I Need Information About Hartford Variable Annuity

[insureyou2@]

I HAVE A CLIENT THAT PURCHASED A HARTFORD VARIABLE ANNUITY 4 YEARS AGO FROM HER CREDIT UNION SHE HAS BEEN TAKING 700 PER MONTH FOR THE LAST4 YEARS SHE STARTED OUT AT $179,000
SURRENDER WITHOUT PENALTY MAY 1ST IS ESTIMATED BY HARTFORD $109,000 IT HAS A INCOME RIDER HER UNDERSTANDING IS THAT EVEN IF SHE USES ALL THE REMAING CASH THE PAYMENTS WILL CONTIUNE FOR HER ENTIRE LIFE TIME? i THINK THAT THE POLICY WOULD NOT DO THIS BECAUSE OF THE WITHDRAWS SHE WANTS TO KEEP IT BECAUSE OF THIS

 

[VolAgent]

Dollars to donuts says she is right and you are wrong. Time to learn how variable annuities and income riders work before you start replacing them.

 

[Norwayguy]

I second Volagent...My guess is if you read the policy and income rider she is "GUARANTEED" strong word to be able to take out a percentage of some balance for the rest of her life even if the account value goes to zero...The important part is to not go over the allowed amount because the rider will reset on the new account value.


Second thing....Don't use all CAPS its like yelling at us.

 

[insureyou2@]

I understand how riders work but she has no surrender after just four years when she contacted bank they told her she had 11 years left. I'm trying to figure out if the annuity had a time frame or a limitation on the rider.
i'm use to Aviva income rider and wondered what hartford offers
the thing that confuses me is the bank telling her she has 11 years left

 

[Norwayguy]

We won't be able to answer this and I would never trust the bank for info...do a 3 way call with the client direct to the Hartford to ask these questions.

 

[Franz Kafka]

She has what's called a policy. It's a book. Open that up. It tells you everything you need to know. Everything else is just B.S. I had a client who had 7 figure inside a VA in which he swore up and down that there was a 6% rider. I showed him the book. There was none. Apparently the agent screwed up and forgot to check one box in the app. It's all in there.

 

[VolAgent]

She has what's called a policy. It's a book. Open that up. It tells you everything you need to know. Everything else is just B.S. I had a client who had 7 figure inside a VA in which he swore up and down that there was a 6% rider. I showed him the book. There was none. Apparently the agent screwed up and forgot to check one box in the app. It's all in there.

Man, always taking the easy way out. What is the fun if you can't guess at the policy design and make uninformed recommendations?

 

[annuityseller]

oh come on reading the orginal contract is to easy!!!!!!!!! we won't have anything to talk about!!!!!