Retirement_Planning_Header_700
Retirement_Planning_Header_700

Manage longevity risk

Compliant DB transfers

We provide an independent longevity report for compliance files.

Life insurance for Impaired lives

We do all the administration, submit to the insurers, and obtain quotes.

Vulnerability and mental capacity checks

An independent medical service to assess and understand vulnerable clients



Our success

  • Launched in March 2012
  • Rolled out to all advisers
  • All pensioners medically assessed (Not just the ill)
  • “The most successful Nationwide new product launch ever.”

“After 40 years of working and saving hard we want retirees to have a long and enjoyable retirement. However, worrying about money and confusion over the best retirement income options can be highly stressful at this pivotal time. We launched the Nationwide Annuity Service to help retirees secure the best possible annuity income available and take away the confusion by making advice available on the high street to customers. The MorganAsh service is an essential component in our service to help our customers secure the highest possible retirement income available.”

Guy Simmonds, Head of Product, Protection and Investments


"The MorganAsh service is an essential component in our service to help our customers secure the highest possible retirement income available.”

Guy Simmonds, Nationwide
  • Piloted in 2013
  • Rolled out to all Partners in Jan 2014
  • Consistently getting better rates than other Advisers

The service focuses on the consumer,  comparing the options of draw down and guaranteed annuity income, and has therefore been unaffected by the changes in the budget in April 2014.

 

"I think that the MorganAsh service should be used for all cases. Would have taken me a long time to complete all of the forms and I’m amazed by how quick your service is."

-Keith Kemp, SJP Partner, Essex Finance Solutions

“Very pleased that we managed to obtain a better quote for our client with Just Retirement than a rival adviser from another FA company. This saved us the business with this client who has a lot of money managed through us.”

-Andy Lees, SJP Partner, Lees Wealth Management


“Many thanks for being so efficient with this case. Much appreciated!”

Matt Holden-Jones, Managing Director, H-J Wealth Planning Ltd

Helm Godfrey is one of the UK’s largest independently owned employee benefits and wealth management consultancies and one of the very few also able to offer advisory services to both employers and their employees.

Helm Godfrey created a service to help people during their most critical financial decision-making stages – approaching, reaching and in retirement - named iRetire.

iRetire assists people in maximising the return and income potential of their assets for retirement, as well as minimising inheritance and other tax liabilities.

Two key feature of iRetire have been designed to help tackle issues raised by the report:

  • An enhanced annuity service in partnership with specialist provider MorganAsh that has a track record of 60% of cases receiving a higher income.
  • An annuity advice service open to people with pension pots as low as £20,000.

 


You only have to switch on the news or pick up a paper to realise there is need for a service like iRetire. We can help people get the most out of their pension pots, even if they have as little as £20,000 saved, by providing expert advice on all retirement-related matters.

Graham Cross, Managing Director of Helm Godfrey
  • Liverpool Financial Advisers
  • Reduced hassle
  • Improved turnaround times
  • Securing good annuity rates
  • Highly cost effective
“In the past we struggled to get clients to complete the Common Quotation Form to apply for impaired annuities as it is so lengthy and covers so many health issues on one huge form. If clients did complete it there was always something missing so we had to go back for more information often having to ask delicate personal health questions.

We came across the telephone medical screening service offered by MorganAsh and trialled it and were pleasantly surprised at how easy the system is to use and how well it works. The team are very efficient and appointments are arranged directly with the client without delay. The client talks to a trained professional with a medical background who understands the right questions to ask to get all the relevant information. Conversations are recorded and accessible to the adviser, should this be needed.

MorganAsh also offer to obtain the various illustrations so the workload on the paraplanner/adviser is minimal. Turnaround times are quicker and we have been able to easily secure impaired rates with the minimum of involvement from ourselves.  

The time saving for the adviser more than makes up for the small charge for using the MorganAsh service and we would recommend the service to all advisers with clients who are considering annuity purchase, where impaired rates might apply.”

 Julie Calvert, Technical Director – Pavis Financial Management Limited


"The time saving for the adviser more than makes up for the small charge for using the MorganAsh service and we would recommend the service to all advisers.”

