An annuity is an insurance contract that an investor purchases from an insurance company typically using their pension fund.
An annuity is different to a normal pension pot. With an annuity, you pay the annuity provider a lump sum of money in return for an annual income for the rest of your life.
An annuity can be a good source of income if you live a long life. However with some annuities, if the investor dies or their spouse dies, the annuity may be cancelled and your family will lose out on their invested lump sum.
Examples of negligent annuity advice
You may have been mis-sold an annuity if:
- At the time of purchasing the annuity, the financial adviser failed to advise you that there was a better annuity available on the market that you could have taken out. /li>
- The financial adviser failed to discuss your health or consider any existing medical conditions you may have had.
- The financial adviser failed to consider whether you smoked or drank to an excessive level.
If you believe you have been mis-sold an annuity or were given negligent advice, you may be entitle to claim compensation. Get in touch with our professional negligence team on 01924 457171 for a free, no obligation consultation.