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Enhanced Life Annuities Payments 22% Higher
New research by life assurer MGM Advantage suggests that enhanced life annuities payments are on average 22% a year higher than payments in standard annuities.
According to MGM Advantage’s Annuity Index, a male retiring at the age of 65 with a total pension fund of £50,000 would benefit from an estimated £3,575 extra over the first five years of their retirement. This amounts to an extra £715 per year under the enhanced life annuity policy.
Similarly a women retiring at age 65 would be £3,405 better off after the first five years. This is equivalent to an extra &682 each year.
An enhanced life annuity is available to people with certain medical conditions and those with have a lower than usual life expectancy.
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