Our Fixed Term Annuity offers clients an innovative feature which allows your client to convert their Plan to a Just Retirement enhanced annuity or choose the Open Market Option should their health deteriorate during the term.
The Enhanced Annuity Conversion Feature, which is included when Plan Protection is selected at outset, means that the client won't have to wait until the end of their Fixed Term Annuity to access potentially higher rates of income, providing they qualify for an enhanced annuity under Just Retirement's underwriting criteria.
Based on our underwriting experience, we estimate that 60% of clients qualify for an enhanced annuity, which could increase their retirement income by around 50%*, sometimes even more.
If you are talking to a client today about enhanced annuities, you can use our ‘swingometer’ to find out how much extra income they might receive if they have a qualifying medical or lifestyle condition. Click here »
Keeping client options open for the future… If you are advising a client on their retirement options who currently does not qualify for an enhanced rate, why not talk to them about the Just Retirement Fixed Term Annuity with the Enhanced Annuity Conversion Feature?
For more information, download our guide to the conversion feature »
Think of it like deferring your client's option to buy an enhanced annuity until a later date…giving your clients the chance to access potentially higher rates of income in the future should their health deteriorate.
Future levels of income will depend on prevailing annuity rates at that time and cannot be guaranteed. They may be higher or lower than those that the client could achieve by buying a lifetime annuity today.
For full details of the benefits and risks of the Just Retirement Fixed Term Annuity, please refer to our Key Features Document and Plan Conditions.
Useful Links Enhanced Annuity Conversion Guide
The Annuity Rate “swingometer”
*Based on a male aged 65, with a £45k fund, 5 year guarantee, no escalation, no value protection, based on RH2 7RU postcode, compared to the lowest standard annuity rate offered via Avelo Exchange on 06.03.12