Just Retirement looks to launch LTC product
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Private equity firm Permira is to inject £25m into Just Retirement for product development under the £230m takeover deal recommended by the firm’s directors last month.
Just Retirement plans to dev- elop its existing purchase life annuity into an immediate needs annuity, which is subject to more favourable tax treatment. Partnership Assurance and Axa are the only players in this market.
Just Retirement is also considering launching protection products specifically for older customers, which could include guaranteed whole of life, health care and funeral planning cover.
Head of research Nigel Barlow says: “If you are over a certain age, even if you are perfectly healthy, protection is likely to be extrem- ely expensive or full of exclusions if you can get cover at all.
“Our underwriting experience in annuities could be turned around to provide for segments of the retired population. We are looking at where we would fit in to the market.”
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