Julie Calvert, Technical Director – Pavis Financial Management limited

Individual case studies

Edward is a 66 year old divorced man from London. He has a fund of £18,792.59 and wishes to take the tax free cash of £4698.15. His BMI is 26.1. He gave up smoking 16 years ago. He drinks no alcohol. He takes two medications a day for his high blood pressure and a statin for his cholesterol.

He suffered a heart attack 10 years ago and has had angioplasty/stents carried out on three separate occasions. He takes three medications for his heart including a third anti-hypertensive, aspirin and an anti-coagulant. Stress/exercise ECG done in the last 3 months was fine and his HGV licence was given to him.

He has an enlarged prostate diagnosed 14 years ago and currently takes two medications for this. Family history of close family members includes diabetes, heart disease and cancer.

Interviews were sought and the best standard quote was £789.60. Following underwriting the best enhanced offer had increased to £1006.80. This is an increase of £217.20 or 27.5%.


£217.20 or 27.5% increase

James is a 74 year old married man from Hertfordshire. He has a fund of £31,022.36 and wishes to take £7,755.59 as tax free cash. He does not want to take a spouse’s pension. His BMI is 37.1. He was a regular smoker until 6 months ago. He takes one medication for raised blood pressure and a statin for raised cholesterol.

He has been diagnosed with diabetes four years ago for which he takes two oral medications (not insulin). He suffers from no diabetic complications. The only other medical history is an arthroscopy to the left knee 10 years ago due to an old injury. Family history of close family members includes stroke and Parkinson's disease.

The best standard quotation was £1,668.12. The best enhanced annuity offer was £2,172.84. This is an increase of £504.72 or 30%.


A 30% increase of £504.72 over a standard annuity.

Andrew is a 64 year old single man from Cambridgeshire. He has a pension fund of £85,435 and chose to take £21,358.75 tax free cash. He has a BMI of 33.1. He is a current smoker and drinks no alcohol. His blood pressure is not well controlled on one medication.

Last year he was diagnosed following colonoscopy with a large malignant tumour of the caecum. He underwent a right hemi -colectomy in August. Lymph nodes were found to be clear. No other organs are involved. He is receiving one medication to treat inflammatory bowel disease.

Family history included diabetes and heart disease.

The best standard quote was £3,813.72 and the best enhanced offer was £4,797.48. This is an increase of £983.76 or 26%.


A 26% increase of £983.76

Simon is a 62 year old married man from Norfolk. He has a fund of £108,900. He is taking no tax free cash, and wanted a 50% spouse’s pension. He has a BMI of 30.8 and he is a current smoker and drinks a moderate amount of alcohol.

He suffered a heart attack 3 years ago and suffers no symptoms currently. He is treated with aspirin, a statin and three anti-hypertensives. Eight years ago he spent three weeks in hospital with pneumonia and pleurisy. He has made a full recovery.

He has taken Levothyroxine 150 mcgm for ten years for an under-active thyroid. Family history included heart attack and Alzheimer’s disease.

He received the best standard offer of £5,864.16, and the best enhanced quote was £6,363. This is an increase of £498.84 or 8.5%.


An 8.5% increase of £498.84

Clive is a 62 year old married man from Leicestershire. He has £71,556 in his fund and took tax free cash of £17,889. He wants a 100% spouse’s pension. His BMI is 24.8. He gave up smoking 5 years ago and drinks a moderate amount of alcohol. His cholesterol is well controlled on a statin.

Clive was diagnosed with prostate cancer 10 years ago, local tumour growth. He underwent a radical prostatectomy at that time. He has regular PSA tests every 6 months and the most recent was within normal levels.

Clive suffered two TIAs eight years ago from which he has made a full recovery. He is treated with a daily anti-coagulent. He had childhood asthma which resolved 20 years ago. His family history included arthritis in two family members. It is unknown whether this is rheumatoid or osteo-arthritis.

The best standard offer he received was £2,514.12, the best enhanced offer was £3,023.52. This is an increase of £509.40 or 20%.


