Deferred income annuities really came into their own in 2012, reaching nearly $1 billion in sales.

While the insurance products remain small compared to other guaranteed lifetime income products, the Insured Retirement Institute believes they will continue to grow into 2014.

"As more companies begin to offer DIA products and as they expand into new distribution channels, DIAs are becoming a viable option for consumers and financial advisors looking for guaranteed retirement income to insure against longevity risk," said Cathy Weatherford, president and CEO of the IRI.

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