Right now Living Time is the only company offering a fixed-term annuity, according to Money Marketing. Helen Pow’s article “LV= looks to rival Living Time with fixed annuity,” states that LV= not only intends to offer a similar product to Living Time, but also to offer a fixed-term annuity with investment options for consumers. Living Time welcomes the competition in the marketplace. They believe that the additional supplier with new choices will bring even more advisers and clients seeking out modern versions of annuities.
The fixed-term annuity from Living Time takes an up front payment from a 401k annuity rollover or other financial source and guarantees income for a period of three years to the age of 75. This “temporary” annuity also offers guaranteed capital value when it matures and is written under drawdown rules. Matt Trott is the head of annuites for LV=. He said that LV= looks to fill the market gap between traditional annuities and income drawdown contracts.