{"id":1284,"date":"2013-07-15T15:54:14","date_gmt":"2013-07-15T15:54:14","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/07\/insurance_companies_experienci"},"modified":"2022-03-10T16:37:47","modified_gmt":"2022-03-10T22:37:47","slug":"insurance-companies-experienci","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/insurance-companies-experienci\/","title":{"rendered":"Insurance Companies Experiencing Sellers\u2019 Regret Over Variable Annuities"},"content":{"rendered":"

\t\t\t\tAccording to The New York Times<\/em>, a number of insurance companies that sold variable annuities with healthy death or income benefits prior to the financials crisis are regretting this decision. One reason for this is that they are finding it hard to meet the obligations-payouts of at least 6% or guaranteed returns-that come with them.<\/p>\n

Now, some insurers are currently trying to get annuity owners to agree to buyouts or move into investments that have lower returns. In some cases, the penalty for not complying is the loss of the payment that was guaranteed to them. Unfortunately, says The Times<\/em>, the notice of these changes and potential ramifications are not being made explicitly clear to annuity owners, who may be hearing them via generic-seeming notices sent in the mail that don’t show no indication that the letter might be urgent. <\/p>\n

One company, The Hartford, has notified advisers and clients that they have until October to change the asset allocation in specific variable annuities. This is to decrease the balance of the client, which would lower how much the company has to pay out. Rather than a 5% lifetime guaranteed payout, the annuity’s owner would receive a lower payout according to a decreased account value. Failure to comply will result in the loss of the rider that guaranteed payment no matter what the annuity’s value in cash. (A spokesperson for The Hartford, which is exiting the annuities business, said that the investment changes only apply to owners with contracts where such changes are allowed.)<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to The New York Times, a number of insurance companies that sold variable annuities with healthy death or income benefits prior to the financials crisis are regretting this decision. One reason for this is that they are finding it hard to meet the obligations-payouts of at least 6% or guaranteed returns-that come with them. 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