by John Darer® CLU ChFC MSSC RSP CLTC
According to figures from LIMRA Secure Retirement Institute (LIMRA SRI), fixed income annuities are one of the two rising stars. Structured settlement annuities are a form of fixed income annuity that may contain elements of immediate annuities and deferred income annuities. Insurance Newsnet's Linda Coco goes so far as to categorize the rising income annuity trend as " "The income annuity meteor"
Joseph Montminy, assistant vice president at LIMRA SRI told Insurance Newsnet that there is a trend of rising sales of income annuities (fixed immediate and deferred income, combined), In 2014, those sales totaled 12.4 billion, up from $10.5 billion in 2013 and LIMRA projects these annual sales will rise to (a combined total of) more than $20 billion by 2018.”
With income annuities, like structured settlements, consumers have to be willing to exchange the control over a portion of their assets, or settlement, in order to get a higher guaranteed payout, what I like to call "a job that they cannot be fired from".
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