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The minimum and maximum ages at which an annuitant is eligible to apply for a Scottish Widows Enhanced Annuity are between 55 and 75 years of age.
If they are including a dependant then they also need to be aged between 50 and 75 years of age.
We don’t ask them to undergo a medical examination when they are applying for the annuity. However we may, within six months of the annuity being set up, check the health and lifestyle information supplied in the application. To do this we may ask their doctor to complete a report.
Dependent on the results from the above we may need to gather further evidence. For example, if they stated that they smoke, we may ask them to undergo a simple test to confirm their smoker status.
For other forms of 'pension freedom choices' available from Scottish Widows including income drawdown through our Retirement Account. Speak to your Scottish Widows Account Manager for more information.
No, it is only open to UK residents. The only exception is if the source of money is an existing Scottish Widows pension policy.
A full definition of these medical conditions and lifestyle factors can be found on the NHS webpage Health A-Z.
Other conditions could be considered too, so remember to submit every medical condition and lifestyle factor when inputting client information through the portal.
Yes, we will facilitate an adviser charge providing customer consent is given in writing on the application form.
This can be expressed through the portal as a percentage or as a fixed amount. If it is expressed as a percentage we recognise this amount may change between the quote date and the date when all funds are received. In order to make the client aware of this we’ve included wording in the consent section of the application form and key features document, this ensures the adviser charge increases/decreases dependent upon the actual sums used to purchase the annuity.
Yes, commission is available only where the product has been sold on a non-advised basis.
No, our strategy is to follow a fully online automated underwriting model enabling an immediate underwriting decision in seconds. This means you and your client will know immediately if we can provide a quote to meet your client’s individual circumstances.
Automated underwriting ensures a consistent decision is made on any medical conditions or lifestyle factors. The level of enhancement will depend on client’s age, medical condition, lifestyle factor and any medicines they may take.
You can of course contact Client Service Enhanced Annuity Team for any queries regarding our proposition, processes or with regard to existing business cases you have, but we cannot provide you with a quote manually or other than through a portal. To get a quote you must use one of the portals we have linked with.
As the underwriting decision is automated, you will need to return to the portal and complete additional details.