A 20% increase of £509.40 over a standard annuity

Annuities

Over 60% of people can receive an Impaired Annuity

Using MorganAsh’s Annuity service makes applying for Annuities easy. Our one stop process allows you to submit the applicant’s details to us to complete the medical interview and send it through to the Providers for quotations.

Benefits for Advisers include:

  1. Get the best rates for clients by maximising medical disclosure
  2. No detailed sensitive medical questioning of clients
  3. Simple process; just apply and we do the rest
  4. Reduces administration for IFAs in filling in forms and sending them to the Providers.
  5. Eliminates delays waiting for GPRs as all information is gathered during the medical interview
  6. Full information gives greater confidence to underwriters thus facilitating better rates
  7. Eliminates Adviser liability for not acquiring the best rate due to poor medical information

We deliver:-

  1. Best enhanced annuity rates
  2. 65% - 70% of consumers receive an enhancement
  3. Quick turnaround
  4. Professional service
  5. Fully compliant process

How annuity service works

  1. You advise your clients concerning their financial retirement options
  2. You book the case with MorganAsh
  3. A qualified nurse interviews your clients over the phone at a time to suit them
  4. We submit the medical and financial information to the whole of market (or panel) for quotes
  5. We provide a report of the annuity quotations
  6. You compare the guaranteed annuity income with draw down options.

Watch the video on the benefits of the MorganAsh service, as told by Just Retirement

What the Providers say

Watch MorganAsh MD - Andrew Gething introduce the MorganAsh Annuity service

Watch the Just Retirement Annuity webinar masterclass with Just Retirement's Steve Martell

“MorganAsh are considered to be experts in their field – offering medical assessment services that can help you get a fully underwritten annuity quote for your clients, whilst potentially saving you time.”

Steve Martell, Just Retirement

 

“We estimate that 60-70% of the medical questionnaires we receive are missing some information that potentially could be important”

Tim Gosden, Head of Annuity Product Development and Marketing, Legal & General

 

“We have a significant proportion of our enhanced annuity applications which are poorly completed or indeed incomplete - this could potentially result in our not being able to offer the best possible terms. The customer journey to us is very important and the applications received from MorganAsh make it a one stop journey. It helps us to maximise the potential income we can offer to our customers and avoids us having to go back to the customer for further information. We welcome the use of tele-interviewing and MorganAsh’s applications.”

Richard Helyer, Chief Underwriter and Claims Manager Canada Life, UK

 

“Collecting every piece of medical information is vital in order to secure the best rate from enhanced annuity providers. An adviser could uplift a smoker’s annuity by hundreds of pounds per annum if they also suffered from High Blood Pressure or High Cholesterol. Sometimes they may feel uncomfortable drilling down into this level of detail on client’s medical conditions and in this case Tele-Interviewers such as MorganAsh can provide a valuable service”.

Head of Annuities, LV=

 

 

Understanding Longevity

“People tend to underestimate how long they will live”:- Steve Webb, Pensions Minister.

Planning the future is difficult as many things can change; interest rates, returns on investments and life expectancy. Our Life Planning Report gives Advisers the best estimate of longevity for clients, hence assisting in their retirement planning. The report delivers:

  1. A good understanding of an individual’s longevity
  2. A vital tool for DB to DC transfer advice
  3. An annual report for use in reviews
  4. A compliant process with robust documented evidence
  5. Easy applications for annuity products if required

longevity graph m 65

“Longevity is a key issue when giving retirement income advice and the Life Planning report from MorganAsh will help advisers determine their clients longer term income requirement. This will be a valuable addition to every advisers ‘retirement income tool kit’.

Billy Burrows, Director, Retirement Intelligence

The Result:

  1. You understand the likely longevity scenarios for your clients
  2. You can plan their retirement finance responsibly
  3. You have a report for your compliance file

“In the post budget environment it’s more essential than ever for financial advisers to have a deep understanding of their clients’ needs and wants. To be able to do this effectively for the later life client they will increasingly need to have a better understanding of their life expectancy. The Life Planning report from MorganAsh is one of those tools that will enable advisers to do this with a degree of confidence on an evidenced based assessment from experts with years of experience in asking difficult and sensitive questions enabling them to extract key information in order to help advisers provide the best possible outcomes for their clients.”  

