The U.S. longevity insurance market has been developing for almost a decade, and yet there are still only a handful of insurance companies providing retail longevity annuities.
This is somewhat surprising given demographics, longevity trends, capital market conditions and recent regulatory guidance that should provide a boost to longevity annuities.
That said, current environment interest rate environment is challenging for providers of fixed annuities--particularly those companies that need to respond to the shorter-term demands of shareholders.
MetLife was an early leader in the market for longevity insurance with a product for the defined contribution market. The focus here, though, is the retail market. In other words, the focus is on products that are provided directly to individuals (retail offerings) rather than longevity annuities that are offered through 401(k) plans.
The following is a list (in alphabetical order) of the companies that currently provide retail longevity insurance. We will attempt to keep this list current and comprehensive over time, and we welcome input from readers regarding products not on this list that are either available or in development.
1) MassMutual
MassMutual just came to market with its longevity annuity called RetireEase Choice deferred income annuity.
2) MetLife
Again, MetLife was a leader with a longevity insurance offering for the 401(k) market almost a decade ago.
MetLife’s current retail offering is the Longevity Income Guarantee.
New York Life has had quite a bit of success with its longevity annuity. Initial sales exceeded expectations and totaled almost $250 million in the first six months.
New York Life’s longevity annuity is called the Guaranteed Future Income Annuity
New York Life also released a variable annuity with lifetime income features that is called the Income Plus Variable Annuity.
4) Nortwestern Mutual
Northwestern Mutual recently came to market with their longevity annuity.
Northwester Mutual’s longevity annuity is the Select Portfolio Deferred Income Annuity
5) Symetra
Symetra’s longevity annuity offering is the Freedom Income Annuity
6) The Hartford
The Hartford recently sold its annuity operations to Forethought Fianncial Group.
In the past, The Hartford had a couple of longevity insurance products. The products that were available were The Hartford Income Security and The Hartford Income Annuity.
Guardian Life's longevity insurance product is the SecureFuture Income Annuity.
