Nearly 9 in 10 variable annuity buyers elected to purchase a guaranteed living benefit rider in the third quarter of 2011, according to a new report.
LIMRA, Windsor, Conn., published this finding in a summary of results from a Variable Annuity Guaranteed Living Benefit Election Tracking Survey that collects VA GLB sales, election rates and assets on a quarterly basis. The 23 survey participants represent 96% of third quarter 2011 industry sales in which a GLB was elected.
The survey reports that 88% of VA sales ($25.2 billion) included a GLB rider on products offering the rider ($28.7 billion in sales). Total VA sales in the third quarter were $31.5 billion.
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