Scottish Widows has temporarily extended its quote guarantee period and changed how it accepts annuity applications, to help support advisers and customers during the coronavirus crisis.
The insurer is now allowing double the amount of time – 60 days rather than its standard 30 days – for all necessary steps to be taken to secure the annuity rate, including monies transferred from ceding schemes.
Scottish Widows has also temporarily removed the need for a wet signature for clients who want to purchase their annuity.
In place of a wet signature – normally required as an original document which is then scanned and sent to Scottish Widows – the insurer is accepting email confirmations from clients via their financial adviser.
The provider says advisers should carry out all necessary due diligence before submitting customer requests.
Scottish Widows director of annuities Emma Watkins says: “It’s important that providers do what they can to help support advisers during these challenging times, and we have responded quickly to their needs by being one of the first to make changes to our quote guarantee period. Hopefully this, together with no need for a wet signature to purchase an annuity, makes things a little easier for them.”
