Scottish Widows has announced changes to its annuity application process to help support advisers and customers during the Covid-19 pandemic.

The insurer has temporarily extended its quote guarantee period, from 30 to 60 days, doubling the amount of time for all necessary steps to be taken to secure the annuity rate.

This includes the length of time to transfer monies from ceding schemes.

It also announced alterations to how it accepts annuity applications, including removing the needs for a wet signature from clients looking to purchase an annuity.

In place of a wet signature – normally required as an original document which is then scanned and sent to the provider – the insurer is now accepting email confirmations from clients via their financial adviser.

Scottish Widows reminded advisers that, as with any customer requests, they should ensure that they carry out all necessary due diligence before submitting.

Commenting on the announcement, Scottish Widows director of annuities, Emma Watkins, said: “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.”

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