We're seeing the first wave of immediate VAs, and I fully expect product development to be prolific in the area of flexible payout products and options. My expectations are particularly high for the future of investment life insurance like variable universal life. Remember that by the time workers reach my age, they are more interested in distributing assets than collecting assets, and tax deferral is not a critical issue. We'll use the 6 key words to address those challenges and focus on customers. Here are the words again.
Consumers are now in charge of their own retirement.
And we, as an industry, recognize our need to market responsibly. We need to demystify our products and communicate clear messages. Our industry must be proactive in lobbying to protect tax-favored status. Convergence, consolidation and reform will drive us to raise the bar for more flexible, creative and innovative products.