Cannex Financial Exchanges Ltd. has posted a new batch of U.S. investor survey data and found shocking results: Typical survey participants were open to owning annuities and believe that they’ve mostly heard good things about annuities.
Cannex — a firm that sells annuity and bank product pricing information, and related data streams — joined with Greenwald & Associates to poll 1,005 Americans ages 55 to 75. The participants had at least $100,000 in investable assets.
Cannex found that 240 of the survey participants already own annuities that come with lifetime income guarantees.
About 76% of those lifetime income product owners said they would recommend that other people buy lifetime income products.
For the current annuity owners, the best argument in favor of buying an annuity was, “The products will continue paying for the rest of your life, even if you live for a long time.”
About 44% of the annuity owners called that the best argument for owning an annuity with guaranteed income.
Other survey findings:
- About 71% of all participants said they liked the idea of owning a product that’s “part of a broader floor strategy of how to cover essential expenses.”
- About 44% said they’ve heard positive things about annuities. Only 18% remembered hearing negative information about annuities.
- Older consumers still care deeply about long-term care costs: 27% of the survey participants rated “not being able to afford long-term care expenses” as a top concern in retirement. LTC costs ranked first as a retirement concern. The possibility of losing savings because of a market downturn and not being able to afford health care costs in general tied for second.
Links to documents related to the survey are available here.
— Read Consumers Say They Hear Good Things About Annuities: Cannex, on ThinkAdvisor.