Annuity Sales Are Soaring Because of Higher Payouts. What You Need to Know.

March 25, 2024 by Debbie Carlson

Higher interest rates are making annuities of all stripes more attractive, allowing buyers a chance to protect their principal and lock in yield before payouts decline.

Sales of the insurance product hit a record in 2023 as the combination of volatile equity and bond markets and higher payouts propelled buyers to seek annuities, says Bryan Hodgens, head of LIMRA research, an industry group.

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Originally Posted at Barron's on March 3, 2024 by Debbie Carlson.