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NEW YORK — As long as the stock market keeps rising, and baby boomers keep getting older, variable annuity sales should continue to be robust, industry observers say.
Nobody ever accused companies that push annuities on older Americans of being subtle.
A life insurer known mainly for its fixed annuities has thrown its hat into the variable annuity ring.
Add class action litigation to the regulatory controversies, bad press and other woes plaguing insurers that sell equity index annuities.
Industry leaders are concerned that insurance companies are taking on too much risk from annuities that offer guaranteed-withdrawal benefits for the life of the client. Financial services leaders worry that if baby boomers live longer than projected or a downturn hits the market, the financial strength of insurance companies could be threatened.
A trade group for the variable annuity industry today announced a technology initiative intended to save time and money for VA distributors through streamlining and standardization.
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