Annuity Plus

While annuity is not a common product in this market, it is worth knowing some of the latest development overseas in underwriting and product design of such product.

Legal & General has introduced a product called Annuity Plus, which claims to provide 12% higher annuity payments to certain annuitants.

This is achieved by adding further rating factors in addition to age and gender. Additional information is sought at underwriting stage which includes smoking habits, blood pressure, height & weight, cholesterol and diabetes, post code. Depending on the underwriting outcome, an individual may get additional annuity payment.

Source: Insurance Daily