A new study from the American Council of Life Insurers (ACLI) shows an increased interest in annuities amid growing economic uncertainty.

The study, which surveyed more than 1,000 Americans between the ages of 45 and 65, found that 54% of respondents are considering “a guaranteed lifetime income product that pays out like a pension.” This trend held among all income brackets, with the greatest interest among minority communities, including Black and Hispanic respondents and those who identified as "other." The survey also found that 91% of respondents would prefer to work with a financial professional who offers products and services that meet their needs.

ACLI President and CEO Susan Neely weighed in on the study, saying, “Retirement savers are clearly concerned about inflation and the overall economy. Guaranteed lifetime income products, which life insurers offer through annuities, and access to financial planning options, are two ways retirement savers indicate they can address their concerns."

NAIFA state chapters have been working with ACLI to advance the National Association of Insurance Commissioners (NAIC) annuity transactions model, which reinforces consumer protections. It requires agents and advisors to work in clients' best interests while avoiding restrictions that would make it impossible for them to serve Main Street Americans. So far, thanks to these efforts, 38 states have implemented laws or regulations based on the NAIC model.

June, recognized as National Annuity Awareness Month, is a great time for financial professionals to talk with clients about their guaranteed lifetime income options.