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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.

Bonus in Income for Enhanced Annuity retirees

  • Up to 60%* of Irish retirees could see an increase in their retirement income
  • Some Irish Life customers have received an increase of 25% in their retirement income
  • The average uplift Irish Life customers have seen in their retirement income with this product to date is 10.4%

 

After a successful launch in late 2014, we've released some of the details of those benefitting from our new Enhanced Annuity product. 

Over the past five months our 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 our online quotation software.   
 
The innovative Enhanced Annuity 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. 
 
 
Our Enhanced Annuity product 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.
 
 
Based on enhanced annuity policies sold to date the most common medical conditions presented include; heart conditions, diabetes, high blood pressure, high cholesterol and cancer. The main lifestyle issues include being overweight or underweight and a history of smoking:
 
40% of customers have qualified for increased retirement income as a result of medical reasons alone
33% for lifestyle reasons alone
27% of customers qualified for enhanced income for both medical and lifestyle reasons. 
 
 
Speaking about the take-up of the Enhanced Annuity product, David Harney, Managing Director, Irish Life Corporate Business 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.”
 
 
* Source Reinsurance Group of America (RGA) based on UK industry data September 2014
**according to Reinsurance Group of America (RGA) based on UK market statistics September 2014

 

See how today's media picked up the story at the links below:

 
Today FM: The Last Word
 
 
 
 
The Irish Times: Business Today email