For insurance agents who sell annuities, business is about to pick up, according to a recent sales forecast.
According to a report issued by the Insured Retirement Instiitute and Cogent Research, 66 percent of agents and advisors selling annuities say that these guaranteed forms of income options are expected to become more important to insurance leads and investors within the next five years.
What's driving agents to believe annuity sales will become more robust may have something to do with the report's finding that eight in 10 advisors who sell annuities said they were having more discussions with clientele about retirement income planning now than they did five years ago.
"Opportunities abound for the financial services industry to not only meet the growing investor demand for insured retirement strategies, but also to develop business practices that support the continued acceptance and use of these products," said Cathy Weatherford, chief executive officer and president of the IRI. "With the market being ripe for insured retirement strategies, the industry is in an extraordinary position to exponentially grow."
With information like this, it may behoove agents to develop marketing strategies that further elucidate why annuities play a key role in retirement planning.