Canada Life has launched its first enhanced annuity, bringing its total annuity range to three.
The product, which does not require customers to undergo a medical, joins the provider’s existing annuities, the Lifetime Annuity and the Annuity Growth Account (AGA), which allows customers to delay locking into a fixed rate up until their 85th birthday.
Peter Gould, project manager for new products at Canada Life, says: “We’ve been looking at enhanced annuities for a number of years but we didn’t want to go to market without the right proposition. When we’d looked previously, we found the process for clients was lengthy and the process internally was quite cumbersome.”
John Occleshaw, executive director of life and pensions Canada Life, comments: “The amount of income available to clients with mild, moderate or severe medical conditions can be greatly increased and accurate rates can be obtained quickly and easily without the need for lengthy manual underwriting.”
Advisers can obtain quotes by visiting Canada Life’s website, commonquotation.co.uk and calling Canada Life’s sales team.
The product offers advisers a 2% standard commission on the premium and 2.5% commission if they apply online.
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