May 2018 – All My Friends Know the O. Rider : Analyzing Optional Benefit Rider Public Site Positioning

Optional benefit riders allow clients to tailor annuities to their needs. Clients rely on such benefits to ensure that they and their families will be secure during retirement and beyond. In recent years, owners of some types of annuities with riders have become less likely to surrender a policy and more likely to use the rider for its intended purpose. In 2012, 42% of life and annuity consumers expected to use family or friends for future product research. As such, the increase in clients maintaining riders may drive more prospects to firm sites for information. In this Annuity Monitor Report, we assess how firms position optional benefit riders on their public websites, focusing on findability, rider information and presentation.

We distribute a range of grades from C’s to a high of A, with few changes since we last examined this topic in May 2014. Ideally, all firms should provide transparent fee and cancellation policies and distribute information in consistent areas throughout the public site. Leading firms supplement this information with digestible brochures, videos and tools. While most firms (60%) offer graphs or charts to represent growth potential, just one firm offers a tool for personalized estimations. Locations of information range from centralized overview pages to scattered points across multiple public websites.

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