Income annuities gave a boost to fixed-annuity sales during a record third quarter, with a 3.8% increase to $2.4 billion from the second quarter, according to data from Morningstar and Beacon Research. Sales increased 6.7% year-over-year for the third quarter. "The consumer demand for income annuities has grown steadily during the past two years as consumers seek to generate a guaranteed stream of retirement income," said Cathy Weatherford of the Insured Retirement Institute.

Related Summaries