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AN IRISH PENSION provider is pushing its latest product hard towards the less healthy people in society.
Irish Life’s ‘Enhanced Annuity’ product is being specifically targeted at those with unhealthy lifestyles or a history of illness.
The ‘innovative’ pension plan offers ‘better value to customers who have experienced poor health’ according to a company release.
So… quitting smoking might not be such a good idea after all.
“Based on Irish policies sold to date the most common medical conditions presented include: heart conditions, diabetes, high blood pressure, high cholesterol and cancer,” says the release.
The main lifestyle issues include being overweight or underweight and a history of smoking.
Pension products like this function effectively on the company taking a punt that their client will die sooner. That being the case, the money saved on subsequent payouts can be used to subsidise other customers, or be taken as profit.
Such slightly macabre financial products have made major headway in the UK in recent years, something the Irish sector is obviously keen to replicate.
“Currently up to 54% of UK retirees benefit from increased income through this kind of product,” says Irish Life CEO David Harney.
One of our key objectives is to increase the number of Irish customers benefiting from this.
Indeed, some of our clients received a 25% enhancement in income as they had a range of medical conditions.
Sounds pretty conclusive, best get smokin’, eatin’ and diabetin’ so.
Surely the knack should be be a non smoker, the tick the smoking box add 60 a day. paint your fingers yellow practice your cough for interview and happy days!
Gee, I’d say that would catch the insurers right out.
I’d rather be alive, but thanks anyway.
I’ll smoke to that.
if u live more u get less pension for more time, die early get more pension for less time…..i don’t understand the benefit of dying early…..
You get to check out before you lose the ability to wipe your own arse.
Nonsense Egg head – who wouldn’t like to spend their remaining years in our lovely (privately owned) ~”Care Homes”. All it will cost you is your pension and a hefty percentage of your assets. In return, you can sit in a shitty nappy for fourteen hours gummin’ for a drink of water or a bite to eat. What’s not to like about that?
Fair point Sheik. 20 Benson please.
If I wanted my family to have lots of money after I die I’d start cooking blue meth
Nothing new here. Used to be known as an ” impaired annuity”. It’s a business after all. If your lifestyle impairs longevity then the insurers pay you more each year. Normal.
I hate fags
Rip in peace
Lol out loud
YOLO live once
Why does this article remind me of the episode of the Simpsons where homer tired to gain weight to claim disability
I’m sorry I gave up smoking now!
This is the best product ever!
Can I lie and say I’m unhealthy?
have your say