Life-planning report

Life-planning report for retirement advice and defined benefit transfers. An independent, personalised, best estimate of life expectancy that overcomes the limitations of mainstream approaches.

“Longevity is a key issue when giving retirement-income advice and the life-planning report from MorganAsh will help advisers determine their clients’ longer-term income requirement. This will be a valuable addition to every adviser’s ‘retirement-income toolkit’.”

— Billy Burrows, director, Retirement Intelligence

Life-planning report for retirement advice and defined benefit transfers

When considering retirement advice and particularly defined benefit pension transfers, advisers must understand the risks in funding for varying life expectancies.

FCA requirement COBS 19 Annex 4A states that a firm must: “plan for a reasonable period beyond average life expectancy particularly where a longer period would better demonstrate the risk of funds not lasting throughout retirement.”

This is challenging as using ‘average life expectancy’ as the age for funding is misleading and funding ‘to age 100’ may lead to the wrong advice – while using the Office for National Statistics’ life expectancy figures fails to consider individual circumstances. Finally, it can be difficult for advisers to discuss end of life, especially if there are sensitive health issues.

The service

MorganAsh prepares a life-planning report for advisers, to enable them to consider the financial implications of varying life expectancies and funding for clients’ later years. The service uses the same medical underwriting and actuarial techniques as used by the major insurers, modifying life expectancy data to provide an individual estimate of life expectancy based on individuals’ health and lifestyle.

Features

  • Interview by a qualified nurse to obtain full medical information.

  • MorganAsh underwrites the case.

  • More realistically calculated actuarial life expectancies.

  • A secure portal for advisers to request and receive reports.

Benefits

  • Fee per person, per report – no upfront fees or retainers.

  • Enables sensitive conversations on life expectancy with consumers, avoiding uncomfortable medical discussions.

  • Keeps up-to-date with changing longevity trends.

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