Every year, many people send their hard-earned money to life insurance companies, in return for a promise that it will grow and provide them with regular income in old age. These fixed annuities make up a large part of their retirement savings – at last count, more than US$3 trillion (S$4 trillion) in the United States alone.
They could also become a nexus of the next financial crisis, if regulators do not act to mitigate mounting risks.
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