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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

Pandemic Drives Increased Interest in Benefits

By LIMRA on Apr 28, 2022 10:00:00 AM

With all of the health issues brought on by the COVID-19 pandemic, LIMRA research shows employees are placing greater importance on the benefits offered by their employers, and are more closely examining their benefit needs.

In 2020, LIMRA asked full-time employees with insurance benefits what changes they made to their benefits package during their 2020 open enrollment period. The results highlight the immediate short-term impact of the pandemic.

Topics: Benefits Group & Employee Benefits Voluntary Benefits Research/Trends LIMRA COVID-19
3 min read

Interest in Life Combination Products Shifts

By LIMRA on Apr 21, 2022 1:05:00 PM

As the pandemic spread, images of nursing homes and assisted care facilities flooded the media. The sick and elderly were particularly vulnerable to this deadly virus and so many families were cut off from their parents and grandparents in the hopes of protecting them from exposure to COVID-19.

With this in mind, LIMRA surveyed more than 2,000 Americans to determine if the pandemic has shifted their thoughts about long-term care and insurance.

Topics: Long-Term Care Life Insurance & Annuities Research/Trends LIMRA COVID-19 Insurance
3 min read

Did COVID-19 Change Employees’ Benefit Tactics During the 2020 Open Enrollment?

By LIMRA on Apr 18, 2022 1:06:00 PM

The general perception has been that the pandemic would radically increase employees’ appreciation of benefits and possibly increase their need for certain benefits, but how benefits may evolve based on these changes remains unclear.

With the pandemic shaking the country for more than 12 months now, employee benefits experts are trying to gain insights into which actions employees will take as a result of COVID-19 and whether carriers will see a positive impact on participation rates. The general perception has been that the pandemic would radically increase employees’ appreciation of benefits and possibly increase their need for certain benefits, but how benefits may evolve based on these changes remains unclear.

Topics: Benefits Group & Employee Benefits Voluntary Benefits Research/Trends LIMRA COVID-19
3 min read

Unpaid Caregivers Continue to Struggle With Retirement Security

By LIMRA on Apr 14, 2022 1:00:00 PM

Even before the COVID-19 pandemic, unpaid caregivers struggled with the demands of work and saving for the future. The pandemic brought on additional work/life disruptions with stay-at-home orders, school closures, and reduced ability to outsource caregiving. The challenges also affect workers’ future retirement security since retirement income is often dependent on one’s ability to work and, through that work, accumulate savings.

A new Secure Retirement Institute® (SRI®) study, Staying the Course: Navigating Unpaid Caregiving Obstacles to Retirement Security, explored the impact of caregiving on workers’ retirement savings, as well as the actions and employer benefits that may help caregivers plan for a secure retirement.

Topics: Retirement Planning Retirement Research/Trends LIMRA Financial Security