Can I buy an annuity without using an advisor or broker?

8th June 2012

If you are looking to purchase an annuity then depending on your annuity provider you may not need to use an advisor or broker. Each annuity provider is different and some do require that you use the assistance of an advisor or a broker, but if you are looking to do it alone then you may consider looking at your own annuity options.

What are the advantages of using an advisor or broker?

There are a number of advantages to using a broker or advisor and depending on your situation, you could find that this really helps you not only to get a better annuity rate, but also to deal with a lot of the paperwork that is involved throughout the process. Advisors and brokers can often work on your behalf to find the right annuity rate for you – and there are so many different annuity options on the market that you could easily overlook the right one for you.

The annuity market is flooded with a range of different options from single annuities to joint annuities, enhanced annuities, inflation-based annuities and various other options. This range can be incredibly difficult for an individual to understand, but by working with an annuity advisor they can make you aware of the different options and which might best benefit you.

How could I go about looking at annuities independently?

If you choose not to use an advisor or broker for your annuities then you could save yourself the fees, but it’s important that you have the right approach to the annuities market and a good understanding of what you are looking for.

Shopping around for an annuity is one of the best things that you can do as an individual and taking the time to research your annuity rates can really help you to save money. Research has shown that up to 40% of total income can be made by simply choosing the right annuity plan and if you do the right research you could save a substantial amount of money for your annuity income.

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