LV=, a leading impaired life and enhanced annuity rates provider to launch fixed term annuity earlier than planned. It’s new annuity will now be brought forward and launched in the first quarter of next year. Money Marketing revealed back in August that LV= (previously Liverpool Victoria) was looking to launch a temporary annuity product to rival those available from Living Time. Living Time’s income plan offers retirees a guaranteed income for a minimum period of three years, up to age 75, with a guaranteed capital value at maturity, which is actually determined at outset.
Since then, a number of insurance companies (the annuity providers), including Aviva and Metlife, have expressed great interest in launching similar offerings. LV= head of annuities Matt Trott said that they are aiming to launch in the first quarter of next year. Things are progressing well with the development of the product, and there are, he feels, plenty of opportunities in this area, very much to run alongside their enhanced annuity and impaired life annuity products. Hargreaves Lansdown analyst, Nigel Callaghan, suggests that it is fantastic news that LV= is aiming to launch their new product so soon. The more the merrier, he would say, adding that, in his view, this is where the money is and it will probably be a huge growth area. He is surprised it has taken a company some 12-18 months to follow Living Time.
