‘Annuities’ Hits Brick Wall; ‘Guaranteed’ Works: Michael Finke
May 24, 2022 by Allison Bell
Life insurers, researchers and others converged on Washington last week to sell themselves, and the world, on the idea that it’s nice for retirees to have big companies working hard to offer them a stream of income that will last throughout retirement.
The Alliance for Lifetime Income held the 2022 Future of Protected Income Summit: The Countdown to Peak 65, in person. Executives like Eric Steigerwalt of Brighthouse Financial, Nick Lane of Equitable, David Blanchett of PGIM and Bryan Pinsky of AIG Life & Retirement emphasizing that their companies have hundreds of billions of dollars of assets and a wide range of technical expertise mobilized to provide the financial certainty that many retirees crave.
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Wink’s Note: Just read an article and it left me with some questions.
Interested to know why my colleague, Michael Finke, says that “life insurers are uncomfortable, in such a complicated and uncertain world, to use the word “guarantee” to describe what they provide for the income of holders of [annuities].”
Why would a life insurance company prefer to refer to annuities’ guarantees as “protected income?” -sjm
