Prudential is updating its annuity proposition with enhancements developed to take into account an increased range of conditions that may affect a client's longevity, including a high body mass index, raised cholesterol or blood pressure.
Depending on the severity of the condition, an enhancement of up to 30pc could be granted to an annuitant's income. "The enhanced annuity market currently stands at around 10pc of the overall annuity market and looks set to grow still further as advisers and clients get to grips with the market," said Athole Smith, head of product management - retirement income at Prudential. "We have to react to this growing market space and now is a good time to launch such a product." Enhancements are available on both guaranteed and with-profits annuities with quotes being generated within 24 h...
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