What is an Enhanced Annuity?
An Enhanced Annuity is just like a normal pension annuity, except you get paid more money than you would through a regular annuity because of health issues.
Through-out life we all try to be healthy and we tend to play down health issues, however when it comes to annuities now is the time to be completely honest as even minor issues such as being overweight or having high blood pressure or cholesterol could mean a higher pension income for you.
3 out of 5 people quality for Enhanced Annuities. Do any of the following affect you or your partner? If so you might qualify.
Lifestyle risk factors
- Smoking (and ex-smokers)
- How much you drink
- Your weight
- High blood pressure and high cholesterol levels
Medical risk factors
- Heart Attack
- Multiple Sclerosis
- Various other long-term medical conditions
Recent research estimates that 70% of people would qualify for an enhanced annuity which could pay them a higher pension income than a standard annuity, but sadly many people miss out, as they do not realise they qualify. Only 4% of those approaching retirement who do not get advice draw their pensions through enhanced annuities. This means lots of people are missing out.
Why see an adviser face to face
There are lots of internet sites which offer to shop around and get people the highest pension income and in some respects this is similar to what we do. However if you opt for this route, what you are missing out on is personalised advice for you and your circumstances.
Another problem with the online route is that they will not always take as much time to gather sufficient details on medical issues, and thus whilst you may get an enhanced annuity it may not be as high as it would have been if you’d come to see us, as we take time to really get all of the details to ensure we get the very highest rates for our clients.
Finally, our fees are generally lower than online brokers meaning you have more of your pension pot to pay you a pension.
How Aspect 8 can help
We will take you through a detailed health questionnaire to apply to check if you are eligible for an enhanced annuity, and then shop around to get you a higher pension income.