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Irish Life Health
Welcome to Ireland’s newest health Insurer, Irish Life Health. Bringing fresh options and innovation to the health insurance market.
Irish Life
Irish Life the largest life and pensions group and fund manager in Ireland, employing 2,000 people and servicing one million customers.
Irish Life Investment Managers
Managing assets in excess 39bn, ILIM manages money on behalf of multinational corporations, charities and domestics.

Enhanced Annuity

Deciding what to do with your pension savings will be one of the most important financial decisions you will have to make. After you retire, the pension benefits you will receive for the rest of your life are determined by those decisions. One of your options may be to buy an annuity. An annuity is ‘your pension’ – which pays you a retirement income for the rest of your life. It is the only product that ensures you receive a secure income - for life. 
 

What is an Enhanced Annuity? 

With an Enhanced Annuity, we assess your health and give you a quote based on your individual health circumstances. Unlike with traditional insurance applications where medical conditions may go against you, with an Enhanced Annuity if you have an underlying medical condition (or some lifestyle factor such as smoking) we will be able to offer you a better deal.
 
 
* Source Reinsurance Group of America (RGA), based on UK annuity market statistics.

How does Irish Life assess my health?

We’ve tried to keep this as simple as possible. You don’t even need to go for a medical exam. Your financial advisor will take you through an online application where you will confirm your medical details. Then we can give you your quote.

 

 

Do only serious conditions get extra income?

No, Irish Life can offer an enhancement on a wide range of conditions. Regardless of your health, we suggest you meet with your financial advisor and go through the process with them, to investigate whether you may get any enhancement. 
 
All of these health and lifestyle conditions may qualify for some form of enhancement:
 
 

 

What sort of medical information will I need to provide?

Your financial advisor will talk you through the information you need to provide. We will use whatever information you give us to give you your annuity quote. In general, the more detailed the information you can give us, the more likely it is we can offer you an enhancement.
 
We need details of:
  • Your weight and height
  • Your smoking history (past and present)
  • Any medication you are on (it’s best to have the names and dosages ready)
  • Full history of any medical conditions or incidents in your past
 

What if the outcome of the report says I’m very healthy?

If you do not qualify for an enhancement you will still be eligible for a standard annuity, so there is nothing to lose.

 

How does Irish Life verify this information?

It depends on the size of the fund you are using to buy the annuity.
 
For most funds, we are happy to confirm your medical details after we have set up your annuity. We may write to your doctor to confirm the medical details you have presented. (Don’t worry; we’ll pay the doctor fees).
For very large funds, we will write to your doctor to confirm the details you have provided are correct before we confirm whether any enhancement applies. Confirming your details with your doctor in advance allows us to offer you the best rate available in these larger cases.

 

What happens if Irish Life cannot verify my health information?

In the event that your doctor informs us of a different health history or if we cannot get independent verification of the details supplied, your annuity will be reduced to reflect the information (and only that information) confirmed by your doctor. Your annuity will never be adjusted to an amount lower than the standard annuity amount that you would have received as of the date of the original annuity quote. We also reserve the right to ask you to complete a smoking test and an independent medical assessment, at our discretion. If you do not attend these tests your annuity will be reduced to the standard annuity amount that you would have received as of the date of the original annuity quote.
 
It is important that the information you provide is a correct reflection of your health. Irish Life reserve the right to reduce your income in retirement if the information provided is not accurate.
 
Your doctor must be able to verify any conditions you list here, including smoking. If your doctor is unable to do so, we will reduce your income down to the standard rate and you will not be able to cancel the policy.
 

I want to also provide a pension for my spouse/civil partner; how does that work?

Simple. We will assess the medical history for both you and your partner and quote based on your joint medical history. The annuity may be enhanced if either of you have a medical history, which means the extra income applies to both of you. If you both have a medical history, the enhancement will be respectively bigger. A doctor must be able to verify the information provided in respect of your dependant.
 

Are there other options available?

All the normal optional extras on a standard annuity are also available on an Enhanced Annuity. Optional extras can include:
  • Deciding whether your pension remains level or increases during payment.
  • A minimum period of payment, so that the pension continues to be payable for a fixed period
  • Deciding whether to incorporate a pension to your dependants after your death.
 

More Information

Please contact your financial adviser today to find out more about Enhanced Annuities
 
 
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