Annuities are instruments that fall under the savings category which would guarantee a monthly income to the person after his retirement till the rest of his life in the event of a lump sum deposit made with an insurance company. But what are enhanced annuities? Most of the people who have retired too are not familiar with what exactly enhanced annuities refer to. It is believed that this specific type of annuity makes a huge difference to the entire retirement income of a person.
As it is extremely difficult to understand the financial jargon, it is advised that one gets in touch with an annuity broker or a financial advisor who is not attached with any insurance agency to gain more knowledge on what enhanced annuities are. The annuity broker or the financial advisor will ask you numerous questions about your health and lifestyle too along with your financial goals and objectives. It is found that 40% of the retired people do definitely qualify for these annuities.
There are a few health conditions that would qualify a retiree for enhanced annuity. Though he may not qualify on a single medical condition or lifestyle, may be a combination of such conditions would make him eligible for enhanced annuities. It is reported that there are around 1500 medical conditions and lifestyle conditions which would qualify a retiree for enhanced annuity. So, when you get in touch with an expert in the field he will be able to tell you if you are eligible under the conditions listed out after having delved into your lifestyle and health conditions. Enhanced annuities indeed are a great scope to increase your retirement income. The enhancement though varies depending on the severity of the problem but if found true, the retiree can expect an unimaginable increase.