Many customers appreciate the broad selection of coverage options and relaxed medical exam requirements for The Hartford life insurance. However, given the company's financial outlook and lack of effective online and mobile resources, some customers may be better served by the more forward-looking competitors of The Hartford.
The Hartford life insurance offers a full selection of policy types to meet your personal goals, including term life, whole life, and standard universal life policies, as well as variable and indexed universal life policies. You can also select from an excellent variety of optional coverages that include almost all major options available in the industry. Standard cash surrender, return of premium, and term conversion options are available to ensure you have maximum flexibility as your policy needs to evolve. Other popular optional coverages include a mortgage life option and a survivorship and joint coverage option. The only major optional coverage not provided by The Hartford is a whole life vanishing premium option, which enables you to apply your policy dividends toward future premium payments. However, this typically doesn't rank as essential for most life insurance shoppers.
Medical exams not required:
The Hartford's lack of a medical exam requirement is sure to appeal to many potential policyholders, especially older individuals. This provision applies to both new policyholders and existing policyholders who are interested in converting a term life policy to permanent coverage. Though there are some restrictions in place, notably for policyholders over age 70, most customers can take advantage of this provision. If you're looking for maximum convenience and minimum hassle when purchasing or converting a policy, The Hartford life insurance makes a great choice.
Generous grace period:
If you've ever missed an important due date during an especially busy period, you can really appreciate the value and convenience of The Hartford's 31-day grace period for premium payments. This provision is especially important for life insurance policies, as it helps you to avoid a policy lapse or cancellation resulting from a simple oversight. Since a policy lapse or cancellation could have huge ramifications for you and your family, it's very nice to see that The Hartford makes an allowance for this kind of common mistake.
Weaker financial strength:
The Hartford is a well-known name in the insurance industry and has been operating for over 200 years. However, despite this long track record of success, the company's financial strength ratings from top ratings agencies are lower than those of their competitors. For example, A.M. Best and S&P both rate The Hartford below all of the company's major competitors in terms of overall financial strength. Though The Hartford's ratings are actually favorable according to the rating scales, their position relative to other companies is an important indicator that may give pause to cautious shoppers.
Confusing online tools and learning materials:
Though The Hartford does provide some educational content, it is spread out over The Hartford's main website and a secondary website for investment customers, which is pretty difficult to navigate. Additionally, the company does not provide a comprehensive beginner's guide to get first-time buyers up to speed, something that the top insurance companies are careful to provide. If you are a self-starter or if you're simply interested in having helpful resources at your fingertips, The Hartford is not a particularly strong choice.
No mobile app capability:
Customers who value the ability to access their account from anywhere will be disappointed. The company does offer a mobile website designed for smartphone web browsers, but it provides almost no value to the company's life insurance policyholders. In combination with the lack of online tools and resources, the complete lack of mobile functionality indicates that The Hartford has not yet taken steps to appeal to technologically savvy life insurance shoppers who appreciate a strong online presence and functional mobile tools.
A.M. Best FSR Rating
A.M. Best ICR Rating
Term, Whole, Universal
Standard & Poor's Rating
A.M. Best "Excellent" or Better - The insurance company has an A.M. Best rating of "A-" or better.
ICR Rating "Stable" - The insurance company has an A.M. Best Credit Rating of "Stable" or better.
Moody's "Very Strong" - The insurance company has a Moody's rating of "Aa3" or better.
S&P Rated "Very Strong" - The insurance company has an S&P rating of "AA-" or better.
Cash Value Access - The policy owner can access or borrow against the value of policy accounts.
Dividends - The policy owner can receive periodic dividends based on account performance.
Dynamic Premium Amount - You decide the amount and date of premium payments, subject to basic minimums.
Expiration or Lapse Guarantee - The policy does not expire if premiums paid are insufficient.
Graded Premium Option - The life insurance company offers a policy that starts with a low initial premium and gradually increases over time.
Guaranteed Level Premiums - Premiums do not increase over time but remain constant for the entire life of the policy.
Interest Rate Guarantee - You receive a guaranteed minimum level of interest in the contract.
No Exam Term Conversion - The insurance company guarantees conversion of a term policy to a cash value or permanent policy offered by the life insurance company without a physical exam.
Partial Surrenders - You can withdraw funds up to a certain percentage of the policy value.
Tax-Deferred Growth - The cash value of the policy grows tax-deferred.
Term Renewal Guarantee - You are guaranteed a renewal option annually after term expiration.
Variable Death Benefit - A policy where the death benefit increases or decreases with your policy account value is available.
Level Death Benefit - A policy where the death benefit remains level is available.
Limited Premium Payments - Whole life insurance premium payments can be limited to a fixed number of years.
Paid-Up Additions - You can purchase additional insurance with paid-out policy dividends.
Waiver of Monthly Deductions - Future monthly deductions are waived in the event of disability.
Accelerated Benefit for Terminal Illness - A rider which grants early access to the death benefit to defray the cost of a terminal illness is available.
Accidental Death Benefit - A rider that pays an additional death benefit in the event of the accidental death of the insured is available.
Child Rider - An added rider that covers the death of your child is available.
Disability Income Rider - An added rider that provides income in the event of a bodily injury that prevents you from working is offered.
Estate Protection Rider - A rider that provides extra coverage to offset estate taxes if the policy is included in the insured's estate is offered.
Final Expenses Policy - A rider or a policy that covers funeral expenses is available.
Long-Term Care Rider - A rider is available that covers the cost of long-term care if needed during the policy term.
Additional Insured Rider - A rider that extends coverage to an additional person/spouse is available.
Whole Life Guaranteed Insurability Rider - An option to guarantee future insurability at standard rates without further proof of insurability is available.
All Policy Types - Term, whole, and universal coverage options are available.
Cash Surrender Option - Policyholders of lapsed or surrendered policies can request immediate cash disbursement or remaining balances.
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