Join us as we dive into the world of senior annuities, reflecting on the achievements of 2023 and making some predictions about what lies ahead in 2024.
A Look Back at 2023: New Horizons Soars to New Heights
Last year witnessed phenomenal success for New Horizons, with our annuity production increasing by about 80% YoY.
We had a lot of new agents go beyond Medicare by adding annuities to their portfolios. We also saw our existing MYGA agents get more comfortable, and they started offering FIAs.
Read More: 3 Med Supp Agents On Why They Cross-Sell Annuities
This is exactly what we have been working for, and I couldn't be happier to see more agents getting comfortable while also helping seniors in amazing ways.
Unprecedented MYGA Rates and Market Dynamics
MYGA rates reached unprecedented highs in 2023, offering agents a golden opportunity to present secure returns to their clients.
While the current rates are exceptional, I’m seeing rates stay pretty stable right now, and I’m expecting a mild decline in the future. Adjustments in fixed rates, caps, and participation rates for FIAs further hint at a slight decline, but I don’t expect to see any major dips.
Even if rates come down a little bit, these are the best interest rates I’ve seen in my decades of experience. It’s a wonderful time to start offering annuities!
Welcoming New Carriers: Heartland National Takes the Stage
2024 introduces a new player to the scene – Heartland National.
Their MYGA rates are absolutely incredible, and your clients can choose contract lengths of 3, 5, 7, and 10 years. This MYGA comes with accumulated interest and full account value.
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The SILAC FIA continues to stand tall, complemented by a range of A-rated companies, ensuring competitiveness in fulfilling various FIA needs.
Insights from LIMRA: Exploring Income Riders Like Denali
LIMRA's predictions for a surge in income annuity sales in 2024 is definitely noteworthy. They are predicting income annuity sales to top $15 billion in 2024 and set a new record in 2025 — above $18 billion.
Annuities with income riders, such as SILAC’s Denali, play a pivotal role in securing a steady income stream for retirees. The Denali is really a standout product as it’s one of the few that doesn’t charge a fee for that income rider.
For a comprehensive overview of LIMRA's insights, refer to their findings here.
Market Influences: 2024 as an Election Year
The political landscape of 2024, being an election year, is anticipated to influence market dynamics – it always does.
MYGAs are driven by so many things that we don't even know. It can be very complicated, but insurance companies are not in the business of losing money, and they will give the most competitive rates while staying safe.
I think this will be an important year.
Related Reading: 3 Killer Annuity Sales to Inspire & Motivate
New Horizons Online: Use Our Website!
Our commitment to supporting your annuity sales efforts is showcased through our revamped annuity rates page.
Agents can easily access up-to-date information, including annuity rates, making it a valuable resource for navigating the ever-changing market landscape.
You can sort all of our annuity products by rate, and you can click on any of them to access all of the important details you need, like carrier portal links, state availability, withdrawal information, and so much more.
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Conclusion: Partnering for Success
Whether you're a seasoned agent or just embarking on your annuity journey, New Horizons is here to help you.
Start with MYGAs and expand your product offerings as your expertise grows.
We're independent and have a lot of carrier choices – that's the beauty of our company. It's corny, but it's helping one client at a time and making sure we're doing what's right 100% of the time. That's what do. We pride ourselves that!
Reach out to us, either by visiting in-person at our Illinois location or over a Zoom call. We're dedicated to helping you make a positive impact, one client at a time.