Simon Little, Director, Autumn Life Retirement Solutions

Life Planning Report - detail

In 2014/15 the changes to the pension regime saw people moving away from annuities. However, one of the great features of an annuity is the longevity risk is undertaken by the Insurer. If recommending clients to manage there own longevity risk, using draw down, then it is essential to understand the inherent risks of their life expectancy and the impact this may have on their finances.

Our “Life Planning Report” solves this risk management issue. It provides an estimate of longevity risk, using the same underwriting and actuarial information and techniques used by Insurers.

For example, a couple where the 65 year old man has poor health shows a dramatically different profile compared with his 55 year old wife, as shown in the longevity curves below.

longevity graph m 65

Longevity curve for a 65 year old man in poor health.

longevity graph F 55 good health

Longevity curve for a healthy 55 year old woman in good health

 

Advisers may look at scenarios for living to the 90th or 95th percentile, when considering funding requirements. In the example above the couple’s probabilities for the mean age (50% probability) and 10% probability of living to these ages is shown.

 

 

Age

50% probability of living to age

10% probability of living to age

Male

65

74

86

Female

55

91

103

Use of the report

Our Life Planning Report is only available via Financial Advisers. The Life Planning report provides an individual longevity curve for each individual based on their individual health and circumstances. It ensures adequate risk assessment of longevity risk to form an integral part of retirement financial planning.

Applying for products on completion

Once the longevity risk has been established, Advisers may want to acquire quotations and make applications for other financial products. The data collected is typically sufficient for such applications. Advisers are free to pursue these themselves, or MorganAsh may manage the quotation and application process on their behalf, at no extra cost.

Reports are used for:-

  • Inheritance tax planning
  • Life, CI, IP, Whole of life insurance
  • Annuities, enhanced annuities, impaired annuities
  • DB to DC transfers
  • Annuities miss-selling
  • Long term care, Immediate needs annuities

The medical information contained within the report is accepted by most of the UK insurance companies. While we do not promote trying to speculate against these companies, we do hope this puts you in an informed position when considering the value of products that include life expectancy predictions.

Getting started

How to get started

Call Jo, Sue or Dennise on 0800 028 0236

Email: info@morganash.com

Once registered just submit cases, and let us do the work.

The MorganAsh process has a number of advantages over traditional routes and makes it easy for the customer to achieve the highest rate for their annuity.

Guy Simmonds, Nationwide

Vulnerability & Mental Capacity

Understanding and managing vulnerable customers is becoming crucially important.

 

The FCA requirements on vulnerability already exist within TCF and Conduct standard notably CONC 8.2.7 “A firm must establish and implement clear and effective policies and procedures to identify particularly vulnerable customers and to deal with such customers appropriately.”

The FCA’s interest in vulnerability is increasing, with notable publications, Occasional Paper 9, “Consumer Vulnerability”, Occasional Paper 31 “Ageing Population and Financial Services”, and FCA Mission “Our Future Approach to Consumers”.

The need for increase attention on vulnerability is also increasing with the ageing population and many advisers clients being in these elderly years.

For Advisers who do have Vulnerability assessment protocols in place, the MorganAsh service may be useful for:

  • Insistent clients who want to undertake a financial transaction, against advice, Advisers can use the Vulnerability process, as a means to obtain independent evaluation of their cognitive capacity.
  • Clients who are showing signs of vulnerability, but the adviser is unsure
  • Where family members mentions the client may be vulnerable, i.e. maybe has dementia but there is no objective measure in place
  • When the client is seriously ill and the adviser does not understand the impact of the condition on their cognitive capacity
  • There is no family member to witness the advice process
  • There may be undue pressure from family members
  • Providing independent objective reports for compliance file as major financial decisions being made, i.e. DB transfer, transferring funds to siblings

 To assist advisers, we provide services to identify vulnerable customers as well services to look after them.

Once referred to MorganAsh we undertake an assessment over the telephone, and provide a report on the client for the Adviser with recommendations on appropriate coping strategies that should be used.

