Analysis by Partnership, one of the UK’s leading enhanced annuity providers, has found that over 50% of the UK’s retiring population at age 65 have a health or lifestyle condition that would qualify them for an enhanced annuity. The latest analysis also highlighted that the extra income that a typical 65-year old Partnership customer with a typical condition would receive in their pension is on average 25% and this is after taking into account the recent gender pricing changes.
The top 5 enhanced annuity medical conditions identified by Partnership are: diabetes, cancers, strokes, high blood pressure and chronic obstructive pulmonary disease, whilst top lifestyle conditions include smoking and diabetes. Partnership underwrite for several hundred medical conditions that would qualify someone for an enhanced annuity.
Andrew Megson, director of retirement at Partnership, said; “When a person is looking to convert their pension into an annuity, they should always declare all current and historic medical and lifestyle conditions as a 25% increase on a standard annuity would be reasonably typical for one of our 65-year old customers and, for severe conditions, could be considerably more. With our extensive in-house data set of medical and lifestyle conditions, we are able to keep on extending the retirement benefits that we offer to more and more people.”
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