Daily Insurance Industry News
Daily Insurance Industry News
Monday 24th of September 2018
September 30, 2008

Partnership launches annuity aimed at smokers

by Gill Montia

Story link: Partnership launches annuity aimed at smokers

Partnership Life Assurance has launched a new annuity aimed at smokers.

The product offers people aged 60 to 65 who have smoked at least ten cigarettes a day for ten years a monthly income Purchased Life Annuity that pays an average of 6.5% per annum.

Those aged over 65 with a lump sum to invest may be eligible for a higher rate.

Partnership’s head of retirement and care product development, Philip Brown, says the firm is responding to demand from independent financial advisers and customers in launching the new annuity.

Adding that today’s volatile investment markets make products that guarantee income more appropriate than before.

Mr Brown also points out that the Purchased Life Annuity is available to anyone with a lump sum to invest for income and is not restricted to customers wishing to invest the proceeds of an authorised pension scheme.

The Partnership group provides financial products for people with health conditions from the relatively minor such as hypertension, to the more serious such as heart failure, stroke, diabetes, kidney failure and cancer.

It claims to be the only company specialising in this area that uses its own proprietary underwriting manuals and mortality data.


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