A coalition of organizations in the annuities industry is pushing for June to be declared Annuity Awareness Month.
Members of the coalition, which is made up of life and annuity carriers, annuity marketers, distributors and data aggregators, point to the need to generate lifetime income for a population that is living far longer than previous generations.
They say consumers, lawmakers and the public need to better understand and pay more attention to annuities.
“People confuse an annuity with CDs and insurance,” said Kim O’Brien, president and CEO of the National Association for Fixed Annuities (NAFA). “People don’t understand the difference, especially with the intense selling of variable annuities. People merge the two together.”
Sponsors of National Annuity Awareness Month include NAFA, Beacon Research, the National Association of Independent Life Brokerage Agencies, the Society of Financial Service Professionals, Insurance Insight Group, Association for Advanced Life Underwriting and the National Association of Professional Agents (NAPA).
A congressional resolution will be required for June to be declared Annuity Awareness Month in the Federal Register, but for now the coalition is urging state governors to take unilateral action.
“The rest of the summer and fall, we’re going to get state proclamations and get governors to proclaim June National Annuity Awareness Month,” said O’Brien. “We will go out and gather as much of the 50 states as we can.”