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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.

Launch of new Enhanced Annuity product

Enhanced annuities recognise that not all pension customers have the same medical history or expected lifespan and offer better value to customers who have experienced poor health.

Speaking at the launch of the product, David Harney, Managing Director Irish Life Corporate Business said: “Traditionally everybody the same age got the same annual income in retirement (or annuity) for the same size of fund, regardless of their health and medical history in retirement, regardless of their health and medical history. This meant that annuities could represent poor value for money for those in poor health, as life assurance companies assumed normal lifespan. An Enhanced Annuity changes this: Irish Life will assess your health and quote an annuity cost appropriate to your conditions.

The product launches with an innovative new online system that financial advisers will have access to. The financial adviser will bring customers through all the requirements to assess their full health picture and based on this information Irish Life will decide if candidates qualify for an enhancement.

David Harney explained: “In general, the more detailed the information we get the more likely it is we can offer an enhancement of some form. A very wide range of conditions will attract extra income. These range from lifestyle factors such as a history of smoking or obesity to conditions like diabetes and high blood pressure. Those who have had more serious conditions such as heart problems or even cancers are also eligible for the new product. The greater the level of severity of the condition, the greater the level of enhancement we can offer.”

We expect about 60% of people could qualify for this product*. For instance, recent TILDA findings suggest that over 80% of Irish people over 50 are obese.

The new Enhanced Annuity product also allows for the provision of a pension for dependants. We will assess the medical history for both people and quote an enhancement based upon the each person’s medical history. The annuity for both people will be enhanced if either have a medical history that’s sufficient to  merit special terms. The extra income applies to both people. In the event that both people have a medical history that qualifies for an enhanced annuity, the overall enhancement will be larger.

All the standard optional extras on a normal annuity are also available on an Enhanced Annuity. Optional extras can include:

  • Deciding whether the 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 dependants after death


We will generally check with the client’s doctor after retirement to ensure the health information is accurate and reserve the right to adjust the income down to lower levels or normal rates if it’s not.

Further details about the new Enhanced Annuity product are available on our website. You can also watch a video from the launch event.


*according to Reinsurance Group of America (RGA) based on UK market stats