We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What Are the Different Types of Annuity Jobs?

By K. Kinsella
Updated Feb 12, 2024
Our promise to you
WiseGeek is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At WiseGeek, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject-matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

Annuities are life insurance products that provide contract owners with living benefits such as lump sum cash payments or monthly income payments. These products are sold by insurance providers who employ a variety of administrative and sales employees in many different types of annuity jobs. Typically, annuity jobs include actuaries, wholesalers, insurance agents, marketing professionals and brokers.

When an insurance firm enters into an annuity contract, the contract purchaser pays a premium to the insurer and the insurer promises to provide the annuitant with periodic income payments that will exceed the amount of the premium. The insurance company invests premiums in stocks and fixed interest accounts but the insurer can lose money in the long-term if the returns on those investments fail to cover the cost of the monthly annuity payments. Income payments usually end upon the death of the annuitant which means that the insurer makes money if annuitants die sooner than expected. Consequently, actuarial positions are among the most important annuity jobs because the individuals filling these roles must use historic data to calculate average mortality rates. Insurance companies base premiums and monthly payments on the information that actuaries prepare.

Wholesalers are sales employees who are responsible for educating independent sales agents about annuity products. These individuals normally cover a certain region and attempt to negotiate sales deals with banks and other financial firms that employ large numbers of agents. Some firms employ an internal wholesaler who provides ongoing marketing support to sales agents but also employ a remote wholesaler who conducts actual sales presentations alongside agents.

Many insurance firms primarily sell products through independent agents and other financial firms. Nevertheless, some firms also employ in-house sales agents who are able to sell products such as annuities directly to consumers. Agents must pass licensing exams and in many nations, insurance agents also have to have securities licenses in order to sell complex products such as indexed or variable annuities. In many instances, the insurance firm covers the cost of obtaining the license, but sales agents are normally paid with commissions rather than salaries.

Annuities are mainly targeted at retirees or people who are close to retirement age since the products provide annuitants with income benefits that can be especially helpful to those in this age group. Consequently, many insurance firms have annuity jobs for marketing professionals. These employees must work with market research firms to discover the best way to market new annuity products.

Marketing employees also have to plan major advertising campaigns and are responsible for branding annuity products. Premiums on annuities are typically invested in securities such as stocks and bonds, and insurance companies employ licensed investment brokers who can buy and sell securities with annuity funds. Like sales agents, brokers are often paid with commissions rather than base salaries.

WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Link to Sources
Discussion Comments
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.