Hartford Life Beefs Up Variable Annuities' Death Benefit.A new enhancement in the variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. product line of Hartford Hartford, city (1990 pop. 139,739), state capital, Hartford co., central Conn., on the west bank of the Connecticut River; settled as Newtown 1635–36 on the site of a Dutch trading post (1633; abandoned 1654), inc. 1784. Life Insurance Co., Simsbury, Conn., offers beneficiaries potentially higher death benefits. Under the Earnings Protection Benefit, should the contract owner die before annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. payments begin, beneficiaries receive the greatest of premiums invested minus surrenders, the maximum anniversary value prior to age 81, or the contract value plus up to 40% of contract gain up to 200% of premiums adjusted for surrenders and premium benefits made one year before death. The enhancement is available with new contracts of the Hartford Director, Putnam Hartford Capital Manager and Hartford Leaders variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. . |
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