Back in May, The Hartford announced forced changes to their variable annuity contracts that have made a big splash in the annuity community. Many variable annuity holders are being forced to change their asset allocation to a more conservative mix, or they will lose out on the guaranteed benefits in their contract. Broker-dealers and clients have been unhappy with these forced changes. In a few states, people will be pleased to know that the way their contracts are worded will make them exempt from having to make these changes. See my updated blog from last month for the details.
Written by Rachel Summit