Where will my income be paid?
Once you have signed up for an annuity one of the first questions that you will usually ask is “Where will my annuity income be paid?” – after all it’s important that you receive your hard earned annuity cash The most common and direct route of receiving it is through your bank account.
When you go to apply for an annuity you can arrange how frequently you would like it to be paid. Depending on the company that you choose to sign up with this could be monthly, quarterly, half-yearly or annually depending on what suits you.
How is my annuity income determined?
There are a number of different factors which come in to play when determining an annuity income however some are more important than others. When an annuity company looks at your individual case there is a number of things that they will take into consideration, but some of the most important factors include:
- Your age
- Your current health status, including any long-term injuries and illnesses that you might be suffering from
- Your lifestyle habits including any smoking, drinking or recreational drugs that you might use
- Your location – where you live and your postcode can have a direct impact on your income.
How can I change the level of annuity that I receive?
There are a number of factors that you can take into consideration which can have an influence on the amount of annuity income that you receive. One of the first factors is making a decision to choose between a single and a joint annuity, especially if you have a partner as this can have a big impact on your final income.
You can also choose to shop around for an annuity which suits your individual situation, for example if you are suffering from injuries and ailments then you might choose to look at an enhanced annuity, especially if you have a long-term illness, this can guarantee you a higher level of annuity return if you are believed to have a lower life expectancy.