you could qualify for enhanced rates, as this could mean a significantly higher annuity income!

How Do I Apply for Enhanced Annuity Rates?

We can help! You can speak to one of our professional advisors who can ascertain whether you might qualify. We’ll then search the market to find the best options for you.

You will have to complete a medical questionnaire to apply for enhanced annuity rates but our experts can advise you if you have any problems.

Complete our secure enquiry form to the right of this page or call us on 0800 644 6021.

If the annuity payments are paid to a registered care provider then the payments can be free of UK tax.

Conditions that generally qualify for enhanced annuities to pay for elderly care at home are:

• Cancer
• Subarachnoid Haemorrhage
• Stroke
• Diabetes
• Atrial Fibrillation
• Heart Failure

An example of the enhancements that may be available for enhanced annuities to pay for elderly care at home are:
Stroke 3 to 5 years ago with 1 or 2 medications, high blood pressure and impaired mobility might get in the order of around 25.7% increase, source, Just Retirement. The % increase is compared to the best standard rate for a person that does not declare any medical conditions and assumes they have used the Open Market Option. The total increase over the rate quoted by your existing pension provider could be considerably more.

• Whether you will need long term care
• When you will need it
• How much will it cost per annum
• How long you will need to pay for it

Who provides Long Term Care Annuities?

A few specialist annuity providers have now developed long-term care annuity products because they recognise the suitability of an annuity as a way to meet the ongoing cost of long-term care.  The annuity payments can be made direct to the registered care provider, so the annuitant has no tax liability.

As usually the age of a person entering into long term is high, their life expectancy is relevantly short, which means the long term care annuity provider will be able to pay higher annuity rates. A the same time because of the age the retirees are also likely to qualify for aenhanced annuity rates, which will again lead to an improved annuity income.

Long-term care annuities are just one of the funding choices available to retirees entering long-term care. They are cost-effective, an excellent way of ensuring a guaranteed lifetime income to offset the cost of long-term care, and provide peace of mind.

If you are interested in providing for your long-term care, or if you wish to enquire on behalf of a friend, please complete our enquiry form or call our freephone number.

Best Annuity means using the open market

No one provider can offer the best annuity for all circumstances and this is why it is so important to use the open market. There has recently been some clever marketing on television from companies like Aviva (formerly Norwich Union) giving claims about getting an extra 20% .

Depending on the options you choose within your annuity would depend which provider might come have the best annuity. This is why you should use an annuity specialist to do your research after you have decided which options you need.

Best Annuity – Do You Qualify For Enhanced Annuity Rates?

Another good reason to use an annuity broker is to make sure you check if you qualify for enhanced annuity rates. The best annuity with enhanced rates would obviously beat a standard annuity. Not all pension providers offer enhanced annuity rates and this is good reason to go to the open market. To qualify for enhanced rates you need not be seriously ill something as simple as smoking can qualify for enhanced annuity rates.

Simply to get the best annuity use a specialist annuity broker such as annuitysupermarket.

Lifestyle Annuities

Lifestyle annuities take into account certain behavioral and environmental factors, as well as medical factors to determine if you have a reduced life expectancy. Any factor that may reduce life expectancy may be considered. These include smoking – 10 cigarettes, or the equivalent cigars or tobacco, a day for the last 10 years, obesity, high cholesterol, hypertension, high blood pressure and diabetes.

Enhanced Annuities

Enhanced annuities pay out more than lifestyle but not as much a fully impaired annuity as they are designed for those with a reduced life expectancy but to a lesser degree than a fully impaired annuity.

Impaired Annuities

An impaired life annuity pays an even higher income for those who have significantly lower life expectancy. The insurer will require a medical report from your doctor (no need for you to have a medical examination). Medical conditions such as; heart attacks, heart surgery or angina, life threatening cancers, major organ diseases e.g. liver or kidney and other life threatening illnesses such as Parkinson’s and strokes will be considered.

Get Quotes

To get the best annuity rates visit www.annuitysupermarket.com call 0800 043 0725