When looking for fixed annuity rates you need to consider a few things before you rush in and buy an annuity from your insurance company. Around 40% of retirees qualify for Fixed annuity rates with enhancements for lifestyle or medical conditions.
40% qualify for enhanced fixed annuity rates
Industry figures show that around 40% of retirees could qualify for enhanced fixed annuity rates, not because of serious health issues as you might expect but for lifestyle or minor medical problems.
These minor health problems can be as simple as BMI (Body Mass Index) which to you and me is simply being overweight for our height.
Fixed Annuity Rate options
These are the options that are available with fixed annuity rates:
- Tax Free Cash
- Spouse/Partner Pension
- Frequency of income
- Income paid in advance or in arrears
- Increase in Payment (Escalation)
- Guaranteed payment period
Of course some of these will not matter too much to you.
The first on the list is tax free cash and you can take a maximum of 25% of the value of your pension fund before you buy an annuity. If you have a spouse then you should consider buying a continuing pension for them after you have died. Most insurance companies will allow you to take payment of your income either, monthly, quarterly, half yearly or annually, so you have complete flexibility of when you fixed annuity rates are paid to you.
AnnuitySupermarket always recommend that you seek the help of a specialist annuity service to help you get as much of an enhancement as you possible can. The annuity specialist will research the whole market to find you the best fixed annuity rates.