Irish Life has today released some of the details of those benefitting from the successful new Enhanced Annuity product. Over the past five months Irish Life claim enhanced annuity customers received an average uplift in retirement income of 10.4%. Some customers benefited from a very significant 25% increase in their retirement income and one customer has been quoted an enhancement in income of over 80% using Irish Life’s online quotation software.       
    
The product recognises that not all pension customers have the same medical history or expected lifespan and so it offers better value to customers who have experienced poor health. The product caters for a wide range of medical illnesses and conditions as well as specific lifestyle factors.

There is no upper limit on the level of enhancement available. It is based on an innovative online system that allows financial advisers to bring customers through all the requirements to assess their full health picture. If clients meet the criteria (and their GP can subsequently verify this information) they can qualify for an enhancement.

Managing Director, Irish Life Corporate Business, David Harney said, “As 2015 progresses we expect to see more retirees benefiting from higher income through an enhanced annuity as we roll out our innovative system to more advisers across Ireland.

Currently up to 54% of UK retirees benefit from increased income through an enhanced annuity and we believe we’ll head towards that figure in the medium term. One of our key objectives over 2015 is to increase the percentage of Irish customers benefiting from the product. The average enhancement to date is over 10% which can make a big difference to your retirement income. Indeed, some of our clients received a 25% enhancement in income as they had a range of medical conditions.”
    
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