Reports suggest that around 60% of retirees could qualify for enhanced annuity rates, but only about 18% actually apply for them, the remainder just cannot be bothered. Enhanced annuity rates can get you as much as 40% more retirement income, surely that should not be ignored?
Just Retirement, one of the leading enhanced annuities providers say there are more than 5,000 different medical conditions that on their own or in combination qualify for enhanced annuity rates.
Smoker annuity rates
Smokers can usually get around 15% more income by shopping around, there are a number of annuity providers that offer enhanced annuity rates to smokers. Some providers, such as Reliance Mutual, specialise in smoker annuity rates rates, unless you shop around and take independent financial advice you probably would never find out that you can get these enhanced rates as a smoker.
Medical condition combinations
The combinations of medical conditions mentioned previously are where you can get extra annuity rates, for example, if you were considerably higher than average on you body mass index (BMI), or in simple terms height and weight, this combined with smoker might get you further enhancements. So you might get something like 20% enhancement to your retirement income.
Many of the most common qualifying medical conditions are very prevalent in those that reach retirement, these prevalent conditions are common in those over age 65. They are high blood pressure and high cholesterol and again retirees can get enhanced rates for these conditions.
Far too many retirees fail to shop around at retirement, mainly because unlike car insurance and home insurance which you renew each year, annuity purchase is generally only done once in a lifetime. Don’t waste a lifetimes saving without shopping around to get better annuity rates.
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