Money Helper Annuity Quotes

Stoodles

Are the figures produced by the Money Helper site reasonably reliable?

It is showing a figure of £6500pa for an annuity on two lives, aged 70 and 63, with one minor and one major medical condition.  That is on the basis of 100% joint income and 100% value protection, increasing by LPI, which I understand to be RPI capped at 5%.

Does that sound about right for a pot of £134k? It is more than I was expecting. I had been thinking of waiting until we were aged 75 and 68 to consider an annuity, but if these figures are accurate might go for it now.

flaneurs_lobster

At what cost?

DRS1

Retirement Line have an annuity quote page but be prepared for a follow up call.
Instant Annuity Calculator - How Much Income Could You Get? | Retirement Line
Hargreaves Lansdown also have one
Annuity Quote | Hargreaves Lansdown
You could check the figures on either of those.  Retirement Line will probably give you a similar order for the best insurers but HL may give you something different.

Stoodles

flaneurs_lobster said:

At what cost?

I meant to include that!  It's £134,000 from the pension pot, having already taken the 25% tax-free lump.

I have edited the OP for clarity.

squirrelpie

DRS1 said:

Hargreaves Lansdown also have one
Annuity Quote | Hargreaves Lansdown

FWIW, I've been trying to get a quote via HL but I can't enter any medical details online. They've told me I'll have to send details through the post to get a quote.

edit to add: I just looked at the Retirement LIne page and it doesn't seem to offer medical input at all!

DRS1

squirrelpie said:

DRS1 said:

Hargreaves Lansdown also have one
Annuity Quote | Hargreaves Lansdown

FWIW, I've been trying to get a quote via HL but I can't enter any medical details online. They've told me I'll have to send details through the post to get a quote.

edit to add: I just looked at the Retirement LIne page and it doesn't seem to offer medical input at all!

That is odd.  I thought I was able to do that on both of those sites last year.  

DRS1

I just looked up my old quotes at HL but they were more than six months old so I can't tell the details but there is an Add Medical Details heading .  It let me start putting information in but I did not get very far down the track as I don't need a quote.

DRS1

Yes I see what you mean about Retirement Line even when I go through the enhanced annuities bit the calculator does not seem to let you put in medical details.  At least they have an 0800 number.

Stoodles

I've just tried the HL quotes, and was able to enter Medical Details. Quotes came out similar to Money Helper - a little lower, but HL didn't let me set the start date, so was quoting for our current ages of 69 and 62

DRS1

But at least you know the figures from Money helper are not way off.