AARP gives distribution deal to online annuity seller Blueprint Income

AARP gives distribution deal to online annuity seller Blueprint Income
The fixed annuity marketplace will be open to the association's 38 million members
MAY 01, 2020

AARP recently gave a valuable distribution deal to online annuity provider Blueprint Income, which has replaced New York Life as the exclusive fixed-annuity marketplace for the association’s members.

Blueprint Income, which launched in 2014, caters to do-it-yourself shoppers looking for fixed and income annuities. Within the AARP marketplace, the company will sell annuities direct to consumers from more than half a dozen insurers: New York Life, The Guardian Life Insurance Company, Western & Southern Financial Group, Pacific Life, Lincoln Financial Group, Principal Financial Group and Mutual of Omaha.

“This will be a significant source of growth,” said Matthew Carey, co-founder and CEO of Blueprint.

While less than 10% of fixed annuity sales are made online, direct to consumers, that proportion is likely to increase, Carey said. The firm, which on average sells contracts of about $100,000, is projecting about $100 million in sales this year, he said.

AARP, which has about 38 million members, exists in part to market insurance products to people over 50.

“The coolest thing about this is AARP went with a platform that lets consumers choose insurers,” Carey said. “We really believe that annuities should be more accessible than they are.”

Last year, the firm developed a subscription-style deferred income annuity with Pacific Life. That product, which caters to Gen Xers, allows initial contributions of $100 or more, with contract holders adding to their accounts over time. The payments correspond to a predetermined amount of monthly income, the companies said.

“Our view all along … is that a digital experience is not a way to sell the same products, but a way to create different products,” Carey said. As an industry, “insurance has generally been a laggard in digital innovation … The opportunities to make things drastically better are significant.”

Latest News

AdvisorFinder launches AI visibility measurement tool for RIAs
AdvisorFinder launches AI visibility measurement tool for RIAs

Mercer, Focus Partners Wealth, Mariner, Creative Planning and Captrust top the leaderboard tracking AI search results for RIA firms.

Edwards Jones targets next-gen investors with hybrid investment advisory platform
Edwards Jones targets next-gen investors with hybrid investment advisory platform

"We believe this model will help younger investors – and any investors who value a hybrid advice experience,” said Ryan Robson, principal at Edward Jones.

Giant Cambridge group in Pennsylvania bolts to LPL
Giant Cambridge group in Pennsylvania bolts to LPL

Conte Wealth Advisors reportedly has $1.4 billion in client assets and 20 advisors.

MAI Capital expands in California with $551 million OG Private Wealth deal
MAI Capital expands in California with $551 million OG Private Wealth deal

The Cleveland-based RIA's latest tie-up extends the firm's national footprint into the Golden State, where opinions continue to be split over a contentious billionaire wealth tax proposal.

Advisor moves: Missouri-based LPL team decamps to Osaic in full-circle succession
Advisor moves: Missouri-based LPL team decamps to Osaic in full-circle succession

Meanwhile, Cetera has welcomed a family-run practice from Commonwealth, and a Merrill advisor joins an existing UBS team in Connecticut.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income