Although variable annuities carry the potential of higher returns than fixed annuities, they don’t offer a guaranteed payout. Annuities can be customized to fit your particular needs and comfort with levels of risk.

What is guaranteed in a variable annuity?

A variable annuity is part investment, part insurance. You put your money in mutual-fund-like accounts, and gains are tax-deferred until you withdraw the money. The guaranteed step-up means that the value of the benefit base can grow more than the value of your underlying investment.

When did Hartford Life Stop Selling variable annuities?

On April 27th, Hartford ceased its annuity sales decreasing its annual expenses by approximately $100 million. Hartford Financial Services created Talcott Resolution to cope with the effects of the recession, low-interest rates and new accounting rules had on Hartford Life’s large block of variable annuity business.

Is there a 5.5% guaranteed growth rate for variable annuities?

A reader writes in, asking: “Several friends have purchased the Prudential Defined Income Variable Annuity. The illustration we were given shows a guaranteed 5.5% growth rate, meaning $100,000 invested for 12 years would be almost $200,000. But everything I read says to stay away from variable annuities.

Where can I Find my Hartford annuity balance?

You can hear your automated Hartford Annuity Account Balance 24 hours a day, 7 days a week by calling 1-888-488-2228. You can download other important Hartford Annuity Forms at Talcott Resolution Annuity Service Center. Do You Need a Hartford Annuity to Assist You?

What’s the interest rate on a variable annuity?

Francine purchased the variable annuity several years ago from a stockbroker (business card says Senior Financial Advisor) who works specifically for the insurance company offering the annuity. The current balance is around $1,000,000. She stated that the policy came with a fixed guaranteed interest rate of 7% per year, and no fees.