Enhanced Annuities

You can qualify for enhanced annuites on lifestyle or by taking prescribed qualifying medication. If you smoke or take any of the listed qualifying medication then you may qualify for higher enhanced annuity rates. If you qualify for enhanced annuity rates or impaired annuities then you could give your pension a significant lift. If you can answer yes to any of the following questions you may qualify for enhanced annuities and able to obtain a significantly higher income:

Smoker Annuity Rates

To qualify for smoker annuity rates you must smoke at least ten manufactured cigarettes per day, or 85 grams (3 ounces) of rolling tobacco per week. There cannot be any significant breaks in your smoking habit within the last ten years. Smoker annuities will usually be higher than it would be if you were a non-smoker, as smoking has an effect on your life expectancy.

Impaired Health Annuity Rates

Impaired annuity rates are normally available to those with more serious health related issues. Reports suggest 30% increase in income from impaired annuities. Examples of some of the conditions that may qualify.

• cancer
• heart conditions
• diabetes
• asthma
• obesity
• high blood pressure
• organ transplants
• stroke
• liver disease
• alzheimer’s
• chronic lung disease
• kidney disease
• multiple sclerosis
• Parkinson’s Disease
• or a disease of the central nervous system.

Impaired Annuities Explained

An annuity converts a lump sum (usually a pension fund) into a regular income that will last as long as you live. With impaired annuities because your life expectancy is shorter the annuity provider will give you more income. The income is taxable and the amount that you get each year will depend on the size of your fund, the best annuity rates the annuity company offers, your gender, age and health, and the type of annuity that you opt for.

You are allowed to take up to a quarter of your pension fund as a tax-free lump sum and most convert all of your remaining pension fund into an annuity before the age of 75. You could use an annuity calculator to help you quickly find the best annuity rates.

Which Annuity?

Most people opt for a conventional lifetime annuity, but there are several options to pick from. The best annuity rates can have the following options:

* Level annuity Your income will stay the same each year irrespective of inflation.

* Increasing annuity This can either match inflation for the rest of your life or rise by a specific percentage each year.

* Guaranteed annuity This will continue to pay out for a time to a nominated individual if you die soon after retiring.

* Joint-life annuity A joint life annuity gives your partner some or all of your continuing income if they outlive you.

* Investment-linked annuity If you have a larger pension fund, you may prefer to invest it in the stock market. This means that your annual income could go down as well as up.

Check if you qualify for Enhanced Annuities