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Just Retirement launches OMO tele-underwriting service

Just Retirement has reached a deal with Openwork to distribute a new phone underwriting service designed to improve the way people shop around for retirement income.

The service, which goes live today, is run by a team of over 50 medical professionals who conduct a short phone interview with the customer.

The medical team ask clients a series of questions to provide information to Just Retirement’s underwriting systems.

Just Retirement external affairs director Steve Lowe says the firm will look to offer the service to other distributors and providers.

He says: “This takes away all the aggravation from the IFA, who might not want to spend 30 minutes interviewing the customer and it gives them comprehensive information so they can search the market.

“Rather than just whingeing that the open market option is not working, we have put our money where our mouth is to provide a solution to make it easier. If we can prove this works with Openwork, we can start rolling this out across other distributors, hopefully with other product providers joining in.”

Hargreaves Lansdown head of advice Danny Cox says:“Telephone underwriting has not worked in the life insurance market, so it is difficult to see why it might work in the annuity market. Essentially, it is adding a stage to the process and, with all those medical professionals, it is a very expensive stage.”


Standard says auto-enrol into pensions and Isas

The Government should allow employees to be auto-enrolled into both pensions and Isas as part of a radical shake-up of the savings regime, according to Standard Life. In its response to the Treasury’s call for evidence on early access to pensions, Standard says employees should be able to pay 4 per cent of salary into […]


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SG Wealth Management director Neil Shillito recounts how he and fellow directors hammered out a plan to build a fee-based business and how
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Tory peer criticises local authority pension contribution hike

Conservative chair of the Local Government Association Baroness Eaton has attacked Government plans to increase pension contributions for local authority employees by 3 per cent, the Observer reports. In a letter leaked to the paper, Eaton warns Chancellor George Osborne (pictured) of “strong evidence” of mass opt-outs from the Local Government Pension Scheme if the […]

John Joe McGinley, Business consultancy manager, Aegon

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Spiders top a list of most people’s phobias but if you talk to an adviser, it seems that the fear of transition is occupying their thoughts. The symptoms and the cure for what I call transitionophobia are outlined


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