The business need
Around 70% of consumers qualify for an enhanced annuity. But most quotes do not reflect this, due to the challenges of obtaining the full medical information in the correct format. Financial advisers are busy, and few have in-depth healthcare expertise – making it time-consuming and complex to organise annuities quotations.
MorganAsh’s annuity quotations service makes it easy to apply for impaired annuities. Our one-stop process allows financial advisers to submit applicants’ details to us – from which we complete a medical interview and send it through to the insurance providers for quotations. All interviews are undertaken by qualified nurses, so we are able to provide the most accurate information to providers – ensuring that financial advisers get the best rates for their clients.
- No detailed sensitive medical questioning of clients.
- A simple process – just supply the client’s details and MorganAsh does the rest.
- Dramatically reduces administration for financial advisers.
- Eliminates delays as all information is gathered during the medical interview.
- Independent medical assessments provide greater confidence to underwriters, thus facilitating better rates.
- Slick process with minimal hassle for financial advisers and your clients.
- Save time and money.
- The client experiences a professional and thorough process.
- Eliminates advisers’ liability for not acquiring the best rate due to poor medical information.
Life-planning report for retirement advice and defined benefit transfers
The business need
When considering retirement advice and particularly defined benefit pension transfers, advisers must understand the risks in funding for varying life expectancies. FCA requirement COBS 19 Annex 4A states that a firm must: “plan for a reasonable period beyond average life expectancy particularly where a longer period would better demonstrate the risk of funds not lasting throughout retirement”. This is challenging as using ‘average life expectancy’ as the age for funding is misleading and funding ‘to age 100’ may lead to the wrong advice – while using Office for National Statistics life expectancy figures fails to consider individual circumstances. Finally, it can be difficult for advisers to discuss end of life, especially if there are sensitive health issues.
MorganAsh prepares a life-planning report for advisers, to enable them to consider the financial implications of varying life expectancies and funding for clients’ later years. The service uses the same medical underwriting and actuarial techniques as used by the major insurers, modifying life expectancy data to provide an individual estimate of life expectancy based on individuals’ health and lifestyle.
- Interview by a qualified nurse to obtain full medical information.
- MorganAsh underwrites the case.
- More realistically calculated actuarial life expectancies.
- A secure portal for advisers to request and receive reports.
- Fee per person, per report – no upfront fees or retainers.
- Meets FCA compliance requirements.
- Ensures individual longevity estimates are made.
- Maintains professional indemnity cover.
- Enables sensitive conversations on life expectancy with consumers, avoiding uncomfortable medical discussions.
- Keeps up-to-date with changing longevity trends.