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The greater income available through enhanced and impaired life annuities is often overlooked. It is only recently that enhanced and Impaired Life Annuity types have made an entry into the market.
First there was the Smoker Annuity which provided an enhanced annuity if the client was a smoker. Since then this has been developed further to include other factors.
According to a recent survey of more than 60 people approaching retirement age within the next five years, only 25% of respondents said that they were aware that enhanced annuities were available and only 15% believed that they might be eligible for such a policy.
When you combine this with results from the survey revealing that only 31% of people think they are likely to shop around for their annuity, it becomes an even more substantial proportion of people who could have found a better deal.
Some of this apathy may be attributed to a need for more information but some is also due to inertia. Individuals are not necessarily motivated to shop around for the best deal at retirement in what can be a confusing and time consuming exercise. There is a need to motivate and inform people so that they can reap the benefits.
Thousands of conditions can be taken into account when applying for an enhanced or impaired annuity, including many common conditions, such as asthma or diabetes, right through to more serious conditions, such as many types of cancer.
You may receive enhanced rates if you have smoked 10 manufactured cigarettes per day or 85g or rolling tobacco per week for the past ten years or more.
UK IFA NET provide fully independent Annuity Advice for your individual requirements. Simply click for a quote. Alternatively speak to one of their highly experienced consultants today on 0845 365 2410 quoting ref WS9 or fill out our online quote request form and one of their advisors will contact you.