Do you Qualify for Enhanced Annuity and therefore obtain a higher pension income?
Conditions that qualify for Enhanced Annuities are split into 2 categories, lifestyle conditions and health conditions.
Do you qualify for enhanced annuity?
This will depend on lifestyle conditions, and take into account what you do and how this could effect your life expectancy. The conditions that typically qualify for an Enhanced Annuity are as follows:
- Smoking – If you have smoked more than 10 cigarettes a day over a period of time then you may qualify for an enhanced annuity.
- Alcohol – The measures required to qualify would be around 40 to 50 units a week (a pint of beer is normally 2 units).
- Weight – If you are over-weight you could qualify for an enhancement to the annuity rate.
- High Blood Pressure – If you have had high blood pressure and you are taking medication for this condition you may qualify. It doesn’t matter if it’s controlled you may still qualify for an enhanced annuity. We will need to understand your medication and your original readings as well knowing the dates when you were diagnosed.
- High Cholesterol – If you have had high cholesterol and you are taking medication you may qualify for an enhanced annuity. We will again need to understand your medication and your readings as well as knowing the dates of diagnosis.
When the pension providers assess health conditions they are taking into account the impact that these may have on your life expectancy.
If they believe that on average someone with a condition dies earlier than someone who does not have the condition then the annuity rate will be enhanced accordingly. Below is an indication of some of the conditions that may qualify but this is not exhaustive.
- Cancers – Including leukaemia, lymphoma, tumour and growths. If you have suffered with cancer you may qualify for an enhanced annuity. We will need to understand the type of cancer, when you were diagnosed and what treatment you have had or are having.
- Heart Conditions – Including heart attack, angina, valve disorders, atrial fibrillation. If you have been diagnosed with any heart conditions you may qualify for an enhancement. We will again need to understand the medication and treatment you have received.
- Diabetes – Including both type 1 and 2. We will need to understand the type of diabetes and the treatment you are receiving.
- Stroke – Including both major and mini strokes. As well as the treatment and medication we will need to understand the impact the stroke has had on you.
- Respiratory/lung disease – This includes CAOD and COPD, emphysema, asthma, bronchiectasis. Any of these conditions can provide an enhanced annuity. We need to understand the impact on your lungs, the impact on your daily life as well as the medication that you are taking.
- Multiple Sclerosis – We need to understand the medication and impact that it is having on your life to enable us to identify what level of enhancement we can achieve.
- Other Neurological Diseases – Including senile dementia, vascular dementia, alzheimer’s disease, parkinson’s disease could all provide an Enhanced Annuity.
If you are on any medication, whether your condition is controlled or not, or if you have been hospitalised you may qualify, talk to us about all your conditions and we can identify what may qualify for an enhanced annuity.
We shop the open market to obtain the best rates.
Frequently the best rates are provided by companies who only deal with intermediaries. We access this market on your behalf.
We will endeavour to obtain the best rate for you from the market and will go “the extra mile” to achieve this.
Since the recent change in pension legislation many more people can obtain enhanced annuities.
For more information on enhanced annuities contact us.
There is a significant difference between the income you can receive from the various pension providers. We have the knowledge and experience to shop the market for you to obtain the most suitable option.
Unsure how the new pension legislation affects you?
We can explain your options and provide you with a free consultation.