The breakdown of the annuities was variable annuities rising by 60% to $2.4 billion and fixed annuities rising 19% to $2.5 billion according to Kenneth Kehrer Associates. The numbers for fixed annuities come as somewhat of a surprise considering the general low interest rates offered.
Vice president Greg Salsbury for the company that sponsors the survey, Jackson National Life Insurance Company, believes the surge in fixed annuity sales is due to “banks improving training programs for playform sales representatives.
Salsbury further commented, “We have observed an increase in the productivity of platform reps since the first of the year, which generally coincides with more fixed annuity sales.”
If you were in the market for an annuity would you prefer buying one in a bank or from an insurance agent or financial advisor?
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