by John Darer® CLU ChFC CSSC RSP
LIMRA International U.S. Individual Annuity Sales Survey, Fixed Immediates, Fourth Quarter 2008 places New York Life Insurance Company as the number one seller of fixed immediate annuities for 2008. It was a year that New York Life exceed $1 billion in premium for its income annuity premium for the first time, a growth rate of 55% for 2008. According to a New York Life source cited by the Insurance Broadcasting Network such sales are up 90% in the first quarter of 2009.
The torrid pace is likely due to the lack of investor confidence in the stock market that has seen an erosion of many 401K plans and investment portfolios. Those that buy immediate annuities from New York Life on their own and those that accept them as qualified funding assets for structured settlements seek guarantees from a company with long term financial stability. New York Life is one of the few companies that enjoys top ratings from AM Best, Moodys and Fitch. Northwestern Mutual is another which offers immediate annuities but does not offer structured settlements.
Read about New York Life's Guarantees Matter campaign.
For more information about immediate or deferred life income annuities and structured settlements please contact this author toll-free at 888-325-8640 or via email to email@example.com