Purchase Life Annuity

dunstonh

Well I admit it's my first ever dealings with any IFA but I found them to be very unclear about what they could offer.

The problem is that the IFA should be telling you what they offer after an assessment of the needs. Not the other way around. This can lead to an immediate questioning of understanding and knowledge. Especially when the person is suggested they want an obscure product.

Purchased life annuity is generally something you usually eliminate in your research rather than something you recommended. The only time I have ever seen one recommended as best advice was an exam question (as they ignore commercial issues and only focus on generics).

bigfreddiel

Blue22 wrote: »

Well I admit it's my first ever dealings with any IFA but I found them to be very unclear about what they could offer. There appeared to be an assumption that I was totally financially illiterate whilst some of the things they said were just dumb, and showed they really had no idea of basic maths! Also all were insisting on a face to face meeting and felt several hundred pounds was a fair fee for an hours chat.

Ok I'll edit this, I've just found a very good FA!

I found exactly the same when I spoke to one. Assumed I was complete financial illiterate, and that my wife was just sitting in to make cups of tea and serve a few pieces of cake.

When I asked questions he was evasive and only when I used actual examples did he reluctantly star giving clearer answers. Then when I questioned the basis upon which he based his answers he became very defensive and promised to email me his initial findings. Luckily this was all free, and his email didn't tell me anything I didn't know. Needless to say he refused to answer any further questions and just ended the consultation like that. Not entirely professional in my mind.

Maybe I was just unlucky.

Cheers fj

jamesd

kidmugsy wrote: »

How old? Would she/he consider buying a top-up for the state retirement pension?
https://www.gov.uk/statepensiontopup

Products will need to account for age and health to be a good deal in this case. State pension deferral is clearly not going to be appropriate in the circumstances.

Immediate needs or very enhanced other annuities will be the appropriate annuities. It's not clear that an annuity is the correct choice, though immediate needs seems like the best of the options and is intended for the relevant sort of life expectancy.

kidmugsy

jamesd wrote: »

Products will need to account for age and health to be a good deal in this case. State pension deferral is clearly not going to be appropriate in the circumstances.

It's not deferral I've linked to but top-up, the terms for which are related to age though not to health. We have been told very little but there's no reason at present to rule out top-up for part of the capital.

jamesd

Top up is also probably ruled out as well due to health but could be compared to any annuity approach just to ensure it doesn't offer a better deal, unlikely though it is.