Companies that help banks sell investment products say their annuity sales through banks have been on the rise, given the favorable interest rate environment and development of customer-friendly products.

"In the last year, annuities have gotten a real shot in the arm with rising interest rates," said Jack R. Handy Jr., a senior vice president at Financial Network Investment Corp., a firm that sells investment products through 140 banks and credit unions. "And for the right investor, who may be very conservative and for whom this is the first investment after a CD, that's the natural product for them."

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