Is the coronavirus crisis the right time to talk to clients about annuities?
April 22, 2020 by Tobias Salinger
In the middle of a public health and economic crisis, a so-called flight to safety sounds like a great idea.
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These conditions make it a good time to discuss whether annuities might fit a client’s goals, says Sheryl J. Moore, CEO of research firm Wink. The suspended sales of certain annuities, lower-ceilinged rates on other products and further adjustments to the shelf in response to the macroeconomic factors could be spooking some planners, according to Moore.
“There’s a sense of impending doom for a lot of advisors,” she says. “The great thing is that, once we get through this, we’re probably going to get record sales.”
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The list may look the same in the coming year as the macro environment reaps changes across the product shelf. In addition to striking their rates, issuers are also reducing the premium bonuses offered with certain products and tweaking payouts on their guaranteed lifetime withdrawal benefits, according to Moore.
