Using an Adviser
Buying an annuity is a once-in-a-lifetime event
You only have one chance to buy each annuity, because once the cancellation period has expired, the transaction cannot be reversed. An annuity has no cash-in value at any time. It is therefore vital that you get it right!
For this reason, Hodge Lifetime does not offer its annuities directly to the public. We require that all applicants receive some assistance with their purchase. This assistance usually takes one of the following forms:
Independent financial advice: An IFA is qualified to review all of your financial arrangements, and the role an annuity can play in your portfolio. If you do not already have an IFA, you can start your search using the www.unbiased.co.uk website.
Specialist annuity brokers: These brokers may or may not give advice. However, their service should assist you with selecting the most appropriate range of annuity options based on your circumstances, obtaining a range of quotes from a number of providers, considering whether you would benefit from an enhanced or impaired annuity, and with the completion of your application. Please note that the level of recourse you may have to the Financial Ombudsman Service is different depending on whether you receive advice or not.
If you wish to undertake some preliminary research, and gain a better understanding of the level of retirement income you can expect, a good starting point is the Money Advice Service, which offers an annuity comparison service to obtain quotes.Next Page: The application process