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2 min read

LIMRA: It’s No Longer Your Parents’ Retirement

By LIMRA on May 25, 2023 10:00:00 AM

How workers’ need for lifetime-guaranteed income may drive more Americans to consider annuities

The goal of a successful retirement is to have enough guaranteed income to cover basic living expenses and not have to worry about running out of money for the rest of your life. According to recent LIMRA research, workers today do not feel that their households will receive enough lifetime-guaranteed income to cover basic living expenses throughout retirement.

Topics: Retirement Planning Life Insurance & Annuities Retirement Research/Trends LIMRA
2 min read

New LIMRA Study Reveals Creating Income Is Top Motive for Annuity Buyers

By LIMRA on May 15, 2023 11:30:00 AM

The decision to buy an annuity or not can be a complex one. Understanding the factors that influence an investor’s decision to buy can help carriers design and market products and guide financial professionals’ approaches when speaking to their clients.

Topics: Life Insurance & Annuities Research/Trends Investing LIMRA
3 min read

LIMRA Asks Financial Services Executives to Weigh in on Industry Challenges

By LIMRA on May 4, 2023 10:13:41 AM

Life insurance and financial services companies faced a tough business climate over the last several years ― from the fallout of the pandemic, to rising interest rates and inflation, to the increased use of technology, to heightened customer expectations. LIMRA spoke with industry executives to see how their companies are handling these challenges and what they see for the future.

Topics: Financial Planning Technology Industry News LIMRA COVID-19
2 min read

April is Financial Literacy Month: The More You Know, the More Secure You’ll Become

By LIMRA on Apr 25, 2023 11:23:29 AM

Financial literacy is one’s ability to understand the tools and concepts needed to make sound financial decisions. Often, this includes effective budgeting, saving, and investing but extends into income security. A lack of knowledge can inhibit consumers from protecting their income with products like life insurance and annuities.

Topics: Research/Trends LIMRA Financial Literacy Financial Security
2 min read

LIMRA Study Predicts the In-Plan Annuity Market Will Grow Exponentially Over the Next 2 Years

By LIMRA on Mar 24, 2023 3:29:51 PM

LIMRA Research Head explains the growing market opportunity for in-plan guarantees and the role of education.

Following the recent passing of the SECURE Act 2.0, the financial services industry expects greater adoption of in-plan guarantees in late 2023 and 2024. In-plan guarantees are plan designs offered by employers that can convert retirement savings into a stream of guaranteed income payments during retirement. Designs of in-plan guarantees include annuities inside a target date fund (TDF), a stand-alone annuity product, and annuity options outside of the plan but linked to it. Educating advisors, plan sponsors, and employees on the value of in-plan annuities will affect their acceptance.

Topics: Diverse Markets Life Insurance & Annuities Group & Employee Benefits Research/Trends LIMRA
4 min read

LIMRA: Record Annuity Sales in 2022 Expected to Continue Into First Quarter 2023

By LIMRA on Mar 14, 2023 11:09:50 AM

Facing unprecedented long-term market volatility in 2022, consumers sought the protection offered by fixed annuities, propelling a record-high $312.8 billion in total U.S. annuity sales. According to LIMRA’s 2022 Individual Annuity Sales Survey, total 2022 annuity sales increased 23% over 2021 results and were 18% higher than the previous record of $265 billion set in 2008.

Topics: Life Insurance & Annuities Research/Trends LIMRA
2 min read

Younger Workers Could Greatly Benefit from Workplace Wellness Programs

By LIMRA on Mar 3, 2023 1:13:39 PM

In recent years, more Americans realize the importance of holistic wellness. In the workplace, employees look to their employers for wellness offerings to reduce financial, emotional and physical stress. According to LIMRA research, 74% of employees who experience a high degree of financial pressure believe employers should offer programs to address this particular stressor. Employees with moderate financial stress and those with no/very little stress also agree.

Topics: Benefits Group & Employee Benefits Research/Trends
2 min read

Americans’ Worries Shift from COVID-19 to the Economy

By LIMRA on Feb 1, 2023 10:00:00 AM

With the COVID-19 vaccination rate up and the number of deaths significantly declining, only 1 in 5 adults are “very” or “extremely” concerned about the virus today, according to LIMRA’s October Consumer Sentiment in the Time of COVID-19 study. In the research, more than 3 in 5 adults say their lives are largely back to what they were like before the pandemic ― going from 31% in January to 62% in October.

Topics: Benefits Group & Employee Benefits COVID-19
2 min read

Do Consumers Really Understand Long-Term Care Insurance?

By LIMRA on Jan 24, 2023 10:00:00 AM

Long-term care involves services, both medical and non-medical, provided to people who cannot perform basic activities of daily living such as dressing or bathing. People receive long-term support and services at home, in the community, or in a facility. According to the Department of Health and Human Services, someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years.

Topics: Long-Term Care Benefits Employer Sponsored LTCI Group & Employee Benefits Long-Term Care Insurance
3 min read

Take on the Worksite Market and Change the Way Employers Think About LTCi

By Cindy Harris on Dec 19, 2022 2:09:15 PM

What do you get when modernized Long Term Care Insurance products meet changing workplace needs and employee attitudes? An advantageous opportunity to grow your business, reach the middle market, and help protect more families from potential LTC needs.

Worksite benefits have long been a critical tool in helping employers attract top talent. What’s changed is that more employers want a variety of products to build benefit packages that are as diverse as today’s workforce – and there’s room for LTCi in this conversation.

Sure, you’ll face some challenges from decision-makers, but clearing hurdles is nothing new for seasoned LTC professionals. Here are three common objections that you can address with employers to change the way they think about LTCi.

Topics: Long-Term Care Extended Care Group & Employee Benefits Limited Care Long-Term Care Insurance Limited & Extended Care Planning Center