Get Started Selling Annuities with These Six Steps
According to LIMRA’s U.S. Individual Annuity Sales Survey, 2022 total annuity sales topped $310.6 billion, which was 49% above the previous annuity sales record in 2019. Annuity sales finished strong in the fourth quarter as $87.2 billion products were closed in the last three months of 2022 (39% increase year-over-year).
Driven by economic concerns, more consumers sought to protect their hard-earned retirement dollars from market fluctuations, so they chose annuities for their accumulation and growth vehicle last year.
AIP Marketing Alliance also has noticed more consumers want short-term protection and accumulation, which has created a competitive marketplace in the MYGA (multi-year guaranteed annuity) segment. Rates have continued to hover around 5% or higher for the last four months.
Fixed indexed annuity (FIA) sales also had a record quarter and year based on LIMRA’s report. In the fourth quarter, FIA sales were $21.9 billion, a 32% increase from the prior year. This tops the previous quarterly sales record set last quarter. For the year, FIA sales were $79.4 billion, up 25% from 2021 and 8% higher than the record set in 2019.
“Current economic conditions are ideal for the FIA market. Insurers have been able to offer very competitive crediting rates while protecting the principal investment from equity market volatility, making FIA products more attractive to investors for the foreseeable future,” said Todd Giesing, assistant vice president of LIMRA Annuity Research. “In 2023, LIMRA is forecasting FIA sales to experience moderate increases, as investors continue to seek protection and growth opportunity. We expect this growth to continue through 2025.”
With the next three years potentially continuing the annuity “hot streak,” AIP Marketing Alliance has developed a new marketing document called, Selling Annuities in Six Simple Steps. This PDF document explains how licensed insurance professionals can start selling annuities by completing the six steps below.
- Life Insurance License
- Anti-Money Laundering Training
- NAIC State-Specific Annuity Training
- E&O Insurance
- Contracting with Insurance/Annuity Carriers
- Carrier-Specific Product Training
This interactive document also provides specific links to help agents complete the mandatory training and insurance tasks. AIPMA also can help our independent life insurance wholesalers and agents get contracted with more than 30 nationwide annuity carriers efficiently through the SureLC contracting platform.
AIPMA’s Marketing team also can customize this document for our downline wholesalers by creating a specific PDF with their logo, branding, and SureLC contracting link or instructions. The Selling Annuities in Six Simple Steps document also provides access to AIPMA’s Annuity Product Training Guide, which includes step-by-step instructions for completing some of AIPMA’s top carriers’ specific training courses.
For a customized version of this new document or to get started selling annuities, please contact AIPMA’s Business Development team at (800) 783-5206 Press #2 or marketing@aipma.com. They can provide you with direction and potential carrier options to start selling annuities.
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For more than 40 years, AIP Marketing Alliance (AIPMA), an Integrity Company, serves as a premier life insurance and annuity distribution partner to provide full-service support to independent wholesalers, brokerages and agents from our Troy, Michigan office. NOT AFFILIATED WITH OR ENDORSED BY THE GOVERNMENT OR THE MEDICARE PROGRAM. Copyright 2024