Accumulation Annuities Due To Grow Up To 35% By 2023: LIMRA
April 26, 2019 by LIMRA Staff
LIMRA Secure Retirement Institute (LIMRA SRI) predicts that while both income-focused annuity product sales and accumulation-focused annuity product sales will grow in the next five years, accumulation annuity sales will grow at a much faster pace.
LIMRA SRI is forecasting accumulation-focused annuity products to grow 30-35% by 2023. Of the income-focused annuity product sales, those that offer deferred income are predicted to grow 10-15% while LIMRA SRI forecasts immediate income product sales to increase 15-20% by 2023.
Wink’s Note: Most indexed annuities today have GLWBs that calculate the benefit base using the indexed gains on the contract. Further, most GLWBs are optional. So, you can not narrow-down if the product was an “accumulation sale,” based on product? While certainly electing a GLWB gives an indication that it is an “income sale,” annuitants can also get income (and usually more of it!) through annuitization.