Gone are the days of a 5 percent guarantee on assets held in a variable annuity, and advisors have taken notice. Variable annuity sales were $38.2 billion in the second quarter of 2013, down 1 percent from the second quarter of 2012, according to LIMRA, Windsor, Conn. Broker-sold variable annuities are being eaten alive by indexed annuities, immediate annuities, deferred annuities, fee-only annuities with low cost living benefits, and low-cost stripped-down annuities, says Rick Carey, ...

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