Thousands and thousands of retirees on the lookout for a secure and sure earnings stream flip to annuities. According to these shoppers, 4 annuity plans stand on the entrance of the pack, a new J.D. Power survey says.
Consumers say New York Life does the very best job with annuities, adopted intently by Nationwide. Constancy & Warranty Life and Equitable spherical out the highest 4 firms that earned rankings increased than the business common.
Out of a attainable rating of 1,000, the highest 4 firms completed as follows:
- New York Life: 828
- Nationwide: 826
- Constancy & Warranty Life: 811
- Equitable: 808
The business common rating was 797. Seven firms scored under that benchmark, together with last-place Brighthouse Monetary at 760.
J.D. Energy primarily based its rankings on a survey of greater than 2,500 shoppers who’ve annuities. Buyer satisfaction rankings have been primarily based on efficiency in 5 elements:
- Communication
- Interplay
- Worth
- Product choices
- Statements
It’s value noting that TIAA earned a rating of 839 — increased than anybody else within the rating. Nonetheless, J.D. Energy excluded TIAA from its rating. (The firm solely serves individuals in tutorial, authorities, medical, cultural and different nonprofit fields.)
The Typical Retiree’s Revenue Is Shockingly Low
J.D. Energy notes that on this 12 months’s rankings, “customer engagement with provider websites and direct communications from their provider have increased considerably.” That has helped shoppers really feel extra glad with their annuities.
Nonetheless, buyer satisfaction with their advisers truly has declined.
On the lookout for options to a standard annuity? One could be proper below your nostril, as we observe in “The Annuity Everyone Needs — and Anybody Can Get.”
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