Pension Annuity Common Quotation Form
TimMatthias
Member
in General
Just looking for opinions here.
What are you doing with clients who don't want to complete the form, even though they have health issues which would qualify for an enhanced annuity?
Comments
Tell them that they are throwing away their money (possibly £1,000s pa) for the sake of 10 minutes filling out a form!
From experience, it's more likely the adviser who can't be bothered to fill out the form with the client, which is morally shameful!
We had this once, where the Wife didn't want to disclose health information whilst the Husband didn't mind.
So we showed them the Retirement Health Form first, which shows the 5-6 providers that use the information hoping she was comfortable with the providers and might recognise the brands.
Also tried to explain that we input the information online via direct portal, that there was no involvement of 3rd parties, storing or selling of details or sending information via unsecured emails etc.
I think we also tried to provide some alternate options along side a Standard Joint Life Annuity, like a Single Life Annuity with 100% Value Protection for the Spouse. So that he may get an Enhanced Single Life Annuity Rate still, whilst covering the Wife.
We finally tried to ask for just the basic health information, such as height, weight, smoking and drinking details without the medical conditions if it was specifically that they were uncomfortable with disclosing.
We also tried to visually show the clients on report and in the research the difference in Income, rather than just telling them.
Some providers show the difference in Income depending on the health issue & case studies:
https://www.hl.co.uk/retirement/annuities/enhanced
https://www.legalandgeneral.com/retirement/pension-annuity/guides/best-annuity-rates/
https://www.standardlife.co.uk/adviser/business-support/insight-opinion/article-page/whats-the-deal-with-enhanced-annuities
After doing that we put a bunch of Disclosures in the report, and also had section at the end of the report where the clients signed but could also free hand that they "Understood an enhanced annuity may provide a higher level of income, but they were uncomfortable with providing this information for personal reasons." In order to cover our backs regardless of what they decided.
Thanks for the replies and useful links.