Advisers receive:

  • An independent medical assessment
  • Friendly guidance and assistance on dealing with difficult cases
  • A report for their compliance file

For more information contact MorganAsh on peaceofmind@morganash.com or 0330 159 8167.

  • Launched in March 2012
  • Rolled out to all advisers
  • All pensioners medically assessed (Not just the ill)
  • “The most successful Nationwide new product launch ever.”

“After 40 years of working and saving hard we want retirees to have a long and enjoyable retirement. However, worrying about money and confusion over the best retirement income options can be highly stressful at this pivotal time. We launched the Nationwide Annuity Service to help retirees secure the best possible annuity income available and take away the confusion by making advice available on the high street to customers. The MorganAsh service is an essential component in our service to help our customers secure the highest possible retirement income available.”

Guy Simmonds, Head of Product, Protection and Investments


"The MorganAsh service is an essential component in our service to help our customers secure the highest possible retirement income available.”

Guy Simmonds, Nationwide
  • Piloted in 2013
  • Rolled out to all Partners in Jan 2014
  • Consistently getting better rates than other Advisers

The service focuses on the consumer,  comparing the options of draw down and guaranteed annuity income, and has therefore been unaffected by the changes in the budget in April 2014.

 

"I think that the MorganAsh service should be used for all cases. Would have taken me a long time to complete all of the forms and I’m amazed by how quick your service is."

-Keith Kemp, SJP Partner, Essex Finance Solutions

“Very pleased that we managed to obtain a better quote for our client with Just Retirement than a rival adviser from another FA company. This saved us the business with this client who has a lot of money managed through us.”

-Andy Lees, SJP Partner, Lees Wealth Management


“Many thanks for being so efficient with this case. Much appreciated!”

Matt Holden-Jones, Managing Director, H-J Wealth Planning Ltd

Helm Godfrey is one of the UK’s largest independently owned employee benefits and wealth management consultancies and one of the very few also able to offer advisory services to both employers and their employees.

Helm Godfrey created a service to help people during their most critical financial decision-making stages – approaching, reaching and in retirement - named iRetire.

iRetire assists people in maximising the return and income potential of their assets for retirement, as well as minimising inheritance and other tax liabilities.

Two key feature of iRetire have been designed to help tackle issues raised by the report:

  • An enhanced annuity service in partnership with specialist provider MorganAsh that has a track record of 60% of cases receiving a higher income.
  • An annuity advice service open to people with pension pots as low as £20,000.

 


You only have to switch on the news or pick up a paper to realise there is need for a service like iRetire. We can help people get the most out of their pension pots, even if they have as little as £20,000 saved, by providing expert advice on all retirement-related matters.

Graham Cross, Managing Director of Helm Godfrey
  • Liverpool Financial Advisers
  • Reduced hassle
  • Improved turnaround times
  • Securing good annuity rates
  • Highly cost effective
“In the past we struggled to get clients to complete the Common Quotation Form to apply for impaired annuities as it is so lengthy and covers so many health issues on one huge form. If clients did complete it there was always something missing so we had to go back for more information often having to ask delicate personal health questions.

We came across the telephone medical screening service offered by MorganAsh and trialled it and were pleasantly surprised at how easy the system is to use and how well it works. The team are very efficient and appointments are arranged directly with the client without delay. The client talks to a trained professional with a medical background who understands the right questions to ask to get all the relevant information. Conversations are recorded and accessible to the adviser, should this be needed.

MorganAsh also offer to obtain the various illustrations so the workload on the paraplanner/adviser is minimal. Turnaround times are quicker and we have been able to easily secure impaired rates with the minimum of involvement from ourselves.  

The time saving for the adviser more than makes up for the small charge for using the MorganAsh service and we would recommend the service to all advisers with clients who are considering annuity purchase, where impaired rates might apply.”

 Julie Calvert, Technical Director – Pavis Financial Management Limited


"The time saving for the adviser more than makes up for the small charge for using the MorganAsh service and we would recommend the service to all advisers.”

