Legal & General’s retirement income division has rolled out additional measures to help financial advisers and customers during covid-19.
The firm will temporarily extend its annuity quote guarantee period for advisers to secure a rate from 35 to 45 days. It is effective immediately and applies to its Lifetime Annuity, Fixed Term Retirement Plan, Cash Out Retirement Plan and Lifetime Care Plan.
L&G has opened phones lines for new business enquiries as well, and advisers can get quotas and check the progress of their applications on the Track My Apps portal.
Additionally, the retirement division will temporarily accept digital signatures as an alternative, and editable application forms have been made available online.
Emma Byron, managing director of Legal & General Retail Retirement Income, said: “We are all working in a challenging environment right now, and as an industry we need to think differently around how we can support advisers and their clients, many of whom are older and some vulnerable.
“We want to give our advisers and our customers reassurance in these uncertain times. We have therefore adopted a number of new practices to ensure that social distancing doesn’t prevent customers and their advisers from securing the guaranteed income that they need.
“By extending the annuity rate guarantee period to 45 days, we believe that more customers will be able to secure their annuity income,” she added.