Some annuity tables showing different best UK annuity rates. Take a look at the following scenario, featuring three financial advisers asking different questions of the same client with a serious health problem, and then coming up with greatly different annuity quotes because of the nature of the different questions they asked. The client is male, 65, with a £100,000 pension fund, after tax-free cash. Income shown is monthly in advance, level, with no guarantee period. (Case study and rates taken March, 2009)
The results in the table clearly show that you need to talk to a specialist annuity adviser, and give very full answers, to get the best UK annuity rates.
| Client diagnosed with lung cancer earlier this year. |
Annuity quote
|
Monthly difference
|
| Best standard annuity quote |
£624
|
n/a
|
| Adviser 1 asked if the client had any particular health problems or issues. Client Response: ‘yes, diagnosed with lung cancer’. |
£808
|
+ £184
|
| Adviser 2 asked if the client had any health problems and whether he had received radiotherapy or chemotherapy. Client response: ‘yes, undergone both treatments a couple of months after diagnosis’. |
£946
|
+ £322
|
| Specialist adviser asked the same questions as Adviser 2 but also asked about the client having had any surgery surgery and whether the cancer had spread. Client response: ‘yes, had part of the lung removed, waiting to see how successful the treatment has been, and the cancer has spread to the bones’. |
£1487
|
+ £863
|
