The Exchange is extending its annuity comparison service by offering a ‘real time’ quotation service with two providers signed up and others set to follow.
Just Retirement, experts in impaired life and Legal & General are the first providers to support the service.
The quotation service will offer standard, smoker and enhanced annuities, detailed quote input and client specific illustrations and will allow advisers to store and retrieve quotes and offer comparative results
The personalised real time service claims to be the first offered by a portal although Origen and Hargreaves Lansdown already offer quotations rather than illustrations on annuities.
The Exchange managing director David Child says: “Annuity rate tables have been in place for several years but advisers and providers have always been very keen to receive a more advanced, real-time system. Following the lead of Just Retirement and Legal & General, we expect other providers to join the service shortly.”
Origen head of annuities Nick Flynn says: “I can see this being great news for many generalist advisers rather than specialists and it is good to see Just Retirement on there as they are experts in impaired life. They have offered this service on PTA and bonds so it is nice to see them catching up on annuities.”