Enhanced annuities give better rates to retirees with certain medical conditions. But getting clients to open up on their full medical history is harder than it seems.
Enhanced annuities, which give people with medical conditions more favourable rates, are now big business as rates on traditional products remain at record lows, with no end in sight for struggling retirees. If a client is a smoker, has diabetes, high blood pressure, heart disease or cancer then it is likely they will get a better retirement income through an enhanced policy. The latest statistics for Q4 of 2012 put enhanced annuity purchases in the open market at 54% by number of cases and total sales reached £4.48bn in 2012, an increase of 49% from the previous year. Disclosure ...
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