The typical annuity customer buys a contract for $19,848 to save for retirement or for children's college education, according to Essex Corp., an investment marketing firm in New York, which does work for banks nationwide.
Purchases are equally split between men and women, with people 50 or older making up 80% of the buyers, Essex reported.
It drew its findings from a sampling of its annuity sales through banks during the past decade.
The company said it has sold 350,000 of these tax-deferred investment products, whose current value is $7 billion.
