Sales of ‘money-back’ guaranteed annuities accounted for more than one in ten (15%) of plans sold by Canada Life in the past 12 months pointing to a “quiet revolution” in the market.
The provider said the annuities offer the client the choice of 100% value protection or longer guaranteed income periods typically 25 years or more. Before pensions freedom was introduced in 2015, providers could only offer up to 10 years, it explained. Analysis of its sales figures for the past 12 months pointed to a "quiet revolution" in the market with the option becoming increasingly popular. Canada Life director of retirement income Nick Flynn said the option also addressed the "elephant in the room" that the insurance company keeps clients' money if they die early. He said: "...
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