As workers begin to focus on retirement, they start to look at all that they have managed to save since their first year of employment. For many, that savings pot does not amount to enough to sustain their current lifestyle during retirement. For many, annuities are their best investment and there are several varieties of annuities available, all of which require research before investing. For some, an enhanced annuity plan is the best choice, but there is a more extensive qualification period necessary to invest in this type of annuity.

Enhanced annuity plans are a very specific variant of an annuity and they require a different application process. This annuity plan offers a larger annuity to those people who have qualifying medical conditions. These conditions are typically those that could limit their life span. There are nearly 70% of people who could be missing out on the benefit of an Enhanced Annuity Plan all because they have not thought about applying for one. These enhanced annuity plans work in much the same way as a conventional annuity but they offer added perks and benefits to those who qualify.

When an investor decides to look in to an annuity, it is always a gamble with the annuity provider as the investment is really dependent upon how long the investor is expected to live. If the investor lives a long time, they can reap the benefits from the provider. If the investor passes away shortly after purchasing the annuity, the insurer reaps the benefit and may not have to pay out the remaining value of the annuity, depending on its enhancements. The annuity is calculated on how long the investor is expected to live. With an enhanced annuity plan, the consumer may be eligible to receive a larger income than with a conventional annuity.

There are several qualifications for an enhanced annuity plan. Any consumer who smokes, takes regular prescription medications, or has been hospitalized recently, should look into applying for an enhanced annuity plan. Research can be done online or when talking with an insurer. Every situation and lifestyle is different and unique and it can be extremely beneficial to look in to all options, including an enhanced annuity plan. For many, health applications can be completed to identify the exact specifications and qualifications needed to meet the requirements of an enhanced annuity plan. There are even online calculators that will prompt consumers to input their lifestyle and current health factors in order to identify initial eligibility for an enhanced annuity plan.

The amount received from an enhanced annuity plan will be based upon several different factors. These factors include the current state of health of the consumer as well as their normal lifestyle. The typical triggers for an enhanced annuity plan are obesity, high cholesterol, and high blood pressure. If these factors are present, the consumer is likely to receive about 7% more income than that of a healthy investor.