Partnership launches simplified medical form for annuities
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Partnership has launched a simplified application form for enhanced annuities.
Money Marketing revealed in February that the firm had tied up with Origen Financial Services in a deal to provide its enhanced annuities using the new simplified form.
Partnership says advisers will be able to transact an enhanced annuity online using 10-12 simplified yes or no medical questions designed to cover the majority of smaller enhanced cases. It says it will enable them to process small cases quickly and profitably while still delivering an enhanced rate to customers. Advisers will be free to take up to 5 per cent commission.
According to Partnership, the proposition, which uses technology designed by 1st-The Exchange, will help advisers provide better value for the 80 per cent of people retiring with funds below £30,000.
Managing director for retirement Andrew Megson says: “Many people are unable to take full advantage of their right to shop around for an annuity because their funds are too small to make it viable for the adviser community to guide them to a solution that could deliver them far better value.
“Partnership has developed a solution to this problem that rests at the heart of treating customers fairly. By providing answers to a short series of basic health and lifestyle questions, using a platform designed for speed and intuitive use, clients stand to benefit from the increased income of an enhanced annuity.
“This makes it far easier for advisers to grow their business exponentially in this important and neglected area of the market.”
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