Review of Hartford’s Variable Annuity: Benefits Without Drawbacks

For those hoping for a variable annuity that will not reduce death benefits when a lifetime income option is used, The Hartford’s annuity enhancement is for you.  According to Market Watch’s “The Hartford Enhances Its Variable Annuity To Help Consumers Achieve Both ‘Living and Giving’ Goals,” this variable annuity upgrade allows you to leave a legacy to charity or to heirs.  The variable annuity products are in Hartford’s Personal Retirement Manager (PRM) line of products.  When doing variable annuity reviews, it has been difficult in the past to provide yourself with lifetime income and make sure you have something to leave behind without one taking away from the other.  One of Hartford’s VP’s says that their PRM variable annuities will be able to provide you with both.

When opting for Hartford’s Future6 Guaranteed Minimum Withdrawal Benefit, you can also choose to add the Future6 Death Benefit.  The Death Benefit lets you take income withdrawals without reducing the death benefits at all.  When you die, the death benefits paid out will be the higher number of the premiums invested or the contract value when your income payments began.  This is all based on the fact that you haven’t met any predetermined limits.  Along with these enhancements, some of the costs associated with their PRM variable annuities are also going down.  Hartford’s man in charge of global annuities says that they are just demonstrating their longstanding commitment to the annuity marketplace.  They are confident that annuities meet America’s growing need for retirement income and savings.

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