The Senior Annuity Market: A 2020 End-of-Year Review

senior annuity market 2020 end of year review
December 28, 2020

I’m Kirk Sarff, director of life insurance and annuity sales here at New Horizons Insurance Marketing.

Over the past 17 years, we’ve seen annuity interest rates at competitive highs as well as their lows. We’re fortunate that we are independent and have been able to offer our producers the most competitive rates and carriers over that period of time.

2020 was no exception.


2020 Annuity Sales At a Glance

In the MYGA space, we saw multiple carriers offering 4% on 5-year MYGAs. While those rates have dropped, we are still able to offer very competitive interest rates given the low interest rate environment we are currently experiencing. 

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Our overall production equaled our 2019 production with a dramatic increase in Fixed Index Annuity (FIA) sales.

FIAs were a huge part of 2020 for our agents and their clients. The safety of not losing any principal but the possibility of bigger returns were certainly attractive to our agent’s clients.

Learn More: How to Actually Present a Fixed Indexed Annuity (FIA) to a Client

Getting Through the COVID-19 Pandemic

We’d like to thank you, our agents, for making 2020 yet another banner year for us with annuity growth.

You were able to adjust your sales techniques due to the pandemic challenges.  You found ways to serve your clients – thank you so much for your diligence.

Read More: The Ultimate Guide to Selling Insurance From Home

Conclusion

We look forward to another year of growth in 2021, and will continue to bring you companies, products and tools to help you help your clients.

Thanks again for all you do, and we look forward to a great 2021.

The New Horizons Annuity Department

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