Getting life insurance is one of those things that you know you need but tend to procrastinate the matter. Now you’re ready to secure a policy and are wondering if The Hartford Life Insurance Company is the best choice for you. Well, it depends on a lot of factors since no one company is right for every single person. Basically, The Hartford is an outstanding company with a strong reputation but the question is are they the best for you. In this article, we will look at their history, rankings, products and see how they stack up to other top rated companies.
*The company doesn’t have an individual life insurance plan but they do offer voluntary life insurance so if your employer got this carrier you can get a life plan through your job. Click here for some term life quotes.
About Them
History
This company has actually been around for over 200 years which is mind blowing. The company was started back in 1835 and they have quite a history from insuring Abraham Lincoln to Hoover Dam. What truly stand out about them is that when other insurers would abandon their policyholders during a crisis, The Hartford remained there for their clients and at one point the executives used personal belonging to help pay the claims. A notable event is when they paid out about $850 million and made additional donations to United Way during the September 11th terrorist attack. It also has been named one of the most ethical companies for the ninth time now.
Financials and Ratings
The company has about 17,000 employees and specialized in property and casualty along with group benefit plans. They are one of the biggest providers of property and casualty in the country. Now, the company’s revenue was about $18.3 billion last year which is a good way to see if the company is reputable. As far as their rating they have an “A+” from A.M. Best, “A1” from Moody’s and “A+” from S&P. These are some great ratings and demonstrate that the company maintains strong reserves with a good financial discipline to ensure claims paying ability in the catastrophic event or bad economic times. They are also listed as number 153 out of Fortune 500 which is quite impressive.
What are others saying?
The Hartford did have over 200 reviews with most being negative on consumer affairs. Now, this may seem like a lot it is really not when you consider they have millions of policyholders. However, they should definitely reach out and address all the complaints since it is not a good look for them. Better Business Bureau rated them “A’-” and they do have a few complaints but the company did address them which is a good sign. Personally, we think this is definitely a reputable company but the misunderstanding comes from either misrepresentation from the sales person or the lack of review of the product purchased on the consumer end.
Charitable Giving
Similar to other big insurance giants The Hartford Insurance company is a big giver. Not only do they donate money to improve communities across the U.S. but they also created some cool efforts. One of these efforts is Junior Fire Marshall program which has been around for some time now and teaches kids about fire safety. They also have other programs to help young individuals with employment and after school programs for students.
Products
As mentioned before The Hartford has a large variety of products for auto, home, and business which is their strong suit. You can get anything when it comes to property and casualty from auto to RV and condo to home insurance. However, when it comes to life insurance they only offer employer sponsored plans so if you’re looking for an individual plan they don’t have anything to offer you. The reason is that Prudential bought out their individual life insurance division a while back. Don’t fret because you can get a life insurance plan from any other top rated company right here on our site.
In the meantime, let’s review some of their voluntary group life insurance plans.
Voluntary Life Insurance (Hartford Term Life)
The plan is available through employer plans for amounts of $25,000 to $250,000 regardless of your income. This can be tough for individuals that need more than quarter million in coverage or have a much higher income. You can elect to cover your spouse up to the same $250k maximum and get up to $15k on each child.
You can add an Accidental Death option which will double up your coverage amount if you die in an accident. The policy is portable so you can take it with you but be aware that if your employer was contributing you may have to now pay everything out of pocket which can get expensive. There is a built in option which is called Living Benefits Option that will advance you up to 80% of the death benefit if you have 12 months or less to live.
-Additional Services
- Funeral Planning and Concierge– An online service that helps employees find out what are the steps to getting funeral arrangements and even negotiating with funeral homes on your behalf. They will also try and expedite your claim within 48 hours with the Express Pay service.
- Estate Guidance– A helpful service for creating and binding wills.
- Beneficiary Assist– Helpful resource with experts that help family members cope with the loss of their loved ones.
In Summary
So The Hartford is a wonderful company and I wouldn’t have anything negative to say about this carrier except for some consumer complaints that they need to handle. They are highly reputable, financially strong, have a ton of insurance products and have been around almost as long as U.S.A. Their downfall which can’t really call it that is that you can’t get an individual policy with them and need to hope that your employer offers them as an option. Their group plan is not bad at all especially with the additional services which are a great option since your family will need guidance if something was to happen to you. A cap of $250,000 is a bit concerning since as life insurance experts we can tell you that it doesn’t stretch far when you consider the cost of college education, average mortgage balance and the need of replacing lost income at least until your spouse’s retirement age. Based on everything here you should definitely get an individual plan with one of the top rated insurers on the market like Banner Life, Prudential, TransAmerica or any other behemoth in the industry. When it comes to the plans we recommend you go with a level term for affordable coverage and no lapse universal life if you need lifetime protection.
Work with Us!
When it comes to life insurance you should want the best for your family and we understand that. That’s why here at InsureChance, we have partnered with over 60 top rated insurers to bring you real time life insurance quotes from all of them instantly with our quote comparison tools. This gives you the power of seeing and choosing the company that offers the best and most competitive plans. In addition to being a technology driven insurance marketplace, we also have professional insurance agents that will help you pick a plan, complete the application and ensure that the whole process is a breeze. We go a step further here by writing cover letters and sifting through all the companies underwriting guidelines to find you the best fit. If that wasn’t enough we also provide lifetime support if you ever need to change your plan or simply have some questions. If you’re ready to start shopping simply fill out our quoter to compare rates or call us at 888.492.1967!
