Life insurance annuities rated highly by younger baby boomers

Nov 09, 2010

Annuity products were rated highly by younger boomers.

Members of the younger end of the baby boomer generation highly rates life insurance annuities, according to a recent survey.

According to Reclaiming the Future study conducted by a major life insurance company, 80 percent of respondents age 44-49 said they were happy with their annuity purchase. Furthermore, 83 percent ranked these financial products highest.

Life insurance annuities outperformed other choices, such as mutual funds, which showed 66 percent satisfaction among survey respondents. Stocks were reported at 63 percent, savings bonds were rated at 51 percent, and certificates of deposit came in last at 43 percent.

Gary Bhojwani, president and chief executive officer of the life insurance company that conducted the survey, said younger members of the baby boomer generation have taken the recent economic troubles to heart.

"Our Reclaiming the Future study told us that security and guarantees with retirement-income products are now very important to Americans," Bhojwani said.

Consumers who are considering life insurance annuities should realize these products come in a number of forms. When choosing one, prospective buyers should keep their particular financial goals and risk capacity in mind.

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