It is often said that clients don’t choose annuities because their beneficiaries get nothing back when they die – this option can help address that concern, as long as the total income already paid doesn’t exceed the protected amount chosen.
So regardless of whether any of these death benefit options are chosen, it is really important to ensure proper consideration is given to the financial implications for those who would be left behind on the annuitant’s death. And wherever possible clients should be encouraged to involve their partner or family in discussions on finance and the choices around income in retirement.
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Emma Watkins is managing director of retirement and longstanding at Scottish Widows
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