Julie Calvert, Technical Director – Pavis Financial Management limited


Edward is a 66 year old divorced man from London. He has a fund of £18,792.59 and wishes to take the tax free cash of £4698.15. His BMI is 26.1. He gave up smoking 16 years ago. He drinks no alcohol. He takes two medications a day for his high blood pressure and a statin for his cholesterol.

He suffered a heart attack 10 years ago and has had angioplasty/stents carried out on three separate occasions. He takes three medications for his heart including a third anti-hypertensive, aspirin and an anti-coagulant. Stress/exercise ECG done in the last 3 months was fine and his HGV licence was given to him.

He has an enlarged prostate diagnosed 14 years ago and currently takes two medications for this. Family history of close family members includes diabetes, heart disease and cancer.

Interviews were sought and the best standard quote was £789.60. Following underwriting the best enhanced offer had increased to £1006.80. This is an increase of £217.20 or 27.5%.


£217.20 or 27.5% increase

James is a 74 year old married man from Hertfordshire. He has a fund of £31,022.36 and wishes to take £7,755.59 as tax free cash. He does not want to take a spouse’s pension. His BMI is 37.1. He was a regular smoker until 6 months ago. He takes one medication for raised blood pressure and a statin for raised cholesterol.

He has been diagnosed with diabetes four years ago for which he takes two oral medications (not insulin). He suffers from no diabetic complications. The only other medical history is an arthroscopy to the left knee 10 years ago due to an old injury. Family history of close family members includes stroke and Parkinson's disease.

The best standard quotation was £1,668.12. The best enhanced annuity offer was £2,172.84. This is an increase of £504.72 or 30%.


A 30% increase of £504.72 over a standard annuity.

Andrew is a 64 year old single man from Cambridgeshire. He has a pension fund of £85,435 and chose to take £21,358.75 tax free cash. He has a BMI of 33.1. He is a current smoker and drinks no alcohol. His blood pressure is not well controlled on one medication.

Last year he was diagnosed following colonoscopy with a large malignant tumour of the caecum. He underwent a right hemi -colectomy in August. Lymph nodes were found to be clear. No other organs are involved. He is receiving one medication to treat inflammatory bowel disease.

Family history included diabetes and heart disease.

The best standard quote was £3,813.72 and the best enhanced offer was £4,797.48. This is an increase of £983.76 or 26%.


A 26% increase of £983.76

Simon is a 62 year old married man from Norfolk. He has a fund of £108,900. He is taking no tax free cash, and wanted a 50% spouse’s pension. He has a BMI of 30.8 and he is a current smoker and drinks a moderate amount of alcohol.

He suffered a heart attack 3 years ago and suffers no symptoms currently. He is treated with aspirin, a statin and three anti-hypertensives. Eight years ago he spent three weeks in hospital with pneumonia and pleurisy. He has made a full recovery.

He has taken Levothyroxine 150 mcgm for ten years for an under-active thyroid. Family history included heart attack and Alzheimer’s disease.

He received the best standard offer of £5,864.16, and the best enhanced quote was £6,363. This is an increase of £498.84 or 8.5%.


An 8.5% increase of £498.84

Clive is a 62 year old married man from Leicestershire. He has £71,556 in his fund and took tax free cash of £17,889. He wants a 100% spouse’s pension. His BMI is 24.8. He gave up smoking 5 years ago and drinks a moderate amount of alcohol. His cholesterol is well controlled on a statin.

Clive was diagnosed with prostate cancer 10 years ago, local tumour growth. He underwent a radical prostatectomy at that time. He has regular PSA tests every 6 months and the most recent was within normal levels.

Clive suffered two TIAs eight years ago from which he has made a full recovery. He is treated with a daily anti-coagulent. He had childhood asthma which resolved 20 years ago. His family history included arthritis in two family members. It is unknown whether this is rheumatoid or osteo-arthritis.

The best standard offer he received was £2,514.12, the best enhanced offer was £3,023.52. This is an increase of £509.40 or 20%.


A 20% increase of £509.40 over a standard annuity



Over 60% of people can receive an Impaired Annuity

Using MorganAsh’s Annuity service makes applying for Annuities easy. Our one stop process allows you to submit the applicant’s details to us to complete the medical interview and send it through to the Providers for quotations.

