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Hartford Customers May Lose Guarantees On Variable Annuities

Monday, July 8, 2013 - 6:48 AM
From the Wall Street Journal
A decade ago, Hartford Financial Services Group Inc. won applause from financial advisers as a trailblazer in developing new types of variable-annuity guarantees that provided lifetime income even if the owner's investments tanked.

Now, the company is still trailblazing, but it is being booed.

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Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Monday, July 8, 2013 - 7:02 AM
I would think for one side to alter the terms of a contract would be legally indefensible. For Hartford to add a requirement that investors' money be at least 40% in fixed income in order to maintain guarantees, when no such requirement existed before, would be a unilateral alteration. I think there will be law suits when Hartford starts revoking the guarantees.
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,285