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L&G extends direct service to enhanced annuities

Legal & General has extended its annuity solutions service to offer enhanced annuities directly to consumers as well as its postcode product.

L&G’s enhanced annuity covers an extensive range of lifestyle and medical health risks which include smoking and high blood pressure, through to more serious medical conditions such as stroke, heart disease and cancers.

The firm says the specialist Annuity Solutions team will help customers ensure they disclose all the relevant information.

Head of annuity product development Tim Gosden says: “The Annuity Solutions service is proving to be very popular and it’s clear that there is a demand from customers who feel confident enough to buy a pension annuity themselves.

“Given the success of the service to date, providing the ability for customers to arrange an enhanced annuity seemed the logical next step.

“As we will accept funds of a lower value than many other providers, we believe that more customers will be able to benefit from the improved income an enhanced annuity can offer.

“We continue to believe and support the need for customers to get independent financial advice but it is also important to provide customers with the choice to buy directly from us, if that is what they wish to do.”

The minimum fund value L&G accepts for enhanced annuities is £5,000 although the firm says it will consider funds between £5,000 and £1,000.

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