View more on these topics

L&G doubles annuity quote guarantee period to 35 days

Legal & General has extended its annuity quote guarantee period from 18 days to 35 days in a bid to ease time and cost pressures on advisers and direct customers.

The extended guarantee period applies to both standard and enhanced annuity quotes and comes into effect immediately.

The provider will also continue to offer its ‘Best Rate Guarantee’ facility, meaning if annuity rates improve within the quote guarantee period the better rate will automatically be applied.

L&G individual retirement solutions head of strategy Tim Gosden says: “We’ve been aware that the length of the guarantee period can place some customers and intermediaries under unnecessary pressure when they are in the process of trying to secure the best retirement income solution. 

“By effectively doubling the annuity rate guarantee period from 18 to 35 days, we believe that significantly more customers will be able to secure their annuity income on the terms originally quoted by us and potentially benefit from our ‘Best Rate Guarantee’.

“Given the often ‘one off’ nature of annuity purchase, making the right decisions  is very important and so we hope  our new extended guarantee period will mean that customers and intermediaries have extra time to  consider the options without the worry and financial consequences of missing the annuity rate guarantee deadline.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com