Henry Irving 5 August 2019
With the Great British summertime in full swing (for now), the last thing you’re probably thinking is “can I get a higher annuity rate?” But if you’re planning to take an income from your pension soon, it’s worth checking – the extra income you could get can be staggering.
Why today? Well, if you get an enhanced annuity quote by using our service by 19 August 2019, you’ll be in with a chance of winning a £175 Fortnum & Mason wine hamper. After all, with the sunshine actually arriving in the UK, there’s cause for celebration.
Is an annuity right for you?
If you want a secure income and peace of mind in retirement, you should think about buying an annuity. You’ll know exactly how much money you’re going to get and when you’re going to get it for the rest of your life.
Even if you plan to use drawdown, we think it’s important you check how much secure income you could receive by getting a quote. It might be higher than you think.
When you set up an annuity you decide how often you want your income, whether to protect it from rising prices and what happens to your annuity after you’re gone. Once set up, annuities can’t normally be changed so please consider your options carefully.
Could you get a higher annuity rate?
We’re usually cautious about sharing our unhealthy lifestyle choices or health conditions when we apply for insurance products. Typically it leads to higher premiums and costs. But an annuity is an insurance product like no other. It actually pays to disclose everything.
All you need to do is provide your health and lifestyle details when you apply and you could qualify for a higher income. You can get instant quotes from all the leading annuity providers on the open market in one go, and there’s no obligation to go further after you’ve got a quote.
There are lots of common qualifying health conditions, like high blood pressure or high cholesterol. But you don’t need to be ill to qualify. Just confirming details like how much alcohol you drink or your height and weight could mean you’ll get a higher annuity income.
Annual gross income from a £100,000 pension
Scroll across to see the full chart.
We generated these quotes using our online annuity quote tool on 22 July 2019. All quotes are for a single life annuity, paid in monthly in advance, with no escalation or guarantees built in. Quotes are for a 65 year old who is single and lives in an area which has an average life expectancy.
Don’t forget, if you provide your health or lifestyle details, you’ll be entered into our prize draw to win a £175 wine hamper. We’ve got five to give away.
Even if you don’t qualify for an enhanced rate, you’ll still be entered into the prize draw.
Entrants must be 55 or older. Full terms below.
Why not take advantage of both options?
If you’ve got your heart set on drawdown, you might want to think about combining your options. That way you could have enough secure income to cover your essential bills. And you can use the flexibility of drawdown for any well-deserved luxuries.
Getting a quote
If you’d rather get an enhanced annuity quote over the phone, you’ll also be entered into the prize draw if you call us by 19 August. Just call our Retirement Helpdesk on 0117 980 9940. They’re available six days a week: Monday-Thursday 8am-7pm, Friday 8am-6pm and Saturday 9:30am-12:30pm.
What help is available?
What you do with your pension is an important decision. We strongly recommend you understand your options and check your chosen option is right for your circumstances. If you’re not sure, take advice or seek guidance.
The government provides a free and impartial service to help you understand your retirement options – more on Pension Wise. This article is not personal advice.
What are the full terms of the offer?
- If you obtain an enhanced annuity quote using our annuity service (a “Quote”) between 07:00am on 5 August 2019 and 11:59pm on 19 August 2019 (the “Offer Period”) we will enter you into our prize draw (the “Draw”) to win a hamper worth £175 subject to these terms and conditions. The Draw is only open to individuals who obtain an enhanced annuity quote with us. Annuity quotes which are not enhanced quotes will not be entered into the Draw. The Draw is free to enter.
- To be eligible to win a prize, you must also:
- be 55 or older;
- be resident in the United Kingdom;
- not be an employee of any Hargreaves Lansdown group company or a member of any such employee’s immediate family or household;
- comply with these terms and conditions.