At some point in life, you’ll probably be faced with the task of purchasing life insurance to protect your loved ones.
When you buy life insurance, you have several decisions to make, like choosing the right company, type of policy, and amount of coverage.
One name you may run across in your search for life insurance is The Hartford, a company whose life insurance products may not be what you expect.
In this review, we’ll walk through the employer-based provider’s history, financial standing, and policies, as well as a few alternatives, to help you through the process.
Our Hartford Life Insurance Company Review
The Hartford Life Insurance Company is part of The Hartford Financial Services Group, Inc.
Also known as The Hartford, the group is not only one of the largest insurance companies in the country, but also one of the largest businesses in general.
The Fortune 500 behemoth has more than 16,000 employees and $225 billion in total assets.
The Hartford got its start in 1810 as a fire insurance company.
Fifteen years later, the company expanded its offerings to include academia, and the inaugural insurance plan ended up going to Yale University.
Fast forward to 1913, when The Hartford formed the Hartford Accident and Indemnity Company.
This expansion gave the company the ability to provide a broader range of insurance products, including accident, automobile, personal-damage, and business interruption.
This range of offerings fits their slogan of “Hartford Has It.”
In 1970, the ITT Corporation, a New York-based manufacturing company, acquired The Hartford for $1.4 billion, which at the time was the largest corporate takeover ever.
Recently, The Hartford has done some of its own purchasing, as it acquired Navigators for around $2.1 billion.
For a while, The Hartford went by ITT-Hartford Group, Inc., before reverting to its original name in 1997.
During that time, it also became a publicly-traded entity on the New York Stock Exchange (NYSE: HIG).
The most critical event in their story happened in 2013 when The Hartford sold its life insurance business to Prudential.
This transaction came as a result of The Hartford’s strategy to divest from non-core businesses and instead focus on property and casualty insurance.
Prudential is another Fortune 500 company with six times the assets and nearly 50,000 employees.
Awards and Accolades
The Hartford has earned countless awards, including having Forbes label them as the “Most Just” company in America.
The Hartford has taken on a high standard when it comes to its relationship with the local community as well, with a Junior Fire Marshal Program, an Opioid Awareness Program, an Ability Equipped Program, and more.
They also give back to the community in the following ways:
- Investing $12 million into local communities
- Donating to more than 4,000 nonprofit organizations
- Employees volunteering 169,000+ hours
- Having $2 million in employee donations alone
- Reducing greenhouse emissions by 66% since 2007
Financial Strength and Ratings
In terms of financial strength, The Hartford is undoubtedly one of the premiere insurers in the industry.
It had more than $225 million in assets and nearly $19 billion in revenue in 2018.
The Hartford, CT-based company also has an operating income of $1.04 billion as of 2017.
Hartford Life and Accident Insurance Company has several great ratings, including:
It’s other divisions, Hartford Fire Insurance Company, Maxum Casualty Insurance Company, and Maxum Indemnity Company each have their own ratings, where none fall below an “A” rating.
The Better Business Bureaus assessment of The Hartford is another valuable tool.
While the company is not BBB-accredited, The Hartford Financial Services Group, Inc. has been assigned an “A+” rating on their site.
The Hartford provides applicants with a handful of employer-sponsored life insurance policies.
We’ll summarize each of those options below:
Group Life Insurance
Group life insurance protects employees whenever the unthinkable happens.
The policy ensures employees get coverage for everything from illness to death.
Plans also offer a living benefit option that provides terminally ill employees and their family members up to $500,000 in coverage.
The Hartford also makes the policy portable so employees who leave the company can take some or all of the coverage with them.
Additionally, The Hartford offers a wide variety of programs to simplify the will and funeral planning experience.
Another form of Group Life Insurance is Accidental Death & Dismemberment Insurance (AD&D).
The company also provides protection for the family members of any policyholder who is killed or dismembered at work.
