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 DirectAnnuities.com and Bankrate.com. And investors are still very wary of returning to equities, since the S&P 500 is down 23% over the past 10 years.

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