Product comparison portal, The Exchange, has added a comparative impaired life annuity service to it...
Product comparison portal, The Exchange, has added a comparative impaired life annuity service to its service after strong demand from IFAs.
The Exchange recently announced it would concentrate on the IFA market by shedding consumer site moneyXtra, and acquiring software producer Crisp, which it believes will enhance its end-to-end compatibility as an internet service.
According to the Exchange, over 50% of IFAs questioned at recent technology conferences stated a strong wish to see comparative impaired life annuity rates incorporated into its service.
Evergreen, GE Life and Pension Annuity Friendly Society (PAFS) have been added to the Exchange's comparative rates portal for IFAs, bringing the total number of annuity providers available for comparison to 18.
The service allows IFAs to compare annuity providers based on joint quotes that can be male or female led and has information on when annuity rates were last changed by the provider and product analysis.
Mike Fuller, chief executive of Evergreen, said: "Impaired life annuities could account for up to 40% of the total annuity market but until now a significant proportion of intermediaries could not get comparative quotations."
The Exchange's annuity service can be purchased on a pay per enquiry basis at a rate of £1.50 for each quote, or on an unlimited access basis for £18 per month.
Outlook for income
Chris St John to take over £3bn UK Select Opps