Gary Bhojwani on longevity risk
From Gary Bhojwani, CEO, CNO Financial Group Joins Live at NYSETV · · New York Stock Exchange
“People instead of worrying about dying too young, they're actually much more worried about living too long, meaning outliving their assets. And so that will continue to be a pressure and presents an opportunity for us.”
On , Gary Bhojwani, Chief Executive Officer & Director at CNO FINANCIAL GROUP INC, spoke about longevity risk during Gary Bhojwani, CEO, CNO Financial Group Joins Live at NYSETV on New York Stock Exchange.
About Gary Bhojwani
Gary Bhojwani, CEO of CNO Financial Group, has discussed the company's focus on middle-income Americans approaching retirement. He stated that 11,000 people turn 65 each day and that this demographic needs to prepare for retirement regardless of economic conditions. Bhojwani said that CNO's clients typically have total assets between $100,000 and $200,000, which he contrasted with larger companies that focus on those with assets over $1 million. He described CNO's distribution model as using face-to-face agents, phone, and online channels, and said the company provides both its own and third-party products based on consumer need. Bhojwani has commented on the sustainability of Social Security, stating that he personally believes changes such as raising the eligibility age or reducing benefits are likely, as the program was not designed to fund people for 20 to 30 years of retirement. He noted that surveys of baby boomers have shown a preference for guaranteed returns over higher potential returns with market risk, and that annuities are the only products that can guarantee lifetime income by pooling longevity risk. Bhojwani described CNO's investment portfolio as heavily invested in bonds and said the life insurance industry is the largest buyer of corporate debt in the United States.