Cost To Take Out An Immediate Needs Annuity Policy

[barnaclebill58]

This is a specialist area and there are only two providers -but I have discovered that you must buy a policy via an intermediary. I've rung a couple of intermediaries and been quoted around £1500 just to get a price and around another £2500 if I proceed. Now I know noone works for nothing and it would therefore appear that the two providers don't pay commission. I 'll continue shopping around but does that seem a fair price and does anyone know who will do it for significantly less, please?

[Buenchico]

Since 2013 financial advisers have been prohibited from accepting commission from annuity providers (as well as in relation to pensions and investments), so all financial advisers now have to charge fees. (That's why most banks have withdrawn from offering financial advice to their customers).

You can find general advice on the Government-funded Money Advice Service website:
https://www.moneyadviceservice.org.uk/en/articles/immediate-needs-annuity
Clicking through from there to UK Care Guide website provides some examples of cost.

[Buenchico]

PS: If you use the SOLLA links on that page you'll be able to find more advisers, so that you can contact them to find out what they'd charge you for their services.