Variable annuity owner wonders whether annuity benefits will be there
June 4, 2024 by John Hilton
Peter Gould and his wife are counting on the guaranteed lifetime withdrawal benefits from their variable annuity to provide “predictable and secure retirement income.”
Like many consumers who own these products, the Bloomington, Ind., couple had little idea that some insurance companies are taking increased investment risks with policyholder funds. Some insurers are already in receivership.
Most recently, PHL Variable Insurance Co. and its subsidiaries, Concord Re and Palisado Re, were placed into rehabilitation May 20 by order of the Superior Court of the State of Connecticut, Judicial District of Hartford.
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