Zarah ChoudharyLV= has announced enhancement to its Fixed Term Annuity, LV= Fixed Term Annuity for customers and LV= Fixed Term Investment for trustees.
All new Fixed Term Annuity customers will be eligible for a mutual bonus award after the first 12 months.
LV’s mutual bonus is a way of rewarding eligible members for their support of the development and growth of the business and since 2011, it has distributed over £300m.
In 2023, LV= distributed £20m in mutual bonuses to eligible members.
New customers will also receive immediate access to LV= member benefits and additional support services, like LV= doctor services.
The upgraded offering also provides optional streamlined death benefits to give better protection for beneficiaries.
This includes value protection and the ability for the plan to be transferred to a new beneficiary, offering more security and control over financial planning.
New customers can choose terms ranging from 3- to 25-years, with the flexibility to adapt their plans as circumstances change.
Moreover, the Fixed Term Annuity is still just as compatible with LV’s range of flexible investment options, like smoothed managed funds, meaning clients can benefit from a combination of guaranteed income and investment flexibility.
Sarah Hills, wealth proposition director at LV=, said: “These enhancements strengthen our fixed term annuity offering, delivering greater value for new customers.
“With streamlined death benefit options and compatibility with our range of flexible investment options, this product will provide customers with greater security in their retirement.
“Our new Fixed Term Annuity will continue to provide flexible retirement solutions, like Guaranteed Income Drawdown, which enables customers to combine guaranteed income from an annuity, investment growth from our renowned Smoothed Managed Funds and provides valuable LV= member benefits.
“The value of your client’s investment can go down as well as up and they may get back less than they invest.”
