Talcott Resolution Life Insurance Company Review

Servicing existing policyholders with annuities

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Talcott Resolution

Talcott Resolution

Our Take

Talcott Resolution Life Insurance Company is no longer accepting new business. The company only assists current policyholders with their annuities. Since Prudential sells their life insurance policies, those seeking a new life insurance policy should check out what Prudential has to offer or choose another company.  

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Few complaints with the NAIC in 2020

  • Online resources and tools for annuity policyholders

  • Life insurance policies sold through Prudential

Cons
  • Not accepting new business

  • No online quotes

  • No policy details available

Key Takeaways
  • Talcott Resolution focuses on reinsurance and legal entity acquisition in partnership with other insurance companies. The company was acquired by Sixth Street in June 2021. 
  • Unless you have an existing annuity, Talcott Resolution’s customer service department won’t be able to assist you as the company no longer sells new annuity contracts. 
  • Prudential administrates Talcott Resolution’s life insurance policies. Prudential has an A+ (Excellent) financial strength rating from AM Best but ranks slightly below average in J.D. Power’s 2020 U.S. Life Insurance Study
Specifications
  • Year Founded 1902
  • Kinds of Plans Annuities, Life Insurance
  • Number of Plans 0
  • Payment Options Not applicable
  • Official Website https://www.talcottresolution.com/index.html

Introduction

Talcott Resolution is a life insurance and annuities company with life insurance policies administered by Prudential. We researched Talcott Resolution’s financial strength, customer satisfaction, online resources, and customer service reviews to help you compare the life insurance options that Talcott offers with the competition. 

Warning

Talcott Resolution is no longer accepting new business.

Company Overview

Talcott Resolution was incorporated in 1902 and is headquartered in Windsor, CT. The company began offering wealth management products such as annuities in 1978. In 2012, it stopped selling new products and began focusing on risk reduction. In 2013, the individual life insurance business was reinsured to Prudential Financial. In June 2021, Talcott Resolution was acquired by global investment firm Sixth Street. 

Talcott Resolution oversees $91 billion in assets on behalf of about 900,000 customers. 

Available Plans

Talcott Resolution doesn’t provide information about its policies online. That’s likely because the company has ceased acquiring new customers. 

For those interested in applying for a life insurance policy, Prudential administers term life, universal life, indexed universal life, and variable universal life policies. You can get an instant quote on the Prudential site. Our full Prudential Life Insurance review can help you decide if the company is a good fit for your life insurance needs. 

If considering Prudential for your life insurance needs, be sure to get a quote from a few other companies as well.

Available Riders

Life insurance riders allow you to customize your life insurance policy to suit your needs. Prudential offers riders that allow you to access living benefits, waive premiums during periods of disability, provide an additional death benefit, and more. 

The Talcott Resolution website doesn’t state which riders are available for its annuity products. For riders available with Prudential, visit the Prudential website or speak with an agent.

Customer Service: Business Hours

Talcott Resolution holds office hours between 8 a.m. and 7 p.m. ET, Monday through Thursday, and 9:15 p.m. to 6 p.m. ET on Friday. If you have questions about your existing annuity contract, you can call 1-800-862-6668 for in-force policies and 1-877-372-2935 for annuitized policies. The company does not have a working email address or live chat, but you can submit inquiries through the online form

While hours are limited, we found the customer service representative to be friendly and helpful. 

Customer Satisfaction: Fewer Complaints than Expected

Talcott Resolution had an NAIC complaint index of 0.51 with the NAIC in 2020 (the average score is 1.0, and the lower, the better). Talcott Resolution only received nine complaints in 2020 and nine complaints in 2019.  

The company is not rated in J.D. Power’s 2020 U.S. Life Insurance Study, and we couldn’t find any customer reviews on third-party websites. 

Financial Strength: B++ (Good)

AM Best is an independent rating agency that evaluates insurance companies based on their financial strength. This is important for life insurance companies because a good rating shows the company will be able to reliably pay claims. While you shouldn’t necessarily avoid companies with a B++ (Good) rating, dozens of other insurance companies have better ratings from AM Best. 

To ensure the company you choose will have the financial standing to pay your death benefit, opt for an insurer with an A- (Excellent) rating or above. 

Cancellation Policy: Unknown

Talcott Resolution does not list its cancellation policy on its website. Existing policyholders will need to call for information on canceling their policies. 

Price of Talcott Resolution: Unknown

While Talcott Resolution once offered annuities, the company doesn’t provide pricing estimates online. And since Talcott Resolution is no longer accepting new business, you won’t be able to get a quote online or by phone. 

How Talcott Resolution Compares to Other Life Insurance 

Talcott Resolution only assists existing policyholders with their annuity contracts. Most other companies offer a range of products and are still accepting new customers. Talcott Resolution’s financial strength rating is also subpar compared to many other providers in the industry. However, the company has fewer complaints than average with the NAIC. 

Talcott Resolution vs. New York Life Insurance 

New York Life offers annuity contracts similar to what Talcott Resolution once offered, and the company also sells individual term life, whole life, universal life, and variable universal life policies. There are several key differences between these two companies (besides that New York Life is still accepting new customers):

  • New York Life has a website with details about 11 different plans and a variety of riders, while Talcott Resolution only provides information by phone to existing policyholders. 
  • New York Life is ranked second for annuities and sixth for life insurance in J.D. Power’s 2020 U.S. Life Insurance Study, while Talcott Resolution was not rated. 
  • New York Life has an A++ (Superior) financial strength rating from AM Best, while Talcott Resolution only has a B++ (Good) financial strength rating.
Insurer AM Best Rating J.D. Power Ranking # of Plans Years in Business  Online Quotes? 
Talcott Resolution B++ (Good) Not Rated 0 109 No
New York Life  A++ (Superior)  2nd (annuities), 6th (life insurance)  11  176  No 

For people currently seeking an annuity or life insurance policy, Talcott Resolution is no longer an option in the industry. However, New York Life provides a great alternative for people looking for either product. The company’s indicators of financial strength and customer satisfaction are both top-notch. 

Read our full New York Life review.

Final Verdict

Since policy details were not available, the primary components of our evaluation of Talcott Resolution were financial strength and customer satisfaction. While the company had fewer complaints than average, its AM Best rating was subpar. And since it is no longer welcoming new customers, anyone who wants to apply for a life insurance policy or annuity will need to look elsewhere.

Methodology

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.