Aviva has improved its enhanced annuity rates service, where it provides online annuity quotes for advisers. It aims to make it easier for them to get the best retirement income for their clients. The provider has added certain medical questions to quotes which will enable it to identify clients who would get an improved income in retirement with an enhanced annuity because they have certain medical conditions. Aviva has also recently introduced automatic underwriting in respect of calculating annuity rates.
Clive Bolton, retirement director at Aviva (which was Norwich Union), said that they know clients are often confused by terms such as standard annuities and enhanced annuities and they have really looked at how to make it easier for them. Clients shouldn’t have to ask for an enhanced annuity and the best possible annuity rate, as providers really have a responsibility to give it automatically to them. The medical questions will be added to pension maturity packs which are sent out to clients who are about to retire. This move is the latest in a line of improvements introduced by Aviva to its underwriting process.
