Hartford Life Insurance Company is getting back into the structured settlement annuity business in an effort to expand overall annuity sales.
Hartford Life, Simsbury, Conn., a unit of Hartford Financial Services Group Inc., Hartford (NYSE:HIG), curtailed annuity sales in the wake of the recent economic slump.
The company now is trying to regain momentum by focusing on the structured settlement niche.
A structured settlement annuity is a vehicle for guaranteeing payments to people who received settlements involving a workers’ compensation or personal injury claim.
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Hartford Life can provide medical underwriting for structured settlements, and that may increase payouts for some recipients with conditions that shorten their life expectancy, the company says.