Life Insurers Are Meeting the Moment for Retirees 

Americans are living longer, which means retirement planning is more essential and challenging than ever before. Annuities, offered by life insurers, are the only financial product that provides a guaranteed stream of income in retirement regardless of market conditions. An annuity is a long-term agreement between a consumer and a life insurer who agrees to make a series of income payments to the consumer in exchange for a premium that they pay. 

Quick Facts: 

  • In 2024, life insurers paid a record-breaking $110 billion in annuity benefits. 
  • The median household annual income among annuity owners is $76,000. 
  • 81% of retirement savers report they are concerned about having enough savings to last through retirement. 

Life insurers are meeting the needs of retirees. Here is what consumer advocates and financial professionals have to say about the value of annuities: