Quick question re: annuity quote

JJforever

I just had a quick question in relation to accepting an annuity quote.

If you accept an annuity quote, can you before it starts, make an amendment to it? For eg can you change the guaranteed period from 5 to 10 years? Obviously the income would be reduced but would the insurance company allow it or would you have to do a new quote and go through the process again?

Thank you in advance.

ali_bear

I think this would depend on the broker, what their terms are and what they are capable of. Certainly you can cancel the application, and even after the deal is done you will have a cooling off period. But you can't return any TFC once it is paid out. It would be a new quote but this takes minutes. Talk to the broker.

DRS1

When I applied for an annuity the paperwork said I had 30 days to cancel the policy (from the date I received the quote).

Changing 5 years to 10 years might not be a big change but I suspect it would involve a new quote (though they won't need all the same information again - they already have it: they would probably just need you to confirm that nothing else has changed since the first quote). As above if you are using a broker or IFA check with them.