Legal & General introduce Annuity Plus

by Richard Kilner

Story link: Legal & General introduce Annuity Plus

Legal & General has introduced Annuity Plus, a new, innovative annuity designed to plug a gap in the market.

As an alternative to conventional annuities, Annuity Plus is a fast track underwritten annuity which utilise five common health risks in order to ascertain the annuity rate.

Because of this, an individual could see a 12% uplift, compared to a more traditional annuity.

Typically, life expectancy is estimated using age and gender as guidelines.

However, Annuity Plus will ask a few simple questions pertaining to smoking habits, blood pressure, height weight, cholesterol and diabetes.

The non mandatory questions, combined with postcode, will be used to determine any extra annuity income that may be provided.

Annuity Plus, which is being run as a pilot study, will establish just how much individuals could save by providing some basic health information.

The study is being run with independent financial advisors Hargreaves Lansdown and Positive Solutions.