Enhanced Smokers Annuity Rates

These can apply to both a pension and a purchased life annuity. There are a number of factors relating to health or lifestyle that mean an individual could benefit from an enhanced annuity, resulting in a significant increase in the pension income or income from a lump sum in retirement. Although these people may be very healthy today, due to these factors their life expectancy is less than that of the norm.

If the annuitant smokes 10 or cigarettes per day and has done so for the past 10 years, they could receive enhanced rates from a life company. If after being accepted on the enhanced terms the annuitant gives up smoking, the pension income will still continue at that rate for the rest of the annuitant's life.

If the annuitant has suffered ill health in the past that has reduced their life expectancy relative to the mortality tables, then again enhanced rates could be payable. If it is the annuitant's spouse that has suffered ill health, is a smoker or is overweight then whether pension annuities or a purchased life annuities the life companies could pay a higher income based on a joint life annuity.

In addition life insurance companies also consider the lifestyle and location of the annuitant. In particular, it the annuitant has been a manual worker for most of their working life of live in a particular part of the country, an enhanced annuity could be payable. Before qualifying for enhanced terms it is likely that the life company will ask for General Practitioners Report (GPR) from the annuitant's doctor to verify the medical conditions before an enhanced income can be paid.

To find out if you qualify for enhanced smokers rates please complete the short form here.

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