Hartford Life Insurance has a history of excellence spanning more than 200 years, making it one of United States’ oldest insurance companies. However, does this proven sustainability necessarily make it the best option for life insurance?
Unlike auto or homeowners insurance, life insurance is something that will always be needed – eventually. If you’re lucky, you may never become involved in a car crash or have severe home damage. However, you will need to protect the interests of your family when you pass away.
We took an in-depth look into Hartford Insurance to see what made them one of the top-rated insurance companies in existence. Here’s what we discovered:
Hartford Life Insurance: A General Overview
Hartford Life Insurance has roots dating back to 1810, making it one of the most experienced, reliable companies in the industry. This says a lot about a company’s reputation and its ability to serve its policyholders.
As part of The Hartford, the company offers a variety of financial and insurance services, including mutual funds, casual and property insurance, and life insurance.
Like other life insurance companies, The Hartford offers financial benefits in the event of your death to ensure beneficiaries can pay bills without economic hardship. It’s the last favor you’ll be able to do for them, which is why choosing the right policy isn’t a decision to take lightly.
The Hartford works with businesses of all industries and sizes to provide company-wide coverage at group discounts. The company also partners with the AARP to offer members special auto and home insurance at discounted rates.
The Hartford Company Ratings
Third party organizations have done the hard research for you by providing unbiased ratings of life insurance companies. These ratings look at factors like company stability, future prospects, and current financial health.
The Hartford ratings for its life insurance divisions are as follows:
Hartford Life Insurance Company
Hartford Life and Accident Insurance Company
- A.M. Best Company: A
- Moody: A2
- Standard & Poor’s: A
This data looks promising for both the current and future state of Hartford Life Insurance.
Hartford Life Insurance Options
Life insurance is never a one-size-fits-all. Hartford Life Insurance offers several different policy types, each with its own unique benefits and terms to help you find the right coverage.
Typically offered by your employer, you can opt-in to receive supplemental voluntary life insurance that pays out in the event of your death. The amount you would pay for this policy is determined by the amount of coverage offered, along with factors like age. However, since it’s offered by your employer, your company as a whole may benefit from a group discount.
Group Life Insurance
Group life insurance is used by organizations that offer their employees life insurance as a company benefit. These policies are relatively affordable, but you should consider what happens to your policy if your employer decides to no longer offer life insurance.
Life Insurance with No Medical Exam
Other Life Insurance Products
Whether you want whole life or term life, The Hartford likely offers the type of policy you’re interested in. Most people are able to find some form of coverage that works for them. They also offer a variety of life insurance riders, including Accidental Death & Dismemberment, Disability, and a Living Benefit Option.
The Hartford isn’t just an insurance provider, they’re also a reassurance provider. They realize that people who file claims aren’t doing so because they want to. It’s because something has happened in their lives that they need to rely on their insurance.
If you’re a policyholder with The Hartford, you can take advantage of their Life Conversations services that offer one-on-one support with their experts to navigate the complexities of what happens after a death. This might include will services, counseling for beneficiaries, or funeral planning.
Life Conversations are not offered with all life insurance products. If this service might matter to you or your family one day, consider this when choosing your policy.
The Downsides of Hartford Life Insurance
Hartford Life Insurance is one of the top companies for a reason, so there’s not much negative to say about them. However, finding information about their life insurance products online can be tricky, as very little is available on their website. This isn’t a problem with their insurance, though, so it’s not fair to use this as a deciding factor.
One of the major drawbacks of choosing this company is the fact that their insurance coverage is only available through an employee benefit option.
This means that there is not an option to purchase an individual life insurance policy. Life insurance along with the several different available supplement insurance options will only be available if your workplace is offering Hartford Insurance coverage as an employee benefit.
A second drawback of choosing this company is the fact that you’re not choosing other companies. Even though this may be one of the best options for most people it doesn’t mean it’s the right option for you.
There may be other providers who are more akin to helping people with pre-existing conditions, such as diabetes. You might be able to get quality coverage for a lower premium somewhere else, depending on your special circumstances.
When you’re shopping for life insurance, consider the following factors about yourself:
- Are you a smoker?
- Is there a possibility you will develop a hereditary disease at some point in your life?
- Do you engage in any risky activities, such as riding a motorcycle?
- Is your current occupation considered risky?
- Do you plan to have any major medical procedure in the near future, or have you had any major operation in the past year?
- What pre-existing medical conditions do you have?
In short, every life insurance company has its unique selling point, and it simply depends on the policyholder in deciding which company is the best one.
Life insurance is too important not to get the right coverage or partner with a company who can’t deliver on its promises. Your loved ones depend on it to take care of them when you no longer can. In these cases, it literally pays to do your homework.
For more information on how to choose the right life insurance for your needs, visit our blog.
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