A Guarantee Period is the length of time you select for which
Hartford guarantees to pay you interest. The interest rate we
credit depends on the Guarantee Period you select. We currently
offer Guarantee Periods of five years, six years, seven
years, eight years, nine years and ten years.
What happens at the end of each Guarantee Period?
We will notify you of your options before the end of your
Guarantee Period. These options currently include:
" Fully Surrendering your Contract,
" Having your Contract Value rollover to a Subsequent Guarantee
Period of the same length of time,
" Transferring to a Guarantee Period of a different duration,
" Asking us to begin making Annuity Payouts,
" Purchasing a variable annuity issued by Hartford, or
" Any other option that may become available.
Unless we receive written instructions from you selecting
a different option, Hartford will roll your Contract Value
into a Subsequent Guarantee Period for the same length
of time. Your Contract will receive the interest rate we
have established for that new Guarantee Period.
I know that if this happened in the company I work for, they would not be changing it. I would start by contacting the Hartford directly and asking them where they think they get off changing the terms of a contract almost 10 years after the fact.The (2) 10 year CRC (Compound Rate Contracts0 were purchased in August of 1999. Page 3-a of the contract titled "Certificate Specifications" spelled out the funds that we would be entitled to by year completed. In August of 2003, The Hartford sent us a letter saying they made a mistake on the contrats and that they were changing the "Certification Specifications" page 3-a of the contract.
Hartford has not been true to their commitment and has jeopardized our retirement
Morty
You were advised about this over 5 years ago?The (2) 10 year CRC (Compound Rate Contracts0 were purchased in August of 1999. Page 3-a of the contract titled "Certificate Specifications" spelled out the funds that we would be entitled to by year completed. In August of 2003, The Hartford sent us a letter saying they made a mistake on the contrats and that they were changing the "Certification Specifications" page 3-a of the contract.
Hartford has not been true to their commitment and has jeopardized our retirement.
Morty
Missed that part.You were advised about this over 5 years ago?
Whatever.....
Doesn't matter. At this point you have no recourse. So it's your loss.Contract were not breached until October 28, 2008, when they were fully surrender and short thousands of dolars