Many RIAs still avoid them, while others are now evaluating them.
The insurer said it needs time to comply with new state fiduciary rules that cover all annuity and insurance sales.
Hint: It’s complicated.
The #20 billion in second-quarter sales was the highest quarterly total ever, LIMRA said.
Insurers received an IRS ruling permitting tax-free payment of advisory fees from non-qualified annuities.
The decision is an opening salvo in a likely state-by-state industry battle over state standards.
Fixed annuities continue to drive growth, representing 63 percent of overall sales.
Even fee-only advisors are eyeing new four-year "clean" products with nearly 4 percent guarantees.
Indexed annuity sales are leading the way and are projected to increase 38 percent in 2023, LIMRA said.
The court rejected attempts by the state to regulate annuities as securities.
LIMRA says total fourth-quarter sales of annuities are expected to rise 15 percent.
It is critical for advisors to understand the true benefit of each type of annuity by going beyond the issue of cost.
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