Getting several
annuity quotes is important to obtain the
best annuity rates possible for your situation. Under no circumstances should you accept the first one youre offered, as it is likely to be one of the worst offers you are given (according to recent research.)
The best pension annuity rates to watch out for and consider include the following;
Increasing annuity: This follows the trend of inflation or may just rise automatically so that your payout will rise as time goes on, usually annually.
Guaranteed annuity: This means that if you die soon after you retire your annuity transfers to your partner or spouse, or another nominated person of your choice.
Level Annuity: If inflation falls, your annuity is safe if you have chosen this option. You will get the same payout every year no matter what else is happening with inflation or the economic situation. It basically guarantees you a fixed amount.
There is also such a thing as an enhanced annuity rate. You may be eligible for this if you suffer from any of the following conditions listed below:
Any form of cancer
Obesity or overweight issues
heart condition/stroke/ heart defect
diabetes
asthma
obesity
high blood pressure
kidney disease
multiple sclerosis
Parkinson's Disease
Basically, if you have had an underlying or serious medical condition for some time then this would be taken into account when putting together your details. This is because your average life expectancy is likely to be less and therefore the payout can be enhanced in consideration of this factor.
You can also qualify for enhanced annuity if you are a regular smoker. (You would need to be smoking ten cigarettes a day for the last ten years, or thereabouts, to qualify as a smoker.)
