If this is you then you will be interested in the following guide relating to annuities. In spite of the fact that annuity fact finding is really not something most people enjoy, in the end you will be thankful you did it.
Taking a step back and teaching yourself how the pension annuities system operates could be worth thousands of pounds in the future, despite the inconvenience in the short term. The average person clearly does not enjoy learning about pension, finance, income, inflation and other associated information.
You should first know that it is imperative that you contrast insurers to see who has the best offer at that time. Annuity offers alter between providers so make sure you get several different quotes before you commit to anything. Without doing this will mean that you cannot be sure of the best rates. This might mean you miss out on a higher pension income, which could range from fifty pounds to five hundred pounds.
To ensure you do not end up being in this difficult situation always seek the views of an annuity adviser. They should be the first port of call to allow you to get the best deal on the market, despite rates being very low. In the main this advice should be given without a fee, however you will have to pay for independent financial advice.
Despite this making the annuity process more tedious,it does often mean higher rates. Getting an annuity will only occur just once so picking the right provider is imperative. Many people who fail to shop around for annuity find that they regret not having done so as their income may now be lower as a result. There are plenty of reasons why someone would not shop around for an annuity, but a lot of people blame the standard of the wake up packs sent to annuitant.
You should also be aware that by comparing annuity offers you may boost your pension up to 40%. Think just what a real benefit this would be to your your living standard and income level. But it should be said, this only occurs when you secure an enhancement annuity. Also be aware that a 40% increase is only applicable for life threatening conditions such as a a history of heart problems.
These are given to people who have medical issues which may mean they die younger. The explanation behind this is that the annuity company will have to make payments for a shorter time period. So from the provider of the annuity, the quicker you pass away, the more financially efficient it is for them as the payout is lower. On occasions annuity enhancement can be given due to lifestyle choices such as excessive drinking and/or smoking.
So, to be sure that you don’t miss the opportunity to boost you annuity income, shop around for annuity quotes today.
As you might have guessed from our name, were in the business of finding people the best pension annuity rates in the UK.