Life annuities can be considered a sensitive topic by some people. After all a group of complete strangers will estimate your mortality date basing it on your gender, year of birth, where you live, where you were born, the age your parents died and your health habits.
Long story short, you’re supposed to give away some of your most private information just so that your annuity agent is able to tell come up with your predicted mortality date.
From an investment point of view, annuity is not the greatest idea. Anyone relatively interested in the stock markets and so on will tell you that investing your entire portfolio in a single product could prove to be one of the biggest mistakes you’d ever make.
However, speaking form perspective of cash strapped seniors it’s a perfect solution. You give a sum of money to your annuity provider and in return you are promised a monthly payout, on average for the rest of your life.
Of course, there are different options and settings to be customised to your personal needs. Should you qualify, you could opt for impaired life annuity, fixed term annuity or a standard retirement annuity.
These could vary in the aspect of higher rates and so on, so make sure you choose the right annuity for you before signing the contract. Make sure you research the market in order to find the best annuity rates, compare quotes and take some time to go through it with a specialist.
Annuity Marketplace can help you find the best pension annuity suited exactly to your requirements. Get in touch and find out exactly what we can offer you today.