Deferred-income annuities are starting to catch on

02/28/2013 | MarketWatch

New York Life's deferred-income annuity product has exceeded $1 billion in sales, which points to their growing appeal, possibly because of larger annual payouts than immediate annuities. "They want a pension," Matt Grove of New York Life says about the product's buyers. Deferred-income annuities still represent a fraction of all annuity sales, but more insurance companies are offering them.

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