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Firms Back Variable Annuity Product Launches With Aggressive Online Marketing Campaigns
With variable annuity sales down, firms are intensifying online product marketing campaigns to reach more prospective investors.
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February 3, 2010, Featured Articles, Annuities
To Insurers’ Relief, VA Owners Acted Inefficiently
Ruark Consulting's study showed that one in five owners of contracts with a guaranteed lifetime withdrawal benefit (GLWB) or guaranteed minimum income benefit (GMIB) took withdrawals between 2005 and 2009.
Issuers of variable annuity living benefit riders did not come through the financial crisis unscathed. But the pain would have been worse if hordes of contract owners had decided to begin drawing guaranteed income while their account values were depressed.
But they didn't. According to Ruark Consulting's Variable Annuity Benefit Utilization Study, only one in five owners of contracts with guaranteed lifetime withdrawal benefit (GLWB) or guaranteed minimum income benefit (GMIB) riders took withdrawals. Of those, only one in three withdrew the maximum annual amount.
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