The main goal of any person who has retired is to usually convert the savings that they have built up towards their retirement into a regular source of cash, so that they may continue having an income. A lifetime annuity is what will usually determine the amount that you are paid, and since you will be paid until you die, it is best that you take the time to find a provider offering the best quote.
There are people who will usually take the first quote that they get although it may not be the best. So, how do you find out which annuity is best and what is the best way in actually obtaining it?
To start with, it is important that people realize that they do not need to purchase their annuity from the same firm that also holds their pension funds. A person can shop around and they may get lucky by getting a better offer from another firm for their annuity.
The Open Market Option offers people a chance shop around and get the best annuity quotes and if you are looking for the best quote, then this is essential in order to obtain the best deal and therefore best income from the pension pot available.
There are a number of annuities that you can choose from, but the most popular are lifetime, unit linked, with profit and enhanced annuities. However, the choice that you make for your annuity will usually be based on your sex, age, health and even marital status.
However, your preference will also contribute to deciding which annuity to choose. It is also important that the rates that you will be paid are determined beforehand so that you may make an even better choice. For instance, people with a serious medical condition can go for the enhanced annuity, since these schemes offer a greater annuity based on the fact people who qualify may not live for as long as a healthy person.
Therefore, there are many annuities that are offered in the market today, and it is up to a person to make the choice on what they want to get. But it is advised that annuity experts are consulted so that a person can be able to make a choice based on informed knowledge. This is important since once you make your choice, you will be stuck with it for the rest of your lifetime.