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Who Could Qualify For Enhanced Annuities

By Annie Newton

If you are at retirement age, and are looking for a regular income, an annuity can be a great way of securing this. For the remainder of your life you can be guaranteed a regular monthly income just by paying in one lump sum. Annuities tend to be most popular with people who are retired and are looking for a method of stretching out their pension pots for the remainder of their lives; however people of any age can buy annuities.

Of course most people don’t know how long they will need their annuity payments for, since most of us are unaware of our life expectancy. However, there are multiple factors which can significantly reduce the length of time you will need your annuity payments for. This is where enhanced annuities come in.

For people with a shorter life expectancy than others, an enhanced annuity, which pays out for a shorter length of time but at an increased rate, can be a more suitable option. Whether or not you are overweight, a smoker, any known medical conditions, or even where you live in some cases can have a significant impact on your life expectancy. Since they know they will be paying out for a shorter length of time, annuity providers will pay those who qualify for enhanced annuities a higher monthly rate.

Although most people aren’t aware of the benefits of enhanced annuities, and therefore don’t apply for them, research has shown that more than 40% of pensioners could qualify for the enhanced rate. Even though they are entitled to them, people are not receiving this higher rate of income.

Using the internet can be an ideal way to find the right annuity rate for you, and a website like annuityrate.co.uk is an excellent place to try. All it takes is a couple of minutes to answer a few basic questions about yourself, and they can find the best annuity rate for you, which could help you be better off in the long term.

Learn more about enhanced annuities.

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Topics: Personal Finance | Comments Off

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Article Citation
MLA Style Citation:
Newton, Annie "Who Could Qualify For Enhanced Annuities." Who Could Qualify For Enhanced Annuities. 25 Aug. 2010. uberarticles.com. 30 Sep 2014 <http://uberarticles.com/finance/personal-finance/who-could-qualify-for-enhanced-annuities/>.

APA Style Citation:
Newton, A (2010, August 25). Who Could Qualify For Enhanced Annuities. Retrieved September 30, 2014, from http://uberarticles.com/finance/personal-finance/who-could-qualify-for-enhanced-annuities/

Chicago Style Citation:
Newton, Annie "Who Could Qualify For Enhanced Annuities" uberarticles.com. http://uberarticles.com/finance/personal-finance/who-could-qualify-for-enhanced-annuities/


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