An article in the Retirement Income Reporter states that this May, Hartford Financial is planning to launch a new variable annuity product with a guaranteed lifetime benefit. While a lifetime benefit can be quite appealing to individuals nearing retirement, there is a catch in this offering.
Hartford has also announced that in order to keep costs low enough to appeal to consumers, this annuity will have some “constrained features”; said constraints are unknown at this point. These limits will also protect the firm from some of the risk associated with variable annuities.
It’s still early, but their new product may be something to look into when it’s released.
