Enhanced annuities

November is Men’s Health Awareness Month. It is estimated that in South Africa, prostate cancer will surpass all other forms of cancer by 2023. But while a diagnosis of prostate cancer would be bad news for your health, it could be good news for your retirement income.

An enhanced life annuity offers retirees with diabetes (or any life-threatening illness or poor health) the opportunity to ensure they are getting the highest possible starting income in retirement. Based on latest figures – and other statistics relating to the health of the South African population – enhanced life annuities benefit at least 40% of retirees.

Bruce Cameron says "The ghosts of the latest [market] events are going to be long-lasting. Investment markets are going to be volatile. You can expect increases in taxes, you can expect inflation or deflation and you can expect less income in the years ahead. It is best to take action now."

Most South Africans rate their health as very good or above average, but underestimate their life expectancy.

If you have breast cancer you could qualify for a higher retirement income, making the financial implications of the disease one less thing to worry about.