Life Insurance Quotes

Hartford Financial to again offer structured settlement annuities

08/24/11

The Hartford Financial Services Group Inc. announced it will again offer structured settlement annuities after exiting the market in October of 2009, according to Bloomberg Businessweek.

The company, whose headquarters is in Connecticut, offers medical underwriting for structured settlements that often increases payments to policy holders who suffer from an injury or illness that shortens their life expectancy.

Head of annuities for Hartford's Wealth Management branch, Rob Arena, noted that structured settlement annuities represented a significant opportunity for growth for the company, which values annuities and believes it has a unique perspective given their underwriting perspectives.

According to the source, Hartford's total $91.3 billion in annuity holdings included $7.6 billion in structured settlement annuities, left over from the company's 2009 hiatus from the market.

Annuities, a form of insurance typically purchased in a lump sum, are often paid out annually and are subject to a series of terms. Some investors see terms as limiting, and fear the losses due to fees associated with improper withdrawals. For some investors, however, annuities provide a safety net, allowing them to invest more aggressively with other funds. 

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