The Hartford Life Insurance Company Review 2020
by Jim Tobin, CFP
Life Insurance Help Desk Rating
The Hartford Life Insurance Company is a member of the The Hartford financial services family.
This review will address company history, financial ratings, and the positives and negatives of Hartford Life Insurance Company.
Additionally it will address some specific situations where it may make more sense to go outside the The Hartford family of products.
The goal is to make sure that you get the policy that provides you the most value.
Hartford Life Insurance Company History
Founded in 1810 Hartford Life Insurance Company has grown to be part of the multi- Billion dollar The Hartford Group enterprise. Hartford Life Insurance Company itself exited the individual market in 2013 by selling it's individual coverage to Prudential.
The Hartford Life Insurance Company or The Hartford, as it's known in life insurance circles, was purchase in 1970 by ITT and has since been spun off as in independent entity.
After going public with an initial public offering in 1997, The Hartford changed it's mind and went private again in 2000
The current focus of the Hartford is property and casualty insurance (sold through AARP), the group offers group and voluntary life insurance through it's employee benefits division.
Once a significant player in the annuity market, The Hartford sold it's annuity portfolio to Mass Mutual in 2013.
Hartford Life Insurance Company Ratings
- A.M. Best Company: The Hartford rating given by A.M. Best was an A+ (Superior).
- Moody's Ratings: The Hartford rating given by Moody's was an A1 (Superior).
- S&P Ratings- The Hartford rating given by S&P was an A+ (Strong).
- Comdex Score- n/a
Hartford Life Insurance Company Products
The Hartford Life Insurance Company offers both group life and voluntary life to the employees of businesses that us the carrier for employee benefits.
Group life is provided in the multiple of your salary as dictated by your plan. The group plans have options for convertibility and portability as well as a living benefit rider that goes as high as $500000.
The voluntary plan is not reliant on being a multiple of your salary, but is, like its' name voluntary. It is however an employee benefit that is only available as an employee unless convertibility options are exercised.
Both of these employee benefit products are group underwritten ,. This simply means that as long as the group is big enough, there is no individual underwriting and coverage is automatic.
Other Life Insurance Company of The Hartford Life Insurance Company
In addition to it's group life insurance products, it also offers group accident, group disability, group retirement health care insurance.
The Hartford Life Insurance Company is known for innovative employee benefit products and is a leader in the employee benefit market place.
The Hartford Life Insurance Company Rates and Quotes
The Hartford Life Insurance Company markets it's products directly though it's agents and independent agents.
Because employee benefit life insurance rates are largely a function of the number of employees, it is difficult to get a handle on rates and quotes without consulting a Hartford Agent.
Are The Hartford Life Insurance Company Voluntary rates competitive?
Probably not the answer you were looking for, I know. It is however, the truth.
Because voluntary policies are group underwritten, they generally can't compete (particularly in the later years) with individual policies. Because voluntary coverage is an employee benefit, it is not easy to for the public to access rate information.
However, it has been our experience that voluntary group underwritten policies are never the price leaders.
Cases where The Hartford Life Insurance Company is not a great choice
While employer paid group underwritten coverage is great, voluntary expenditures require more deliberation.
If you have a specific condition, you are best off speaking with an independent agent to find out which carrier will give you the best chance to get approved at a great rate that will last beyond employment with your current employer.
That being said, if you have a serious health condition, group underwriting can be your best friend. The best practice is to see what is available in the private market and compare.
The Hartford Life Insurance Company Suicide Exclusions
The 2 year suicide clause that is part of all life insurance policies in the United States, is the same. (Note that some states use a 1 year exclusion)
The Hartford Life Insurance Company Customer Service
The National Association of Insurance Commissioners reports a complaint index of .44 for NLG. This is well below the national average of 1 percent
Additionally, while The Hartford Life Insurance Company is not rated by JD Power & Assoc., it has a BBB rating of A-.
Address:The Hartford Financial Services Group, Inc.
690 Asylum Avenue
Hartford, CT 06155
The Hartford Life Insurance Company
review final Verdict
Is The Hartford right for you?It really all depends on your situation.
If you have notable health impairment(s), you will likely be better suited by shopping around on the open market and then comparing what you find to the voluntary insurance rate.
Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that The Hartford can't offer.
However, if you are uninsurable in the individual market, then groupunder written voluntary coverage is a home run.
Thank you for choosing the Life Insurance Help Desk to shop for life insurance.
The time to get covered is now!