The Hartford revamps variable annuity

The Hartford (Conn.) Financial Services Group Inc. today announced changes to its flagship variable annuity and its sales force. The revamped Hartford Leaders now combines attributes of the previous version of the product and The Director M variable annuity. This new version includes some subaccount choices from the Director suite, including funds from American Funds Distributors Inc. of Los Angeles, Franklin Templeton Investments Corp. of Toronto and Wellington Management Co. LLP of Boston. In total, clients can choose from 81 investment options and a roster of 12 money managers. Additionally, the company has enhanced its guranteed lifetime withdrawal benefit with two riders, the Lifetime Income Builder Selects and Lifetime Income Builder Portfolios. The benefits base in both riders will grow if the market does well. The company’s team of 175 wholesalers has also been streamlined. Previously, they supported both the Director and the Leaders annuity lines, but now they specialize in sales and education for the revamped offering.