Some U.S. insurers have scaled back on their contract guarantees due to an increase in life expectancies.
“According to The Cerulli Edge – Retirement Edition, a report from research firm Cerulli Associates, half of the insurers surveyed indicated they are planning to decrease the number of product offerings that include living benefits in the next three years. Another 27% said the number of offerings will remain the same,†reports the Credit Union Times.
According to Cerulli, one of the primary retirement concerns is that investors could possibly outlive their savings due to insufficient accumulation or increasing life expectancies.
The Cerulli Edge – Retirement Edition took a look at retirement income solution alternatives. New retirement income products that exist outside mutual funds and variable annuities with guaranteed riders were evaluated.