Annuity products continue to be too complicated, according to a survey of annuity professionals by Phoenix Companies Inc.
Forty-four percent of the annuity professionals surveyed said they would like annuity manufacturers to focus on developing less-complex product designs in the next 12 months. They also would like better illustration tools and improved mobile application tools.
If they could choose the features available in the annuities they are selling, 70 percent said they believe guaranteed lifetime withdrawal benefits was the "must have" feature over the last 12 months. Thirty-seven percent said they believed it would continue to be a "must have" feature in annuities in the coming year.
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