Deferred income annuities will continue their ascension in the life sector, according to a 2013 forecast from the Insured Retirement Institute. The “State of the Industry” report also forecasts financially sound insurers, ongoing product innovation and demographic factors driving consumer demand for retirement income, which will balance economic forces such as low interest rates.
“Many of the same forces that were factors this year appear to be here to stay for some time, particularly regarding demographics, and this will continue to affect consumer behavior,” IRI President and CEO Cathy Weatherford said. “With this emerging retirement paradigm taking hold, more and more consumers will confront the challenge of managing all the risks that come with this new reality. Market volatility and longevity risk, once not primary concerns to consumers, will influence behavior. We are seeing this now as consumers are demanding guarantees and certainty.”
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