Fixed annuity sales jumped 74% to a record $35.6 billion in the first quarter, according to LIMRA.

One of the reasons investors are flocking to fixed annuities is because the five-year rate is currently around 3.3% to 3.5%, whereas a bank CD will yield only 2.13%, according to data from and And investors are still very wary of returning to equities, since the S&P 500 is down 23% over the past 10 years.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.