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MGM Assurance becomes MGM Advantage today
02-06-2008
One of Worthing’s best known companies has adopted a new name. MGM Assurance, the 156 year old mutual society today becomes MGM Advantage. It remains a life assurer but will now focus on the retirement market through its Designs for Retirement operating unit. MGM Advantage employees in Worthing will now sell competitively-priced enhanced annuities covering a wide spectrum of health conditions.
Chris Evans, Chief Executive of MGM Advantage said: “This is an exciting time for everyone at MGM Advantage. The entire team has played an important role in developing, testing and implementing our new product, and every single person has also been fully trained on the retirement market. We are delighted to be in a position to offer such an innovative product from our base here in Worthing.
“MGM Advantage is proud to be creating a thriving and prosperous future for the UK’s longest-registered company. We intend to build on our heritage as a company that identifies and fills poorly met needs. We did this 156 years ago providing life assurance to seafarers who could not get life cover elsewhere. MGM Advantage will now do so again by offering annuities to people who aren’t getting the best deal in retirement.”
MGM Advantage’s new Designs for Retirement annuities service will offer:
- Real time quotes
- 45 day quote guarantee
- Wide range of illnesses covered
- Customer Care Line counselling service
- No medical report for annuities up to £300,000
- Customer Charter with a £25 no-quibble payment if a service promise is broken
- Free telephone interviewing service to collect medical data for quotes
- Specialist annuity team
MGM Advantage will continue to offer its existing members and customers the same high level of service on its range of established products, in keeping with MGM Advantage’s unique customer charter.
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NOTES TO EDITORS
About MGM Advantage: mgmadvantage.com
MGM Advantage is a new name in the UK retirement income market. Formerly known as MGM Assurance, the company repositioned itself as MGM Advantage in June 2008, when it launched a wholly-owned business unit called MGM Advantage Designs for Retirement to focus on annuity sales and the wider retirement income market. MGM has been registered longer than any other company in the UK. It is a mutual society owned by its with profit policyholders, and manages assets in excess of £1.6 billion. MGM Advantage’s commitment to customer satisfaction is backed up by a customer charter, which promises high quality service and ease of mind.
MGM Advantage distributes its products through independent financial advisers (IFAs) across the UK.
MGM Advantage Designs for Retirement, MGM Advantage and the MGM Assurance logos are Trade Marks of Marine and General Mutual Life Assurance Society.
For further information contact:
Clea Bourne Out of hours: 07980 819 543
Flagship Consulting Weekdays: 020 7886 8447
clea.bourne@flagshipconsulting.co.uk
Will Brewster Switchboard: 020 7886 8440
Flagship Consulting
Will.brewster@flagshipconsulting.co.uk
EU Gender Ruling
On 1 March 2011, the industry received a ruling from the European Court of Justice stating that gender pricing for annuities constitutes discrimination and can no longer be used. The rule of unisex premiums and benefits will apply with effect from 21 December 2012.
We are currently awaiting full details of the ruling to ascertain the wider issues before making any changes to our annuity pricing. We will continue to use our current pricing rationale as part of our pricing policy as we formulate plans to move to the new rules.
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Press Release
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© MGM Advantage 2008