Building the means to have a solid retirement income is no easy task. The job is even more difficult for smokers, who often are denied life insurance or annuity coverage, or are forced to pay much higher rates for that coverage. One company has created an annuity aimed at smokers.

Partnership, a company that provides ill-health retirement and care financial solutions, has introduced an annuity targeted at people age 50 and older who have smoked at least 10 cigarettes a day for the past 10 years. Partnership says the annuity will pay smokers a higher retirement income than they can otherwise receive from an annuity.

“Although as a population we are experiencing increased longevity, the rate of improvement for smokers is a lot lower than for nonsmokers,” says Ian Owen, Partnership’s chairman. “So smokers who take a standard annuity are being hit with a double whammy.”