Life insurance can be an integral part of most any complete financial plan. The takings from life insurance coverage can be used in a wide variety of ways, such as for paying off debt, continuing to pay everyday expenses, ensuring that a child or grandchild has funds to attend college in the future, paying estate taxes, and/or ensuring that one's funeral and other final expenses are taken care of.
When looking for the best life insurance policy, it is imperative to make sure that you have the right type and amount of coverage. That way, your survivors won't need to worry about financial hardship at an already difficult time in their lives.
It is also essential to ensure that the life insurance carrier you are planning to purchase the coverage through is secure and stable from a fiscal standpoint and that it has a positive reputation for quickly paying out its policy holder claims. One insurance carrier that meets these criteria is The Hartford.
History of The Hartford Life Insurance Company
The Hartford has been in the business of providing life insurance coverage for more than two centuries. The company had its beginning back in the year 1810 when it was formed as a fire insurance carrier. The Hartford quickly differentiated itself from other insurance companies at that time, when in 1835, a fire destroyed New York's fire insurance district and the leaders of the company pledged their fortunes to help with paying the claims.
Throughout the years, the company grew and expanded, adding some insurance products along the way. Hartford continues its path of excellence today. In addition to offering financial protection through insurance coverage, the company helps in the communities in which it serves and promotes volunteerism and charitable donations. The Hartford also became a founding partner in the U.S. Paralympics in 2003, and it has been named as one of the world's most ethical companies nine times.
The Hartford Life Insurance Review
Today, The Hartford offers an extensive list of insurance and other financial products, which can help its clients to customize their wealth enhancement and protection essentially. The company has a key focus on property and casualty insurance, as well as mutual funds and group benefits. It also offers life insurance and retirement annuities.
In the year 2016, Hartford had a net written premium of more than $10.5 billion just in personal lines insurance. In fact, Hartford is a leading direct personal lines insurance carrier, with a 30+ year partnership with AARP. The insurer has a leading share in P&C small commercial, and it is rated as the number two provider of workers' compensation insurance. The Hartford is also ranked as the number four insurer in the group disability market, and number seven position in group life insurance coverage.
Hartford Life is also a primary provider of group life insurance and in voluntary life insurance benefits. It serves more than one million small business customers with its coverage products. In 2016, the company had revenues of more than $18.3 billion. The Hartford is headquartered in Hartford, Connecticut.
Insurer Ratings and Better Business Bureau Grade
Due to its strong financial position, The Hartford has earned high ratings from the insurer rating agencies. These include an:
- A+ from A.M. Best Company
- A+ from Standard & Poor's
- A1 from Moody's Investor Services
Also, while The Hartford is not an accredited company through the Better Business Bureau (BBB), it has been given a rating of A- from the BBB, based on an overall grade scale of A+ to F. Over the past three years, The Hartford has closed out a total of 293 customer complaints – of which 13 were closed out over the past year.
Of these total 293 customer complaints, 202 had to do with problems with the company's products and / or services, 71 were related to billing and / or collection issues, 12 were in relation to advertising and / or sales issues, 6 were delivery related, and the remaining 2 had to do with guarantee and / or warranty issues.
Life Insurance Policy Options Offered by The Hartford
The Hartford provides several options in terms of life insurance coverage. These come primarily by way of group life insurance coverage, as well as in voluntary life insurance plans that are offered through the employer-sponsored market.
Helping to protect employees against the unexpected is a key focus for many employers. Knowing that employees and their loved ones are covered financially can contribute to enhancing peace of mind, and in turn, employer productivity.
The Hartford offers industry leading group life insurance that includes features such as the following:
- Enhanced Continuity of Coverage – The Enhanced Continuity of Coverage Clause can prevent employees from being stranded without coverage on the policy transfer date – even if the employee is not yet actively at work on that day.
- Living Benefit Option – The living benefit option on The Hartford's group life insurance coverage can accelerate the benefits of terminally ill insureds and / or their dependents up to $500,000. These funds may then be used for paying medical expenses, or for any other need that the insured sees fit.
- No Interruption in Premium Waiver Elimination Period – The No Interruption in Premium Waiver Elimination Period for employees who attempt to return to work can last up to five days.
- Portability and Conversion – The Portability Option and Conversion is offered with the Hartford's life insurance product as well. Here, employees who leave their company, or who are under other qualifying conditions, can take all or a portion of their life insurance coverage with them.
In addition, there are also a variety of other programs that can provide employees with access to online tools and services that can help with guiding them through major life decisions, such as funeral planning and / or the creation of a will.
