Andrew is a 64-year-old single man from Cambridgeshire and had a pension fund of £85,435. His financial adviser referred him to MorganAsh to obtain the best price for his annuity. Andrew chose to take £21,358.75 tax-free cash. 

MorganAsh assessed Andrew, finding his BMI to be 33.1, that he smokes but drinks no alcohol. His blood pressure is not well controlled and he is on medication.

Last year, following a colonoscopy, he was diagnosed with a large malignant tumour of the caecum. He underwent a right hemicolectomy in August. His lymph nodes were found to be clear and no other organs were involved. He receives one medication – to treat inflammatory bowel disease. His family history includes diabetes and heart disease. A standard annuity quote was only £3,813. However, when all the detailed medical information gathered by MorganAsh was understood, he received a better annuity – some 26% higher – of £4,797. 

The client’s name has been changed to ensure confidentiality.

Our clients say:

To meet vulnerability and Consumer Duty requirements, firms need to understand the characteristics of their customers – and be able to manage and report the conduct-risk. A move to more structured assessments, which can provide consistent and objective data, will provide management information that firms can utilise. The resilience rating within the MARS tool would appear to be a positive first step.

Robert Sinclair, Chief Executive, Association of Mortgage Intermediaries