New Underwriting Bureau in the Pipeline for Annuities, says My Pension Expert
Some good news for retirees with the potential introduction of a new underwriting bureau for annuities meaning potentially better annuity rates for more people who suffer ill health.
(PRWEB UK) 27 October 2012
Several pension and reinsurance companies are interested in launching a pension annuity underwriting bureau, which would let consumers obtain up to date medical details before purchasing or shopping around for the best annuity rate.
Origo has undertaken a study that looks into whether launching this body would be beneficial and achievable. The companies that are interested in this launch include Legal and General and other leading pension providers.
The overall aim of the bureau would be to allow people to give medical information about themselves when shopping around for the best annuity deal. The bureau could prove to be beneficial, as it would help people to shop around and not go with the first provider they find.
The bureau is a viable option due to the infrastructure already being in place, however, finances are a significant factor and crucially the next step is to ensure all providers support the idea.
Scott Mullen of My Pension Expert is welcoming the idea as on the whole, the scheme would be beneficial for consumers.
My Pension Expert is a company of Diploma qualified Independent Financial Advisors who specialise in the at retirement market.
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