In MassMutual's new all-digital deferred income annuity, an adult child is the owner, and receives income when a parent (the annuitant) reaches age 91.
Year-to-date, total annuity sales were $184.2 billion, up 8% from the prior year, according to the Secure Retirement Institute. (Three downloadable charts included.)
Mergers & Acquisitions
'The major RIA consolidators currently manage a total of $308 billion today, so $2.4 trillion represents a massive growth opportunity,' said a Cerulli release this week.
DPL Financial Partners expands insurance platform for RIAs; T. Rowe Price now closer to issuing active ETFs; Financial literacy low among African-Americans: TIAA and GFLEC.
A 55-year-old couple paying a $100,000 income could withdraw 3.78% of $150,000 ($5,670) at age 65 under the free living benefit and 3.78% of $200,000 ($7,560) under the option with a 1% fee.