Insurers Try to Sell the World on Retirement Income Guarantees

David Levenson, LIMRA’s president, pointed out that the need is still obviously there: by 2045, there are likely to be 84 million retirees in the United States alone.

Speakers involved with the Alliance for Lifetime Income appeared on a panel about how to change the public’s perception of annuities, and meet the looming demand for $780 billion in guaranteed lifetime income.

Analysts at the LIMRA Secure Retirement Institute predicted in a new forecast that, in spite of consumers’ current lack of focus on annuities, overall sales of individual annuities could increase to $280 billion by 2023, up from about $234 billion in 2018.

Rising interest rates should help insurers support a big increase in fixed annuity sales, and sales of variable annuities should continue to rebound, the analysts predicted.

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