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WHAT IS AN ANNUITY?

An annuity is a type of insurance that guarantees to pay you a regular, secure income for the rest of your life

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Why Should You Be Careful When You Buy An Annuity?

THE ARGUMENT AGAINST RELYING ONLY ON ANNUITY RATE TABLES AND RATE CALCULATORS

You may already have visited other sites and used an annuity rates calculator or consulted an annuity rate table.

But there are 7 questions you should ask yourself...

1. Did you know that there may be a wider range of retirement annuity possibilities?

2. Was it an illustration rather than an individual quote?

3. Did the table or calculator take into account all products on the market or just a selection?

4. Are you sure that the information was in date?

5. Did you know that the annuity rates may change before your application goes through? If you received a quote, was it guaranteed by the site?

6. Did the site promote particular providers over others as they are paid higher commissions by some?

7. Are the annuity providers able to pay to list their products higher up the list, or to have their products shown in a different way?

BUT THE SITE STATED IT HAD BEEN RECENTLY UPDATED?

Even if the annuity calculator or table was 100 percent correct and up to date, were you aware that the stated rates may have no resemblance whatsoever to the income that you will actually receive? This is because your annuity may increase due to your circumstances, i.e. your health, medication that you may be taking and if you smoke. Some providers even base your future income on your previous job or where you live.

Again, let's say you do find a website where everything works correctly and is up to date; do you know at this stage whether you want a level, a RPI-linked escalating or a fixed-rate escalating annuity? Also, have you considered your partner's or dependent's percentage on your demise? The choices are often very confusing.

(Please note that the information on this page does not represent financial advice, is an opinion only and you should not rely on this information to make (or refrain from making) any decisions.)

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