Annuities > How to Increase Your Annuity?

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How to Increase Your Annuity?

Boosting your annuity could help you enjoy a more secure retirement, with larger annuity payments. Thousands of retirees could increase their annuity by applying for an impaired annuity that provides a higher income for those in ill health or leading certain lifestyles.

Pensions experts estimate that just one in ten retirees who could qualify for an enhanced or impaired life annuity are actually applying for one. Impaired or enhanced annuities reward customers for poor health and lifestyle by paying out larger annuity payments.

Qualifying for an impaired or enhance annuity may be as simple as asking your annuity provider to take your medical history into account. Furthermore, enhanced annuities are available to customers that smoke, are overweight, or suffer from high blood pressure or cholesterol. Impaired annuities may be available to people with serious illnesses or health problems, including diabetes, cancer or heart disease.

Many people approaching retirement have never heard of enhanced or impaired annuities. Each annuity company has individual definitions and ratings for health conditions, meaning that taking an open market option can find the best retirement income from an enhanced or impaired annuity.

How do I find out more about annuities?

Please click here to read the Pensions.co.uk guide to pension annuities. Because some of the terms relating to this product are confusing, please also visit our glossary of terms for a full explanation of the jargon.