The Insured Retirement Institute said third-quarter annuity sales rose to $57 billion in the third quarter, up 5% from the year-ago period. Sales year-to-date were $175.4 billion, up from $163.1 billion in 2010.
Demand for guaranteed lifetime retirement income in the face of extreme market volatility has driven the uptick in annuity sales, said IRI President and CEO Cathy Weatherford. Annuities are valuable tools for financial advisors as they “help address the adversity clients are feeling toward volatility,” she said.
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