MassMutual Financial Group unveiled an IRA annuity rollover campaign Thursday targeted at financial professionals.
The campaign focuses on the benefits of targeting rollovers as a source of new variable annuity business. The Springfield, Mass., insurer said it hopes financial professionals find that they can increase sales by promoting the product to customers.
David O'Leary, a senior vice president and the head of MassMutual's annuity business, said the company will target preretirees, 45 to 64 years old, who have averaged more than four job changes during their careers. This will translate into significant rollover opportunities, he said, because the average IRA rollover balance was more than $125,000 for this age group, according to a Cerulli Associates study.
