The Boom in Life Insurance and Annuity Sales: Why Now Is the Right Time to Protect Your Future!

In this episode, we're diving into the two big stories of 2023: the surge in life insurance interest and the record-breaking annuity sales. First, we'll guide you through the key findings of the 2023 Insurance Barometer Study, highlighting the significant coverage gap in life insurance, particularly among younger generations. You'll learn why a record 39% of Americans, including a substantial portion of Gen Z and Millennial adults, plan to purchase life insurance in the next year. We'll discuss the challenges faced by single mothers and younger parents, the barriers to coverage, and the role of knowledge gaps in this scenario. Then, we'll pivot to the explosive annuity sales of Q1 2023, exploring the record-breaking $92.9 billion total sales, a 47% increase from the previous year. You'll gain insights into the surprising dominance of Fixed-rate deferred (FRD) annuities, with $40.9 billion in sales, and why these products are so attractive to conservative investors. We won't stop there. We'll also delve into other annuity products, such as Fixed-indexed annuity (FIA) and Income annuities, both marking record-breaking quarters. We'll touch upon the sliding Traditional variable annuity (VA) sales and the rising star: Registered index-linked annuities (RILA), appealing to investors seeking higher returns and willing to accept some downside risks. In this episode, our aim is to educate and empower you to better understand the life insurance and annuity markets. Whether you're a young adult, parent, investor, financial advisor, or simply someone interested in the world of finance, this episode is a must-listen. Join us as we demystify life insurance and delve deep into the annuity sales boom of 2023, helping you navigate these critical trends and forecasts in the financial landscape. _______________________________ If you'd like help with looking at how life insurance or annuities might benefit you and your family, please click here to get in touch with us.