The third and final variation is Group Accident Lines, which protects any group outing, whether for business or a field trip. There are no mileage, travel duration, or location restrictions.
The Hartford also offers employees voluntary life insurance, which covers expenses such as will preparation, funeral planning, and travel.
The plan offers more than a death benefit, though.
It also comes with an allowance for an Accidental Death & Dismemberment Rider to accelerate the benefits process under certain conditions.
The policy is portable, too, assuming the employee leaves the company under the proper circumstances.
The Hartford allows conversions as well, which can convert voluntary insurance into whole life insurance.
Finally, spouses can get up to 100% of the employee amount, and children get coverage up to $15,000.
The Hartford also offers counseling services to beneficiaries so they can cope with the emotional, legal, and other issues related to their loved one’s passing.
Last, The Hartford offers its trademarked EstateGuidance service to help families create wills online with support from licensed attorneys.
Short and Long-Term Disability Insurance
Short-term disability can come in many forms.
Rehabilitation, bunion removal, whiplash, and herniated disks are just a few of the myriad instances where an employee may not be able to work.
That is why The Hartford offers flexible benefit plans for employees with temporary disabilities.
The benefits have varying start dates and can last for up to a year. During that time, the employee gets 50 to 67 percent of their income.
Registered nurses help handle clinical claims management, and employees can get the support and specialists they need through Ability Assist and HealthChampion.
Long-term disability is similar, with up to 67% of income loss protection and a 100% return-to-work incentive.
The plan covers a plethora of injuries and conditions, including everything from a stroke to scoliosis to pneumonia or pregnancy complications.
Employees also get access to travel assistance, identity theft protection, and return-to-work coordinators.
Other Types of Insurance
Being a Fortune 500 company, The Hartford unsurprisingly offers more than the four options mentioned above.
They also offer hospital indemnity, critical illness, and voluntary service and administration insurance.
Additionally, employees with short-term physical setbacks can take advantage of DisabilityFLEX.
By all accounts, the Hartford is a reputable company you can count on for quality life insurance products.
However, due to their recent sale to Prudential, the company’s policy lineup is restricted to employer-sponsored plans.
If you’re looking for an individual life insurance policy, take a look at the following companies:
- Prudential: If The Hartford’s strong track record appeals to you, consider Prudential, the company that bought The Hartford’s individual life insurance business. They’re known for excellent underwriting for high-risk applicants.
- Haven Life: If you’re searching for simple term life insurance policy with an online application, Haven Life should be at the top of your list, with highly affordable policies up to $3 million.
- Protective: If you’d like a permanent yet affordable life insurance policy, look into a universal life policy from Protective, which you can customize to suit your needs.
There are a number of benefits to partnering with The Hartford for your life insurance needs.
Take a look below:
- Financial strength: Across all of its divisions, The Hartford has consistently shown an ability to meet its financial obligations. As a result, the company has a robust reputation and a long track record for customer satisfaction.
- Product lineup: The Hartford has a massive portfolio of other insurance products, so if you like the life insurance you have with them, it would be easy to bundle your policies.
- Disability coverage: There are also plenty of personal benefits, such as the immediate short-term disability benefit, which can apply to prospective policyholders. The Hartford is also among the best disability insurance companies for plans offered through employers.
Along with the positive features of the Hartford above, you should also consider a couple of downsides:
- Policy types: Since the Hartford Life Insurance Company sold its core life insurance division to Prudential in 2014, The Hartford itself does not offer the traditional life insurance policies most shoppers need.
- Small policies: By comparison, The Hartford’s policies have low payouts which might not be adequate to meet your needs.
The Hartford checks the right boxes as a financially stable company with an impressive track record.
If you’re considering securing life insurance through your employer, The Hartford could benefit you, especially if you already have some amount of individual coverage in place already.
Before you commit to a policy from the Hartford, be sure to compare some of the other options at your disposal.
If you’re curious about the type of coverage and rates you could be eligible for with other companies, start by getting quotes from the industry’s top providers.