National Annuity Awareness Month To Be Observed In June
May 23, 2014 by N/A
Fairfax, VA – The National Association of Independent Life Brokerage Agencies (NAILBA) has joined the Coalition for Annuity Awareness in declaring June as National Annuity Awareness Month. National Annuity Awareness Month is designed to provide awareness and understanding of annuities and their benefits in financial and retirement planning. Activities in support of the inaugural National Annuity Awareness Month will occur throughout the month of June. Annuities are often misunderstood and misrepresented and the Coalition for Annuity Awareness was formed to help promote the facts about annuities so that consumers can make informed decisions that are beneficial to their life plans and retirement dreams.
Along with other members of the Coalition for Annuity Awareness, NAILBA will provide educational material, webcasts and social media communications to help educate financial professionals and the public on the important role fixed and variable annuity products play in helping Americans save for retirement.
“National Annuity Awareness Month is an excellent opportunity for NAILBA members to promote the many benefits of annuities as a tool to ensure financial security. Our independent distribution model and our ability to service multiple product lines provide us a unique ability to educate others on this valuable concept,” noted NAILBA Chairman Barbara Crowley.
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About NAILBA: The National Association of Independent Life Brokerage Agencies (NAILBA) is the premiere insurance industry organization promoting financial security and consumer choice through the use of independent brokerage distribution. NAILBA serves as the national association of life, health and annuity insurance distributors. For more information visit www.nailba.org.
About the Coalition for Annuity Awareness: The Coalition for Annuity Awareness is comprised of industry associations who serve consumers by helping them understand annuity products. As today’s challenging economic environment continues to evolve, a growing number of individuals and families are turning to annuities to help provide security for their retirement. Specifically, many consumers are using annuities as a vital risk management tool to protect themselves against the possibility of outliving their financial resources. Annuities are unique among financial products in the marketplace because they can provide retirees with a guaranteed lifetime income stream.
Currently, there is over $500 billion in-force premium serving roughly 3.3 million Americans. The annuity market is largely comprised of middle-class consumers with an average annuity valued at $90,000 and a household income of around $100,000. In 2012, life insurance companies paid $97 billion in annuity benefit payments providing crucial retirement security to contract holders3. In addition, more than 75 million Americans rely on annuities and other insurance products for financial and retirement security, and nearly 20 percent of Americans’ long-term savings is in life insurance and annuities. For more information about National Annuity Awareness Month and resoureces, visit www.annuityed.org.
