Just Retirement, the enhanced annuity specialists this week launched their ‘tele-underwriting’ service which will allow potential annuitants to better guage whether they are eligible for an enhanced annuity. Enhanced annuities are offered to those retirees who have a medical condition or ‘lifestyle’ choice which is deemed to impact adversely on their life expectancy.
According to the company only one in six retirees access these types of annuities, despite the fact that it is estimated that up to 60% could be eligible. The problem stems from the fact that not all providers offer enhanced annuities and that most annuitants do not shop between providers and therefore miss the chance of increasing their income.
Just Retirement Director Stephen Lowe argued that his company’s …”innovative new service, is an important step in ensuring thousands more people do not miss out.” He went on to add that the company would be launching other additional services in the coming year.
Just Retirement have benefited from the increase in sales of enhanced annuities last year, with their own second quarter group sales increasing 7.4% year on year.
