Annuities - US - May 2010
This report discusses consumers’ awareness and ownership of annuities, as well as perceived benefits and disadvantages when compared to other types of retirement savings products. Key trends are emerging in the industry because of the economic crisis. Because of this, marketing messages must do a good job of simplifying communications with consumers as one strategy in rebuilding trust in these types of products.
Also explored in this report:
- The impact of the economy on consumers’ retirement plans
- The competitive landscape, including current sales of annuities by company in 2009, and major industry trends such as the flight from variable to fixed annuities as a reaction to the turbulence on Wall Street in late 2008 and early 2009
- Innovation in product features like new variable and fixed annuity products becoming more consumer-friendly
- Consumers’ perceptions of, and experiences with, annuity products, including overall awareness of annuities, ownership by type of annuity, and the different reasons why annuities were purchased, how the annuities were obtained, and the benefits and disadvantages associated with annuity products
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