Ireland’s leading life assurance company, Irish Life, has launched an Enhanced Annuity product. This innovative new product will recognise that not all pension customers have the same medical history or expected lifespan and will 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. This meant that annuities could represent poor value for money for those in poor health as life assurance companies assumed a normal lifespan. An Enhanced Annuity changes this: Irish Life will assess your health and quote an annuity cost appropriate to your conditions.”