Legal & General (L&G) is looking to extend its direct service offering into the enhanced annuity market place. It has extended its pension annuity solutions service to now offer enhanced annuities directly to consumers as well as the postcode product it already has in place.
L&G’s enhanced annuity offering covers an extensive range of lifestyle conditions and medical health risks which include, amongst others, smoking and high blood pressure, through to more serious medical conditions such as stroke, heart disease and various cancers. It says that its specialist Annuity Solutions team will help consumers ensure they disclose all the relevant facts and information.
L&G’s head of annuity product development, Mr. Tim Gosden states that the Annuity Solutions service is proving to be quite popular and it’s clear that there is a demand from consumers who feel confident enough to make a purchase themselves. He added that, given the success of this service to date, providing the ability for consumers to arrange enhanced annuities themselves seemed the logical next step.
They will accept funds of a lower value than many other providers, and believe that more consumers will be able to benefit from the improved retirement income enhanced annuity rates can offer. They continue to believe and support the need for consumers to get independent financial advice but it is also important to provide them with the choice to buy directly, if that is what they wish to do. The minimum fund value they L&G accept is £5,000 although they do says they will consider smaller amounts.
