Lifetime Annuity Quotes - Get Up To 40% More Income
An annuity is essentially an agreement whereby an insurance company will take your pension pot and pay you an income from it (also known as an annuity) for a specified period of time – in the case of a lifetime annuity, this income will be paid for the rest of your life.
What are the different types of lifetime annuity?
There are several different types of lifetime annuity to choose from, so it makes sense to do your research in order to find out which type is best for you.
A single lifetime annuity is suitable for people who are buying a pension solely for themselves – for example, those who are single or those who have a partner with their own existing annuity in place.
A joint lifetime annuity means that in the event of your death, you can opt to have part or all of your pension income transfer to your spouse, civil partner, or another dependant. If you have a partner who has been a stay at home parent or who has a small pension pot of their own for other reasons, this could be a suitable option because you can be assured that they will be provided for if you die before them.
What are the advantages of purchasing a lifetime annuity?
By taking out a lifetime annuity you can benefit from the peace of mind that comes with having a guaranteed regular income until you die. As well as being reassuring in terms of allowing you to plan for your financial future, a lifetime annuity could also allow you to avoid having to make ongoing decisions about your pension fund as you get older.
What are the disadvantages of purchasing a lifetime annuity?
A lifetime annuity can be a popular choice for pensioners – however, there are a few potential disadvantages that you may want to bear in mind:
Inflation means that a fixed pension income will most likely be worth less in real terms in the future.
After you die, the payments will stop – so a single lifetime annuity may not be right for you if you have dependents who rely on your income.
A joint life annuity will usually provide a lower income than a single life annuity because the provider will expect the pension pot to have to last longer overall.
It can be difficult to get a joint lifetime annuity if your partner is more than ten years younger than you, as pension providers will anticipate having to pay out income for a longer period of time.
To compare a wide range of annuity options and find the one that’s right for you, use the comparison tables below:
|Provider||Annual Income||Payment Terms||Purchase Amount||Get Quotes|
via Fair Investment
|£5,138||Annual income for life||£100,000||More Info >|
|£5,134||Annual income for life||£100,000||More Info >|
|£4,962||Annual income for life||£100,000||More Info >|
|£4,705||Annual income for life||£100,000||More Info >|
Quotes based on man and a woman aged 65, £100,000.00 purchase amount, conventional, level escalation, nil guaranteed period, paid in arrears without proportion, spouse/partner annuity of 66% payable on first death without overlap. Annuity rates correct as at 07/06/2013.
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