Smoking Annuities

pstuart

dunstonh wrote: »

roll ups and cigars still qualify for enhanced terms. However, they are less damaging than manufactured cigarettes so you have to smoke more of them to qualify.

Thanks for that, so you are saying that the insurance industry actually recognise the 'fact' that roll ups are 'better' for your health than maunufactured cigarettes

Loughton_Monkey

dunstonh wrote: »

roll ups and cigars still qualify for enhanced terms. However, they are less damaging than manufactured cigarettes so you have to smoke more of them to qualify.

A perception that 'cigars' means puffing on a huge Cuban one and not 'taking it down'. I smoke Castella Classic as if they were cigarettes, taking the smoke down just as if they were cigarettes.

mania112

do not start smoking again.

the cost of cigarettes/cigars/tobacco is more than the improved annuity rates.

EDIT: Plus you'll die earlier... probably a more important reason!

casey_junior

mania112 wrote: »

do not start smoking again.

the cost of cigarettes/cigars/tobacco is more than the improved annuity rates.

EDIT: Plus you'll die earlier... probably a more important reason!

Surely the harms already done?

mania112

casey_junior wrote: »

Surely the harms already done?

I'm not a doctor, but just because someone has successfully run across the road blindfolded doesn't mean they should do it again.

Smoking is only benefecial when it comes to taking an annuity (besides how cool you looked at school).

But (seriously) many providers nowadays are not too interested in Annuities, and you have to be on your death-bed before you qualify for enhanced rates.

But still, run some quotes with or without smoking and see what you can get

CannySaver_2

mania112 wrote: »

But (seriously) many providers nowadays are not too interested in Annuities, and you have to be on your death-bed before you qualify for enhanced rates.

I'm sorry but both of those statements are incorrect:

1. There are at least 12 if not more providers of annuities in the UK

2. You do not have to be on your death bed to get an enhanced annuity, relatively minor complaints can qualify. I doubt people with a combination of raised blood pressure & cholersterol, those with diabities, those who have recovered from cancer, all of whom would qualify for an enhanced annuity, would thank you for saying that they are on 'their deathbed'

The Canny Saver

mania112

CannySaver wrote: »

I'm sorry but both of those statements are incorrect:

1. There are at least 12 if not more providers of annuities in the UK

2. You do not have to be on your death bed to get an enhanced annuity, relatively minor complaints can qualify. I doubt people with a combination of raised blood pressure & cholersterol, those with diabities, those who have recovered from cancer, all of whom would qualify for an enhanced annuity, would thank you for saying that they are on 'their deathbed'

The Canny Saver

Did I say there wasn't many Annuity providers? Obviously a Pension Provider would like to keep their customers after 75 (or now, of course, whenever an Annuity purchase is made) so there are many many Annuity Providers.

All i meant by what I said is that many of the big names are no longer pushing for Annuity sales. I've spoken to many reps who have said they're not being asked to sell Annuities.

This is also reflected in the rates. Many providers are bidding themselves OUT of the Annuity market.

Your figure of 12 Providers is actually pretty low (whereas I think you're making a point that it's a high number?!)

Do you seriously believe it's huge market when an annuitant only has a choice of 12?

This also leads to the 2nd point, with these providers pricing themselves out of the market. It's increasingly difficult to qualify for enhanced rates for these providers i'm referring to in point 1.

CannySaver_2

mania112 wrote: »

Your figure of 12 Providers is actually pretty low (whereas I think you're making a point that it's a high number?!)

Do you seriously believe it's huge market when an annuitant only has a choice of 12?

This also leads to the 2nd point, with these providers pricing themselves out of the market. It's increasingly difficult to qualify for enhanced rates for these providers i'm referring to in point 1.

I think 12 annuity providers gives people sufficient choice, if annuity providers are too small you begin to question their financial stability.

No, I don't think it's a huge market but 12 I do think is enough, especially when you consider that an Annuity is only one of nine or 10 options people have when it comes to vesting their pensions.

I'm not convinced Annuity providers are indeed pricing themselves out of the market, why would they bother offering a product if they didn't want to sell any.

Finally, I just disagree with your last point it isn't increasingly difficult to get an enhanced annuity, more and more people are qualifying.

The Canny Saver

mania112

CannySaver wrote: »

I'm not convinced Annuity providers are indeed pricing themselves out of the market, why would they bother offering a product if they didn't want to sell any.

Providers want to offer Annuities to their existing clients with Pensions, so they don't lose that money when an Annuity purchase is made.

However, for new business the market and profit isn't there for them right now. They are focusing on drawdown products more now (it seems)

CannySaver wrote: »

Finally, I just disagree with your last point it isn't increasingly difficult to get an enhanced annuity, more and more people are qualifying.

Fair enough, perhaps i'm wrong on this, but it does seem that way based on cases we've had lately. I've also noticed the gap between the rates for standard and enhanced is getting smaller.

Russe11

Loughton_Monkey wrote: »

It is a matter of extreme irony to me, that I can't get an enhanced annuity, despite being a lifelong confirmed 20-a-day man. But I'm talking panatellas. Not cigarettes. Far worse, and yet enhanced annuities only apply to cigarette smokers!

120quid a week on smoking? gather you buy abroad?