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Daily Insurance Industry News
Friday 26th of April 2019
June 2, 2008

MGM Advantage promotes enhanced annuities

by Gill Montia

Story link: MGM Advantage promotes enhanced annuities

Worthing-based MGM Assurance has today rebranded itself MGM Advantage.

The move comes as the 156-year-old mutual society and life assurer reveals its ambitious plans to become one of the UK’s top three providers of enhanced annuities.

The society says it will be covering a wide range of health conditions through its Designs for Retirement division, which is headed by newly recruited Craig Fazzini-Jones, formerly an executive with HBOS.

The changes follow a strategic review of the business and will be supported by a revamped distribution channel, which will sell products through independent financial advisers. A new IT systems has also been installed.

According to MGM, two thirds of UK consumers with maturing pensions still do not shop around when choosing an annuity and the society is keen to promote the benefits it can provide.

These include keen pricing, a speedy quotation service and a 45 day guarantee period on all annuity quotations.

MGM also provides a customer care line counselling service and does not require medical reports for annuities of up to £300,000.

 

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