Benefits for Advisers include:

  1. Get the best rates for clients by maximising medical disclosure
  2. No detailed sensitive medical questioning of clients
  3. Simple process; just apply and we do the rest
  4. Reduces administration for IFAs in filling in forms and sending them to the Providers.
  5. Eliminates delays waiting for GPRs as all information is gathered during the medical interview
  6. Full information gives greater confidence to underwriters thus facilitating better rates
  7. Eliminates Adviser liability for not acquiring the best rate due to poor medical information

We deliver:-

  1. Best enhanced annuity rates
  2. 65% - 70% of consumers receive an enhancement
  3. Quick turnaround
  4. Professional service
  5. Fully compliant process
  1. You advise your clients concerning their financial retirement options
  2. You book the case with MorganAsh
  3. A qualified nurse interviews your clients over the phone at a time to suit them
  4. We submit the medical and financial information to the whole of market (or panel) for quotes
  5. We provide a report of the annuity quotations
  6. You compare the guaranteed annuity income with draw down options.

Watch the video on the benefits of the MorganAsh service, as told by Just Retirement

Watch MorganAsh MD - Andrew Gething introduce the MorganAsh Annuity service

Watch the Just Retirement Annuity webinar masterclass with Just Retirement's Steve Martell

“MorganAsh are considered to be experts in their field – offering medical assessment services that can help you get a fully underwritten annuity quote for your clients, whilst potentially saving you time.”

Steve Martell, Just Retirement

 

“We estimate that 60-70% of the medical questionnaires we receive are missing some information that potentially could be important”

Tim Gosden, Head of Annuity Product Development and Marketing, Legal & General

 

“We have a significant proportion of our enhanced annuity applications which are poorly completed or indeed incomplete - this could potentially result in our not being able to offer the best possible terms. The customer journey to us is very important and the applications received from MorganAsh make it a one stop journey. It helps us to maximise the potential income we can offer to our customers and avoids us having to go back to the customer for further information. We welcome the use of tele-interviewing and MorganAsh’s applications.”

Richard Helyer, Chief Underwriter and Claims Manager Canada Life, UK

 

“Collecting every piece of medical information is vital in order to secure the best rate from enhanced annuity providers. An adviser could uplift a smoker’s annuity by hundreds of pounds per annum if they also suffered from High Blood Pressure or High Cholesterol. Sometimes they may feel uncomfortable drilling down into this level of detail on client’s medical conditions and in this case Tele-Interviewers such as MorganAsh can provide a valuable service”.

Head of Annuities, LV=

 

 


“People tend to underestimate how long they will live”:- Steve Webb, Pensions Minister.

Planning the future is difficult as many things can change; interest rates, returns on investments and life expectancy. Our Life Planning Report gives Advisers the best estimate of longevity for clients, hence assisting in their retirement planning. The report delivers:

  1. A good understanding of an individual’s longevity
  2. A vital tool for DB to DC transfer advice
  3. An annual report for use in reviews
  4. A compliant process with robust documented evidence
  5. Easy applications for annuity products if required

longevity graph m 65

“Longevity is a key issue when giving retirement income advice and the Life Planning report from MorganAsh will help advisers determine their clients longer term income requirement. This will be a valuable addition to every advisers ‘retirement income tool kit’.

Billy Burrows, Director, Retirement Intelligence

The Result:

  1. You understand the likely longevity scenarios for your clients
  2. You can plan their retirement finance responsibly
  3. You have a report for your compliance file

“In the post budget environment it’s more essential than ever for financial advisers to have a deep understanding of their clients’ needs and wants. To be able to do this effectively for the later life client they will increasingly need to have a better understanding of their life expectancy. The Life Planning report from MorganAsh is one of those tools that will enable advisers to do this with a degree of confidence on an evidenced based assessment from experts with years of experience in asking difficult and sensitive questions enabling them to extract key information in order to help advisers provide the best possible outcomes for their clients.”  

