Just Retirement unveils hybrid fixed term enhanced annuity

The Next Generation annuity works on a fixed term basis, but allows annuitants to move into an enhanced annuity if they develop a qualifying health condition during the term of the annuity. Previously, an individual with a fixed term annuity would have to wait until the end of the term, which is usually five to ten years, to secure a new income underwritten to reflect their decreased longevity. "When a customer becomes ill, if you underwrite them closest to that point instead of waiting until the end of the term, they stand to benefit," said Steve Lowe, external affairs director at Ju...