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Medical underwriter eyes secondary annuities market

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Medical underwriting specialist MorganAsh is planning to set itself up as a middle man for the secondary annuity market.

It is aiming to act as a first port of call for annuitants looking to sell their policies to the highest bidder, providing medical underwriting, checks on the annuity and on spouses, as well as delivering risk warnings.

In June Money Marketing revealed how the Government is pushing ahead with its proposals, and appears to be favouring a blind bidding process.

But last week the ABI called for the Treasury “not to rush” towards its April 2016 launch date, suggesting the reluctance of the buy side of the market could undermine the Chancellor’s plans.

MorganAsh managing director Andrew Gething says: “We could do the medical underwriting, check existing annuities, check on the spouse, checking if advice has been taken and give risk warnings.

“And we could do some indicative pricing. That would be helpful because one of the problem of the market would be a lot of people asking for quotes and relatively few transacting so any way of helping consumers could be part of the service.”

Gething expects his firm would be paid by the winning provider, or by individuals for indicative quotes.

For pot sizes below £10,000 he says this should be “pretty automated” and be free to customers, while it would cost around £50 for larger pot sizes.

MorganAsh currently provides underwriting and administration to life companies in the protection, annuities and pension markets.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Excellent. Whilst I’ve been moaning about how this tricky bit gets swept under the carpet, Morgan Ash’s solution sorts a lot of the potential problems, IMHO. (They’re not paying me to say this, but I don’t mid a thank you by cheque!)

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