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GE Life to simplify impaired life annuity

GE Life is looking to extend its presence in the annuity market with an impaired-life product and a strategic review looking at new products to add to its annuity range.

A simple impaired-life annuity product with no underwriting is planned for the autumn as GE Life believes consumers and IFAs want impaired-life annuities that can be bought easily and without the intrusion of having to get medical records.

The firm is also looking at new flexible annuity products, focusing on the investments that underpin annuities. It is considering unit-linked, self-invested and property-based options.

More details of the new range of flexible annuity products are to be published at the end of the year and are expected to hit the market within the next two years.

GE Life says the market for flexible annuities is growing as the number of people leaving drawdown increases.

Head of pensions strategy David Lowe says: “We want to simplify the process of getting impaired-life annuities by offering a guaranteed rate free of underwriting.”

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