James is a 74-year-old married man from Hertfordshire looking to purchase an annuity. His financial adviser referred him to MorganAsh for help. He had a savings fund of £31,022 – and wished to take £7,755 as tax-free cash. He did not want to take a spouse’s pension.

A medical assessment with MorganAsh established his BMI as 37.1. He was a regular smoker until six months previously. He took one medication for raised blood pressure and a statin for raised cholesterol. He was diagnosed with diabetes four years ago, for which he takes two oral medications (not insulin). He suffers from no diabetic complications. The only other medical history is an arthroscopy to the left knee ten years ago due to an old injury. Family history of close family members includes stroke and Parkinson’s disease. 

The best standard annuity quotation was just £1,668 per annum. Following submission of the detailed medical information to insurance companies, an improved offer from an enhanced annuity quotation of £2,172 per annum was received – some 30% higher than the standard annuity.

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

Our clients say:

Given the often complex and technical nature of financial planning, we must do what we can to demonstrate and be seen as a trusted ‘safe pair of hands’. The current regulatory focus on vulnerability provides a timely opportunity to improve how we can recognise and address vulnerable circumstances, whilst also demonstrating individual care and empathy. Good practice principles and the use of fintech, such as the MorganAsh MARS tool, can greatly improve our ability to assess, store and communicate vulnerability across and between organisations.

Keith Richards, Chair of the Financial Vulnerability Task Force