People should seek financial advice before deciding which type of annuity is right for them, Norwich Union advises.

Media relations executive at the insurer Robert Pell said that an annuity will be "the most major purchase" for people's retirement, because "once you've bought it, you've got it for the rest of your life".

He stated that numerous factors should be considered prior to deciding what type of annuity to purchase, such as the individual's amount of money, their attitude to risk and whether they plan to release equity from their home.

Mr Pell also pointed out that impaired life annuities - which offer higher incomes for individuals with shorter life expectancy due to ill health - allow people to get "more value out of their pensions"

Consumers can opt for a single life annuity, which may be suitable if an individual doesn't have a spouse, or a joint-life annuity which will continue to pay an income to the spouse, partner or financial dependent after the individual dies.

Norwich Union is an Aviva company. Aviva is the world's fifth-largest insurance group and the largest insurance services provider in the UK.