Annuity sales hit record last year, eclipsing sales during 2008 financial crisis amid fear, higher rates
February 6, 2023 by Greg Iacurci
Amid stock market gyrations, recession fears and loftier payouts, consumers last year pumped a record sum of money into annuities, a type of insurance that offers a guaranteed income stream.
Buyers funneled $310.6 billion into annuities in 2022, according to estimates published by Limra, an insurance industry trade group.
Click HERE to read the full story via CNBC
Wink’s Note: I thought, “What could go wrong? Gregory Iacurci with CNBC used to work with me when he was at “Investment News.” Of course this article on annuities will be accurate.
Well, not entirely.
The suggestion that “[annuities] generally fall into two categories: an investment or a quasi-pension plan offering a guaranteed level of income for life in retirement” is not right.
ALL annuities offer a guaranteed level of income for life in retirement.
It’s just that some annuities provide that guaranteed level of income for life right away, where others defer those payments until a later date, when the purchaser is ready to begin receiving the payments.
One of the sources in this piece had some statements that could be misconstrued, but other than these two items, this article gave a pretty accurate depiction of why annuity sales are booming.
Hey Greg- even if you are sourcing my competitor, LIMRA’s data, you can still come to me with questions. I am always happy to help all journalists, who have shown an interest in accurate reporting on annuities…LIKE YOU! -sjm
