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26% extra income? for just being honest… what is a Pension Enhancement?

Why it pays to be honest about your health

When it comes to declaring health information, be it filling out a health check at the spa, purchasing other financial products or telling the doctor how many units of alcohol you consume each week, you may be embarrassed, or feel you will be penalized through higher premiums or a worse deal.

But, when it comes to pensions – honesty is always the best policy!

At My Pension Expert, we’ve spoken to thousands (over 10,000, in fact!) of people who are nervous about declaring health and lifestyle-related information about themselves. But in reality, those who have been forthcoming with this detail have tended to see a bigger pension pot at the end of it.

Why not give one of our friendly Retirement Technicians a call today free on 0800 6899 335 and find out if you could benefit from your existing health conditions.

 

But why?

If you have suffered with or are currently suffering from ill health, this could work in your favour and could boost the amount of income you receive by as much as 42%* these types or annuities are called enhanced or impaired annuity. Most annuity providers take the view that certain health problems will lead to a shorter life expectancy so they are prepared to pay a higher income.

 

So What’s the difference?

Enhanced annuities are available for lifestyle factors such as smoking or being overweight, even your postcode can qualify for an enhanced annuity rate. Taking prescribed medication, you need to remember is you do not need to be ill to qualify for enhanced annuity rates. Here are a few quick reminders of what might qualify:

  • Smoking – 10 cigarettes a day for the last 10 years (or the equivalent cigars or tobacco)
  • Obesity, high cholesterol, hypertension
  • High blood pressure and diabetes mellitus

 

Why not give one of our friendly Retirement Technicians a call today free on 0800 6899 335 and find out if you could benefit from your existing health conditions.

 

Impaired annuities are those that use a medical condition that may significantly reduce life expectancy. A medical report may be required from your doctor. The following medical conditions will be considered:

  • Heart attacks, heart surgery or angina
  • Life threatening cancers
  • Chronic asthma
  • Major organ diseases e.g. liver or kidney
  • Other life threatening illnesses such as Parkinson’s, multiple sclerosis and strokes

 

Lifestyle habits can also have a huge impact. Which is why, being honest about disclosing information about drinking, smoking and weight, is essential. Thanks to his open discussions with us, we helped one customer secure an extra 26% income for the rest of his life. He did this by simply sharing information about his weight, where he lives, his occupation and how much he smokes each day.

Thanks to the independent and transparent nature of our service, all our customers enjoy bespoke annuity quotations specifically matching their personal circumstances. We’re not tied to specific pension providers, we do all the shopping around for you and use our unique technology to provide the best value deals from the whole of the market.

 

Do you qualify?

If you think you may qualify for a medically enhanced or impaired annuity, here are some helpful points to remember:

  • The most serious medical conditions will offer the highest income rates;
  • The date of an illness, diagnosis and prescribed treatment will also affect your rate;
  • Be honest about your lifestyle.
  • Enhanced annuity rates can be achieved if your spouse has medical problems also and spouse protection is selected – adding your spouse does not always cost you money.

 

So what are you waiting for? Why not give one of our friendly Retirement Technicians a call today free on 0800 6899 335 and find out if you could benefit from your existing health conditions.

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