Half of U.S. insurers plan to reduce, within the next three years, products that feature guaranteed living benefits, according to new research.
Cerulli Associates discloses this finding in "The Cerulli Edge: Retirement Edition." The report examines alternative retirement income solutions and, in particular, retirement income products apart from variable annuities with guaranteed riders and mutual funds.
"Asset managers have realistic expectations for insurers' plans for guaranteed retirement income opportunities," says Cerulli Director Bing Waldert in a prepared statement. "Managers may benefit from collaboration with insurers to design the next generation of retirement income products focused on placing the consumer back at the center of the value proposition, and emphasizing how it will help investors retire more securely."
