Cash In Annuity Or Not??

[Jennykenny]

My husband, aged 65, has an investment/annuity worth £56,000.
His insurance company is only offering him a £16,000 cash free amount, and about £2,000 a year for a maximum of ten years. I have written to them to say that his health is extremely poor, smoker for 40 years, brain damage due to alcoholism, uses a wheelchair, ( I am his main carer) and has no sense of balance. (Broken wrist, ribs, pelvis, thumb, ribs again.)
What it comes down to is that they will pay out a maximum of £36,000, and pocket £20,000. Which seems so unfair.
Is there anything I can do to get round this??
And second question, if we do nothing until he dies, will I be any better off if we don't cash in this annuity??

[Sqad]

http://www.annuitybureau.co.uk/

I used this firm and they were extremely helpful, particularly in getting an annuity based on poor health.

[Jennykenny]

Many thanks, will star with them.

[Old_Jim]

I don't think you have understood the full implications of what they are offering. Consult an independent financial adviser. He'll charge you a fee (ask for a quotation) but it will be small compared to the possible losses of making the wrong decision.

[factor-fiction]

I agree there is likely to be a misunderstanding but I'm not sure it's worth paying for financial advice for what is a smallish pension pot. See what other quotes you get. There will be better deals available. If they still seem poor value then seek advice

[themas]

I don't understand this. An annuity is normally for life, & there are rules & regulations the insurer has to comply with. In any case you are not committed to buying one from that particular insurer. Definitely get more quotes - annuity bureau or annuity direct are possibles.