Income tops annuity buyers’ reasons for purchase, study says
May 24, 2023 by Steven A. Morelli
Access to their money and ability to annuitize were the biggest reasons annuity buyers cited for buying their annuities – even more than interest rates and far more than fees, according to a LIMRA buyer study.
The top reason, cited by 25% of 900 buyers, was having a guaranteed lifetime income feature that allowed access to the account value, according to the poll taken mid-2022. One of the next reasons was the ability to annuitize the contract and receive a guaranteed lifetime income, cited by 15%.
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