Insurance company sales representatives are vying for banks' attention with a newfangled fixed annuity they say is the future product for bank customers.

Fixed annuities that link their investment performance to a stock index such as the Standard & Poor's 500 are the new rave among insurers. A host of companies have introduced them to banks in recent months, and others plan to roll their versions out in the fall.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.