When you’re looking for the best smoker annuity rates, it pays to seek specialist advice. It can make quite a difference to the retirement income you end up with if you work with a specialist adviser. Let’s look at a case involving three different financial advisers asking questions of a particular client that smokes 20 cigarettes each day. The client is male, aged 65, with a hard earned £100,000 pension pot. Income is payable on a monthly basis, in advance, level, with a nil guarantee. The results clearly show that specialist advice is key, as is the need to give very full answers.
The client is a regular smoker, and is looking for the best annuity rates. Adviser 1 asked if the client smoked. Client response: ‘yes’. Adviser 2 asked if the client smoked and if he was taking prescription medication. Client response: ‘yes, and taking two tablets to help with high blood pressure’. Specialist adviser asked about smoking, prescription medication, and any other relevant health or lifestyle issues. Client response: ‘snores heavily, wears a mask at night, and suffers from sleep apnoea’.
Resultant retirement annuity incomes: the first adviser got smoker annuity rates for £7,699 per year, the second adviser got a quote for £7,787, and the third adviser got the best annuity quote of £8,126. The best standard rates came up with just £7,490. Overall, the best deal for this regular smoker; an extra £636 per year for LIFE.
