Enhanced annuity provider GE Life has joined IFA portal Assureweb by featuring on its free illustrative comparative quotes service for annuities.
The link-up enables intermediary users of Assureweb to compare indicative rates for smokers and those with certain medical conditions.
Scott Dolfi, chief executive of GE Life, noted: "The link-up forms a part of our ongoing strategy to encourage people to use the open market option and get the best annuity rate for their individual circumstances. After all, once a person has bought an annuity they cannot change it. It is therefore vital for intermediaries to be in a position to get comparative quotes from providers so they can give the best advice to their clients."
Up to 40% of people retiring every year qualify for an enhanced annuity but only 15% of annuities written in 2003 actually contained any health or lifestyle enhancement, according to Dolfi. "The result is that more than 100,000 people purchasing an annuity each year are potentially missing out on an additional income," he said.
Assureweb is a free service for intermediaries, who can access it by registering at www.assureweb.co.uk.