Is there a difference between annuity providers?

26th July 2012

The annuity marketplace is just as competitive as any other business and it’s one area where there are a number of different providers each vying for your business. In general, annuity is big business and therefore you may find that it’s actually a marketplace that is often more competitive than many others and that there are a number of offers and benefits available depending on your annuity provider.

Once you purchase an annuity you have to keep it for the remainder of your life, so it’s important that you choose an annuity provider that gives you a good return for your money. Shopping around and considering a range of different annuity providers can really make a difference here and it’s worth looking at a range of companies before making your final decision.

Why do I need to consider different features and benefits?

Annuity incomes differ from person to person, but they also differ from company to company depending on the different features and benefits that each business offers. Some annuity companies will focus on different benefits – perhaps for a certain sex or age – others will focus on healthcare and offer enhanced annuities to people who may have shorter life expectancies and might therefore be eligible for a higher annuity income.

In order to get the most out of your annuity you need to take into account your personal circumstances and find an annuity company that tailors to your individual needs – this might involve shopping around a little but you could be rewarded for it in the long run.

Could choosing a different annuity provider affect my retirement income?

Although most annuity providers will provide a similar level of annuity income, you could receive different benefits depending on the annuity provider that you choose, so it’s important that you shop around to find the annuity company which best suits you. Taking the time to consider different options can really help to bring your annuity income up, and over the long term you could see that you have made significant savings by choosing an annuity company which can cater to your individual situation.

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