Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | LV strengthens its enhanced annuity offeringLV= strengthens its enhanced annuity offering meaning people with minor medical conditions could be entitled to higher levels of income
By: Lucy Pope In addition to the medical conditions already accepted, customers who have a combination of milder conditions, such as high blood pressure and high cholesterol, and disclose them at application, may now be eligible for an enhanced annuity rate and an increased income in retirement (http://www.lv.com/ Customers suffering from two or more mild medical or lifestyle conditions may now be able to qualify for enhanced annuity (http://www.lv.com/ Matt Trott, Head of Annuities (http://www.lv.com/ "It is therefore even more important that customers are open and honest about their health and medical conditions with their financial adviser. Even relatively minor conditions could increase the income they receive in retirement for the rest of their life." Examples of potential income increases, with the improved LV= product, compared with a standard annuity from the market leading provider: - A 65-year-old male smoker could receive an extra £147 in income each year, equivalent to an increase of 3.2%*, having disclosed he is receiving treatment for high blood pressure and high cholesterol, as well as being obese. - A 65-year-old male smoker who is overweight who purchases a joint life annuity that will provide a 50% dependant benefit to his 62-year-old wife, will receive an extra £167 in income each year, equivalent to an increase of 4.8%**, having disclosed he is receiving treatment for both high blood pressure and high cholesterol. About LV (http://www.lv.com/ LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007. LV= employs over 3,500 people, serves more than 2.5 million customers and members, and manages around £8 billion on their behalf. We are also the UK’s largest friendly society (Association of Friendly Societies Key Statistics 2008. Total net assets) and a leading mutual financial services provider. LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF. - Ends - Notes to editors: * Annual income of £4,684 after client disclosed further lifestyle and medical conditions, versus £4,537 source: LV= quotations as at 18/11/08. NB: Starting annuities assuming a male single life based on a lump sum of £50,000, annuity payable monthly in advance with no guarantee period. ** Annual income of £3,672 with LV= enhanced annuity, versus £3,505.32, source: FSA comparison tables as at 11/11/08; LV= quotation as at 11/11/08. NB: Starting annuities assuming a joint life based on a lump sum of £50,000, annuity payable monthly in advance with no guarantee period. Spouse/partner annuity of 50% payable without overlap. For further information please contact: Lucy Pope Press Office LV= County Gates Bournemouth BH1 2NF 01202 502 204 www.LV.com End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|