annuity...is this the norm?

FLOWERPOT

I am searching open market for an annuity and am told that ALL providers will not offer enhanced annuity to smokers unless you have smoked at least 10 cigs EVERY DAY for last 10 years.Even admission to hospital for op. where you can't smoke means you don't qualify??. I have smoked for 45 years and am trying to stop (6 weeks) but 3 weeks before my annuity means I don't get enhanced rates!!! No incentive to stop until you've retired???

dunstonh

and am told that ALL providers will not offer enhanced annuity to smokers unless you have smoked at least 10 cigs EVERY DAY for last 10 years.

Firstly, most annuity providers dont enhance the terms at all. They offer just a standard rate. For those that do offer enhanced terms, the 10 year rule is normal.

Even admission to hospital for op. where you can't smoke means you don't qualify??

Unless you stopped for a prolonged period (in the time of months) then it wouldt impact.

No incentive to stop until you've retired???

I suggest you get an IFA involved as you are making assumptions that may not apply. Plus, the best enhanced annuity providers do not retail direct to provider but only through an IFA.

FLOWERPOT

dunstonh wrote: »

Firstly, most annuity providers dont enhance the terms at all. They offer just a standard rate. For those that do offer enhanced terms, the 10 year rule is normal.


This is fine except for the one day off rule insisted upon.


Unless you stopped for a prolonged period (in the time of months) then it wouldt impact.

I suggest you get an IFA involved as you are making assumptions that may not apply. Plus, the best enhanced annuity providers do not retail direct to provider but only through an IFA.

The information was provided to me through the reputable broker, which specialises in annuities, I found through this site.
Not smoking is better but after 45 years I don't think the medical profession would consider I will live as long as a nonsmoker.
Heads the provider wins, tails we lose.

CannySaver_2

Hi

I'd get this checked out with another IFA or indeed ring the provider direct, it really doesn't sound right.

The alternative, take up smoking again (or say you have :cool:) until you get your Annuity and then quit.

The Canny Saver

dunstonh

The information was provided to me through the reputable broker, which specialises in annuities, I found through this site.

don't mistake a website focused on annuities as being a specialist. often these are little more than factory line style provision where low skilled staff process applications and information as quickly as they can before moving on to the next one. Those with the true specialist knowledge would not operate that way as it would be a waste of their skills.

I don't know which company you are using but past posters have said that their local IFA came in better than those they tried online.

Considering the misinformation you appear to have, you would be better off using a local IFA.

fairleads

FLOWERPOT wrote: »

I am searching open market for an annuity and am told that ALL providers will not offer enhanced annuity to smokers unless you have smoked at least 10 cigs EVERY DAY for last 10 years.Even admission to hospital for op. where you can't smoke means you don't qualify??. I have smoked for 45 years and am trying to stop (6 weeks) but 3 weeks before my annuity means I don't get enhanced rates!!! No incentive to stop until you've retired???

I'd have thought that the cost saving on becoming a 'born again breather' would be incentive enough, let alone the health benefits.