The Hartford announced Monday that it was launching a suite of variable annuities with personal protection options.
The products are focused on investors’ key needs, Steve Kluever, head of product development and marketing for The Hartford's global annuity division, told AdvisorOne.
First, he said, is principal protection. The Safety Plus option answers this need. Safety Plus is a 10-year guaranteed minimum accumulation benefit.
“A number of companies are pulling out of GMABs and focusing on GMWBs,” Kluever said. “We saw an opportunity to fill the void.”
If at the end of 10 years, Kluever said, the value of the annuity is less than the principal paid, The Hartford will guarantee the difference. Furthermore, investors who transfer to the annuity’s Personal Pension Account will receive a 20% income bonus.