Pillar Life Aims to Sell Annuities Directly to Consumers
September 20, 2022 by Allison Bell
Two Global Bankers Insurance Group veterans are helping to start Pillar Life Insurance — a company that hopes to begin selling non-variable annuities directly to consumers through a web-based self-service process by April 2023.
The insurer has posted guides to multi-year guaranteed annuity (MYGA) contracts and single-premium immediate annuities — or SPIA contracts — on its website.
The Interstate Insurance Compact, an organization that helps participating states review product and rate filings, has already approved Pillar Life forms for an SPIA contract and a single-premium deferred annuity contract.
Pillar Life says it also intends to offer life insurance and supplemental health insurance products.
Click HERE to read the full story via ThinkAdvisor
Wink’s Note: Why does everyone think that they can get consumers to buy annuities online?
A.M. Best says “This model is untested.”
Um…nope. Not true. There is a reason that a half dozen other companies have failed at it, while others are still struggling.
Is this the “Gainbridge Effect?”
Free advice from me to you-
1. Educate them about annuities are and AREN’T.
2. Get in front of an audience.
Good luck! I want some success in this market! -sjm
