Insurers Rush to Sweeten Income Options on Annuities as Rates Climb
March 29, 2023 by Cyril Tuohy
Since the beginning of the year, it’s been a better time to buy fixed-indexed annuities with guaranteed lifetime income, said Sheryl Moore, CEO of market researcher Wink. She added that 49.8% of fixed-indexed annuity buyers elect a guaranteed lifetime withdrawal benefit.
Moore, publisher of Wink’s Sales & Market Report, counts at least 13 insurers that have raised the benefits on their guaranteed lifetime income benefit since Jan. 1. One carrier has lifted the bonus allocated to the benefit base on one of their annuities twice, she said.
The upfront bonus applied to the benefit base under the FutureNow Rider, on the ApexAdvantage annuity issued by Ameritas, jumped 35% on Jan. 9, only to increase to 40% earlier this week, according to Wink’s AnnuitySpecs [analysis tool.]
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