Annuity Buying

LV_426

dunstonh said:

LV_426 said:

westv said:

wjr4 said:

Qyburn said:

I couldn't get an answer out of that site without some pages of medical questions.  Is there an option other than the "Get started" button on that page?  Hargreaves Lansdown let's you skip the medical questions on their quoting tool.

Why would you not put your medical info in? 

Or, as I suggested a few posts ago, just make something up around th e average, just so it shows average results.

What happens if you lie and say you're a smoker, to get a better annuity rate?

They sample check some applications with a cotinine test.  Get caught on that one and you end up on the fraud registers for the rest of your life.  Your car and household premiums will go through the roof.    And on death, if the death certificate shows death to a smoking related disease, they can claim back the amount overpaid from the estate.

But if you lied and said you were a smoker (in order to get higher rates), and in fact you weren't, are they using the cotinine test to check for traces of nicotine in your body. And this could be passed by smoking a few cigs before the test?
And why would they be claiming back overpaid amounts if you DID die of a smoking related disease? Doesn't that go in your favour, if you've previously falsely stated you were a smoker?

By the way, I'm not saying do this, as it's clearly fraudulent, and I wouldn't want the consequences you've highlighted. 
Just playing Devil's advocate.

Albermarle

dunstonh said:

LV_426 said:

westv said:

wjr4 said:

Qyburn said:

I couldn't get an answer out of that site without some pages of medical questions.  Is there an option other than the "Get started" button on that page?  Hargreaves Lansdown let's you skip the medical questions on their quoting tool.

Why would you not put your medical info in? 

Or, as I suggested a few posts ago, just make something up around th e average, just so it shows average results.

What happens if you lie and say you're a smoker, to get a better annuity rate?

They sample check some applications with a cotinine test.  Get caught on that one and you end up on the fraud registers for the rest of your life.  Your car and household premiums will go through the roof.    And on death, if the death certificate shows death to a smoking related disease, they can claim back the amount overpaid from the estate.

The last sentence does not seem to make sense ( as noted by the last two posters) . Is there a word missing ?

dunstonh

Albermarle said:

dunstonh said:

LV_426 said:

westv said:

wjr4 said:

Qyburn said:

I couldn't get an answer out of that site without some pages of medical questions.  Is there an option other than the "Get started" button on that page?  Hargreaves Lansdown let's you skip the medical questions on their quoting tool.

Why would you not put your medical info in? 

Or, as I suggested a few posts ago, just make something up around th e average, just so it shows average results.

What happens if you lie and say you're a smoker, to get a better annuity rate?

They sample check some applications with a cotinine test.  Get caught on that one and you end up on the fraud registers for the rest of your life.  Your car and household premiums will go through the roof.    And on death, if the death certificate shows death to a smoking related disease, they can claim back the amount overpaid from the estate.

The last sentence does not seem to make sense ( as noted by the last two posters) . Is there a word missing ?

Yep. What I wanted to say and what I typed being two different things.

cobson

What was the missing word ? Surely you are not saying that if an alleged smoker doesn't die of a smoking related disease they can claim back the money ?

westv

The final sentence makes perfect sense to me as it is.

[Deleted User]

westv said:

The final sentence makes perfect sense to me as it is.

It does if one is a bit confused between life insurance and annuities. 

Effectively they insure against the opposite events. In the former case its early death. In the latter case its outliving your money.  So pretending to be a non-smoker is silly if you are buying annuity. And not just because lying is silly but you’ll be paying higher premiums.  If you die earlier than expected from a smoking related disease the annuity provider will be saving money so he won’t have any claim against your estate. 

westv

Deleted_User said:

westv said:

The final sentence makes perfect sense to me as it is.

It does if one is a bit confused between life insurance and annuities. 

Nobody has mentioned life assurance have they?

[Deleted User]

westv said:

Deleted_User said:

westv said:

The final sentence makes perfect sense to me as it is.

It does if one is a bit confused between life insurance and annuities. 

Nobody has mentioned life assurance have they?

No but dunstonh’s comment makes zero sense if he meant annuities. It would make total sense in relation to life insurance. The two products got mixed up. 

dunstonh

westv said:

The final sentence makes perfect sense to me as it is.

No, it should have had just the bit on the cotinine test and future checks on GP records. There should be no reference to death cert.

cobson

dunstonh said:

westv said:

The final sentence makes perfect sense to me as it is.

No, it shouldnt have had just the bit on the cotinine test and future checks on GP records.

err, shouldn't that be should ?