An Enhanced Annuity is probably what you think it is, it is a higher annuity payment due to ill health, being a smoker or having a shorter life expectancy due to life shortening conditions.
Firstly, you need to understand that an annuity (from pension) or a purchased life annuity (from investments) is where you get a guaranteed income, usually for life, but giving your pension or investment monies to an annuity provider.
There are fundamentally five types of annuities: Whole Life Annuity, Fixed Term Annuity, Investment Linked Annuity, Enhanced Annuity (this video) and an Immediate Needs Annuity for later life care fees planning.
For a full explanation on annuities see What is an Annuity? Annuities
Reasons for an Enhanced Rate Annuity?
Because you are not expected to live as long, you get a higher pension annuity for likely a shorter period until death.
How do I get an enhanced annuity?
You will need to complete a detailed medical conditions questionnaire that is then sent to various enhanced annuity providers for underwriting and assessment.
Areas covered in the medical questionnaire:
Fees for Annuities
We do not take % or commissions on annuities, we charge a fixed fee to make sure you get the highest annuity we can for you rather than your annuity fund being lower because an adviser fee or commission has been deducted.
Instant Fee Quotes in our Annuity Fees Shop: Annuity
Alternative Flexible Retirement
Some people prefer not to lock into an annuity rate for life or a term but prefer to keep control of their pension fund, for it to remain invested and you draw down as much as the pension fund as you want whenever you need it. This is known as Flexible Drawdown see: Flexible Drawdown
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