The Hartford also offers Accidental Death and Dismemberment Insurance (AD&D) in the group life insurance arena. Here, protection is available to employees, as well as for spouses and / or children against losses that can stem from unforeseen covered accidents.
With this plan, there is 24-hour accident coverage that can be combined with an employee's group life insurance offering – or alternatively, it may be purchased by the employee as stand-alone coverage. There are also various riders available with this plan that can help to better customize the insurance to fit an employee's individual needs.
The Hartford also offers a variety of voluntary life insurance options in the employer market. The coverage amounts of this life insurance can range from a flat dollar amount to multiples of the employee's salary. There are also additional benefits offered, such as help with the preparing of a will, funeral planning, travel assistance, and more.
The term life insurance coverage that is provided via the Hartford's voluntary benefits can include a living benefit option / accelerated death benefit, as well as accidental death and dismemberment (AD&D), and a disability waiver of premium. As with the group life insurance coverage, the voluntary life insurance benefits offered by the Hartford are both portable and convertible.
The coverage is also quite flexible, allowing employees in many cases to choose face amounts of between $25,000 to $250,000, as well as coverage for his or her spouse – up to 100 percent of the employee's value.
With the voluntary benefit offering, there is also children's coverage available. This coverage can range up to $15,000 in benefit. And, the coverage for all the insureds is typically guaranteed issue. This means that the individuals will be covered, regardless of their current health condition.
In addition to life insurance protection for employees, the Hartford goes beyond the benefit of the proceeds and includes value added services that can help an employee's recovery in the event of an unexpected situation. Just some of these services include the following:
- Counseling Beneficiaries – This service offers compassionate expertise that can help employees to cope with the financial, legal, and emotional issues that come from losing a loved one.
- Funeral Planning and Concierge Services – This suite of online tools can guide an employees through key decisions prior to a loss, such as help with planning a funeral.
- Will Services – The Estate Guidance Will Services that is offered through The Hartford can help with protecting a family's future by creating an online will, which is backed by support from licensed attorneys.
- Travel Assistance – With travel assistance, employees can get pre-trip information that helps them with feeling safe and secure.
- ID Theft Protection and Assistance Services – Today, the fastest growing crime is identity theft. Once an identity has been stolen, it can wreak havoc on an individual and their family for many years to come. With ID theft protection services from The Hartford, employees will have access to educational materials that can help with preventing such a crime, as well as access to case workers who can assist with resolving issues that can arise from identity theft.
Other Products and Services Available
In addition to life insurance coverage, The Hartford offers many other products and services to its customers. These include the following:
The auto insurance that is available through The Hartford includes car / vehicle coverage, as well as coverage for classic vehicles, RVs (recreational vehicles), boats, golf cards, snow mobiles, and ATV (all-terrain vehicles).
Home Owners Insurance
The home owner’s insurance offered via Hartford includes coverage for one's primary residence and investment property, along with renter’s insurance, condo insurance, flood insurance, and overall umbrella insurance coverage.
The Hartford works with businesses to protect what is important to them. The company provides a wide variety of different business insurance protection options to choose from, depending on a company's needs. These include:
- Business owner's policies
- Workers' compensation
- Commercial auto insurance
- Commercial property insurance
- Data breach insurance
- General liability
- Home based business insurance
- Employment practices liability
How to Find the Best Life Insurance Premium Rates Through The Hartford
If you are seeking the best rates for life insurance coverage from The Hartford – or from any highly rated life insurance carrier – it is recommended that you work with an independent insurance agent or broker. That way, you can shop and compare the policies and the prices of multiple plans – and from there, you can choose the option that will be right for you and your precise needs.
When you are prepared to move forward, we can help. We are an independent insurance brokerage, and we work with many of the top insurance providers in the market place today. We can provide you with all the important factors you require to make a well-informed purchasing decision – and we can do this for you swiftly, simply and conveniently, all from your computer, and without you having to meet in person with an insurance agent. If you are ready to get started with the process, then all you must do is just simply fill out our quote form.
Should you find that you still have any additional questions or concerns regarding the purchase of insurance coverage, then please feel free to reach out to us directly and speak with one of our insurance experts. We can be reached directly by phone, toll-free, by dialing 888-836-7071.
We understand that the purchase of life insurance, or any other type of insurance product, can be somewhat overwhelming. There are many variables to choose from – and you want to make sure that you are going in the right direction regarding the coverage. But the good news is that this process can be done so much easier when you have an ally on your side. So, contact us today – we're here to help.