Financial Services Industry
Industry: Email Alert RSS FeedGE Life urges clients to shop for enhanced annuity rates.(GE Life and Annuity Assurance Co.)(Brief Article)
Financial Adviser, August, 2005
MANY people will continue to miss out on improved annuity rates, according to GE Life.
The provider said that up to 40 per cent of annuitants could benefit from purchasing an enhanced annuity. However, a recent survey showed that less than 5 per cent of annuities purchased in 2004 contained any enhancement due to health or lifestyle reasons.
GE Life said this meant that in 2004 125,000 people missed out on extra income of up to 30 per cent in retirement by purchasing a standard annuity, despite being eligible for an enhanced annuity.
Matt Trott, annuities product manager for GE Life, said people should research the best rates where they are dropping.
He said: "Annuity rates have been generally falling over the last 12 months. This...
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