Both annuity awareness, sales growing
July 26, 2016 by Peggy Bresnick
June 2016 marked the second annual Annuity Awareness Month, an event designed to increase consumer knowledge of the benefits of annuities. Different organizations bonded together to form The Coalition for Annuity Awareness that manages the event, including Beacon Research, the Society of Financial Service Professionals (FSP), the National Association for Fixed Annuities (NAFA), the National Association of Professional Agents (NAPA), the Society for Fixed Annuity Facts & Education Inc. (SAFE) and Wink Inc. Throughout June, these organizations offered educational materials and webinars to educate financial professionals and consumers on the role annuities can play in a secure retirement plan.
According to the coalition, there is currently more than $500 billion of in-force premium serving roughly 3.3 million Americans. The annuity market is largely composed of middle-class consumers with an average annuity valued at $90,000 and a household income of approximately $100,000. In addition, more than 75 million Americans now rely on annuities and other insurance products for financial and retirement security, with nearly 20 percent of Americans’ long-term savings in life insurance and annuities.
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