However, from next month many large insurers will offer a different system for savers wanting to take out cash flexibly in retirement.

Rescission practices by several large insurers have attracted media attention, class-action lawsuits, and regulatory attention in several states.

Large insurers frequently negotiate most-favored nation clauses with providers, agreeing to raise rates significantly while guaranteeing that providers will charge other insurers higher rates.

Small insurers, like individual consumers, tend to have annual costs that fluctuate far more than larger insurers.

The issue of concentration of power by the insurance industry has also been a focus of debate as in many states very few large insurers dominate the market.