Simon Little, Director, Autumn Life Retirement Solutions

In 2014/15 the changes to the pension regime saw people moving away from annuities. However, one of the great features of an annuity is the longevity risk is undertaken by the Insurer. If recommending clients to manage there own longevity risk, using draw down, then it is essential to understand the inherent risks of their life expectancy and the impact this may have on their finances.

Our “Life Planning Report” solves this risk management issue. It provides an estimate of longevity risk, using the same underwriting and actuarial information and techniques used by Insurers.

For example, a couple where the 65 year old man has poor health shows a dramatically different profile compared with his 55 year old wife, as shown in the longevity curves below.

longevity graph m 65

Longevity curve for a 65 year old man in poor health.

longevity graph F 55 good health

Longevity curve for a healthy 55 year old woman in good health

 

Advisers may look at scenarios for living to the 90th or 95th percentile, when considering funding requirements. In the example above the couple’s probabilities for the mean age (50% probability) and 10% probability of living to these ages is shown.

 

 

Age

50% probability of living to age

10% probability of living to age

Male

65

74

86

Female

55

91

103

Our Life Planning Report is only available via Financial Advisers. The Life Planning report provides an individual longevity curve for each individual based on their individual health and circumstances. It ensures adequate risk assessment of longevity risk to form an integral part of retirement financial planning.

Applying for products on completion

Once the longevity risk has been established, Advisers may want to acquire quotations and make applications for other financial products. The data collected is typically sufficient for such applications. Advisers are free to pursue these themselves, or MorganAsh may manage the quotation and application process on their behalf, at no extra cost.

Reports are used for:-

  • Inheritance tax planning
  • Life, CI, IP, Whole of life insurance
  • Annuities, enhanced annuities, impaired annuities
  • DB to DC transfers
  • Annuities miss-selling
  • Long term care, Immediate needs annuities

The medical information contained within the report is accepted by most of the UK insurance companies. While we do not promote trying to speculate against these companies, we do hope this puts you in an informed position when considering the value of products that include life expectancy predictions.


How to get started

Call Jo, Sue or Dennise on 0800 028 0236

Email: info@morganash.com

Once registered just submit cases, and let us do the work.

The MorganAsh process has a number of advantages over traditional routes and makes it easy for the customer to achieve the highest rate for their annuity.

Guy Simmonds, Nationwide

Understanding and managing vulnerable customers is becoming crucially important.

 

The FCA requirements on vulnerability already exist within TCF and Conduct standard notably CONC 8.2.7 “A firm must establish and implement clear and effective policies and procedures to identify particularly vulnerable customers and to deal with such customers appropriately.”

The FCA’s interest in vulnerability is increasing, with notable publications, Occasional Paper 9, “Consumer Vulnerability”, Occasional Paper 31 “Ageing Population and Financial Services”, and FCA Mission “Our Future Approach to Consumers”.

The need for increase attention on vulnerability is also increasing with the ageing population and many advisers clients being in these elderly years.

For Advisers who do have Vulnerability assessment protocols in place, the MorganAsh service may be useful for:

  • Insistent clients who want to undertake a financial transaction, against advice, Advisers can use the Vulnerability process, as a means to obtain independent evaluation of their cognitive capacity.
  • Clients who are showing signs of vulnerability, but the adviser is unsure
  • Where family members mentions the client may be vulnerable, i.e. maybe has dementia but there is no objective measure in place
  • When the client is seriously ill and the adviser does not understand the impact of the condition on their cognitive capacity
  • There is no family member to witness the advice process
  • There may be undue pressure from family members
  • Providing independent objective reports for compliance file as major financial decisions being made, i.e. DB transfer, transferring funds to siblings

 To assist advisers, we provide services to identify vulnerable customers as well services to look after them.

Once referred to MorganAsh we undertake an assessment over the telephone, and provide a report on the client for the Adviser with recommendations on appropriate coping strategies that should be used.

Advisers receive:

  • An independent medical assessment
  • Friendly guidance and assistance on dealing with difficult cases
  • A report for their compliance file

For more information contact MorganAsh on peaceofmind@morganash.com or 0330 159 8167.


Contact

0800 028 0236
info@morganash.com