Best Annuity Provider
As well as finding the best annuity rate as important a consideration is the choice of the best annuity provider and type of policy. It is important to be aware of the different annuity providers and range of annuity products that are available. The product offerings include joint or single life, inflation linked or enhanced annuities and the providers range from big financial services brands to small niche specialists.
With annuity rates at low levels understanding all your options really could make all the difference not only to make sure you maximise your income in retirement but also to match you circumstances to choice of provider and product.
When it comes to provider choice you need to be comfortable with whom you are intrusting to pay your retirement income for the rest of your life which could be more than 30 years. You may have some views about who you would or would not like to choose, maybe due to past experience, your ethics or the strength of the brand. Other areas you should be comfortable with to find the best annuity provider include;
– Financial strength and credit rating – Financial stability is essential as this could be a long-term arrangement. Credit ratings of annuity providers will be in the public domain and available from agencies such as Standard and Poor’s and Moody’s.
– Expertise and specialisms– It is important to understand how long has the business been trading? Whether it is a mainstream brand or niche specialist and their track record and service record.
– Product range – Does the provider offer the product that is suitable for your circumstances?
Planning for your retirement can be complicated, and this is where an Independent Financial Adviser could really make a big difference. There are many things to consider and as you only get one chance to buy an annuity you need to make sure you get it right.
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