Annuity rates do vary greatly depending on your circumstances.
- If you have certain health or lifestyle conditions you could get significantly more income.
- Annuities offered by different insurance companies can vary greatly if you’re in good health.
- We’ll shop around using your right to the open market option and compare annuity quotes from all companies to help you maximise your retirement income.
How much extra income you’ll receive depends on the precise nature of your condition(s). The percentage extra shown can apply irrespective of the size of your pension fund. Over 1,500 different conditions can be taken into consideration, including many mild conditions. See more examples of enhanced annuity rates.
Best annuity rates 2013
The best annuity rates are normally payable to individuals with certain health or lifestyle issues. However, you don’t have to be seriously ill to qualify for the best annuity rates. Many people miss out on a higher income because they’re not aware their lifestyle or medical conditions could increase their income.
If you currently suffer from certain medical conditions, or if you have sometime in the past, you could qualify for a
significantly higher income. Certain aspects of your lifestyle could mean you qualify for a higher income: smoking, drinking, being overweight, for example.
Why does income from annuities vary so much?
Income from annuities is based on various factors – age, health, lifestyle, size of pension fund, and whether you require a level or an increasing income – and they do vary greatly.
In simple terms, your life expectancy effects the income you’ll be offered from annuities, and, if you have any medical or lifestyle issues, the insurance company will assume you have a shorter than average life expectancy, so they’ll pay you more income each month, as they expect to be paying you for a shorter period of time – your pension fund isn’t expected to have to last as long.
Conversely, your income will be lower if you’re in good health because the insurance company will assume you have a longer life expectancy, and therefore they’ll pay you less each month, because they’ll expect to be paying you for a longer period of time.
We’ll find you the best retirement income by comparing annuity quotes from all leading companies. The best annuity rates can make a huge difference to your retirement income, especially if you have any health or lifestyle issues.