Life Insurance Quotes

Annuity sales on the rise year-over-year in 2011

08/30/11

According to the Insured Retirement Institute, second-quarter annuities sales were up a significant 10 percent over sales in the second quarter of 2010, jumping to $60.4 billion from $55 billion. Financial Advisor notes that sales continue to increase despite a slight downturn in comparable 2010 interest rates.

Fixed rate annuities experienced little growth, with fixed, non-market value adjusted annuities actually dropping 5 percent, while income annuities and indexed annuities grew a dramatic 30 and 18 percent, respectively.

"The second quarter data definitively show that this year will indeed be a record setting one for the industry," Cathy Weatherford, IRI president and CEO told Financial Advisor. "This expansive growth not only demonstrates the growing interest in insured retirement strategies but also reflects the long-term confidence that investors are increasingly placing in these products."

According to the U.S. Bureau of Labor Statistics, insurance sales agents, who often handle the sale of annuities, work largely on commission, creating a large disparity of annual wages. Employees of insurance firms may make a salary plus commissions or bonuses, but independent agents most often work entirely on commission. The top 10 percent of agents in the United States make over $100,000 a year, while the lowest 10 percent of agents, most likely independent or part-time, make $26,120 or less. 

Talk to an Advisor

A licensed insurance advisor can explain your options and help you choose the right life insurance for your needs.

Call: 1-800-823-4852

Chat: Live Advisor Chat

Sm

A few of the carriers we quote