Hoping to capitalize on Americans’ need for guaranteedretirement income, Northwestern Mutual is making a bigger push intothe longevity annuity market.

It will do so by offering products currentlyavailable through qualified retirement plans to the retailmarket.

Northwestern Mutual rolled out two new guaranteed income annuityproducts in 2012, its Select Portfolio Immediate Income annuity andthe Select Portfolio Deferred annuity. Both initially weremarketed to target rollover money from 401(k) plans andIRAs.

Now, Northwestern wants to capture more of the annuity market bytargeting investors’ personal savings, or significant lump-sums ofmoney resulting from an inheritance, the sale of a home or the saleof a business.

Northwestern Mutual’s research shows that a significant number of Americans fear “longevityrisk” into retirement. About a quarter of those surveyed aged 25 orolder don’t feel they’ll be financially capable of living to 75;one-third don’t feel they’ll be prepared to live to 85; and 40percent don’t feel they’ll be prepared to live to 95.

The company said its Portfolio Income Annuity products helpprotect against longevity risk, market risk, and inflationrisk.

“These unique, patent-pending products have the potential toreceive dividends that can be used to purchase additional income,helping to alleviate the concern of locking in payments from afixed-income annuity in a low interest rate environment,” it saidin a statement.

David Simbro, vice president of life and annuity product atNorthwestern Mutual, said the public’s awareness of the need tobetter prepare for retirement is growing, but that there isuncertainty over how to adequately do so.

“Annuities are really the only financial tool that can createguaranteed lifetime income, which is especially important to thosewithout traditional pension,” said Simbro.

The company’s Portfolio Income Annuity product suite has helpedNorthwestern Mutual capture about a 20 percent share of the annuitymarket.

As of August, the product suite has surpassed more than $1billion in sales, the company said.