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Enhanced annuities

Enhanced annuities can increase your retirement income though you may get penalised for being in poor health through higher premiums.

But with annuities, a medical condition can work in your favour, and could boost the amount of income you receive by as much as 50%. These types of annuities are called enhanced, or impaired, annuities.

Enhanced annuities work on the basis that, if you have a medical condition, you'll have a shorter life expectancy than someone in a better state of health.

Your life expectancy will be assessed based on health and lifestyle conditions, this will ascertain the seriousness of your impairment. Enhanced annuities pay out more each year than standard annuities, based on the assumption that they won't last as long.

An enhanced annuity (also known as an impaired life annuity, ill health annuity or smoker annuity) pays you a higher retirement income than a standard annuity because of your health and lifestyle.


THE VALUE OF INVESTMENTS AND THE INCOME FROM THEM MAY GO DOWN.
YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.