Hartford Term 10, 15, 20, 30

Transcription

1 INDIVIDUAL LIFE INSURANCE A Consumer Resource Hartford Term 10, 15, 20, 30 Providing for Your Death Benefit Protection Needs

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3 Who really needs the death benefit protection that comes from life insurance? Anyone who has obligations that would leave a financial burden on loved ones should consider the benefits of life insurance. A life insurance death benefit can supply the resources to help overcome financial adversity as a result of death. Term life insurance is the least expensive option on the market today. Premiums for term life insurance remain level for the premium guarantee period. The death benefit is paid if the insured person dies while the policy is in effect. The policy generally has no cash value or surrender value. Because term insurance is relatively inexpensive and provides protection for a defined period of time, it can play a variety of roles in your financial road map even if you already own a permanent life insurance policy. 2

4 Fulfill Mortgage, Debt Obligations A term life insurance policy is one way to help provide the assets necessary to fulfill any debt obligations that may remain if you were to die during the term of the policy. For instance, if you have 18 years left on a mortgage, a 20-year term insurance policy will last long enough to cover the period of liability. Hartford Term 10, 15, 20, 30 offers four guaranteed premium duration periods including 15 and 30 years, which coincide with typical mortgage loan periods. All guarantees within the policy are based on the claims paying ability of the issuing company. Help Cover Education Expenses Term insurance can also provide assets to help cover higher education tuition costs for children if you were to die before a degree is obtained. If you are the primary source of tuition funding, your premature death could have a profound impact on the lives of your children without proper planning, possibly pressuring them into the work force before their education is complete. Term insurance may be ideal since, like the need, the coverage is temporary. Bridge to Permanent Protection While the desire for loved ones to maintain their standard of living in the event of loss is constant, young families in particular often cannot afford the 3

5 premiums required to maintain a permanent life insurance policy. One of the most attractive features of term insurance is the relatively low cost. This makes term a viable option for people who need death benefit protection to replace lost income in the event of death but are currently unable to afford permanent protection. Many term policies, including The Hartford s, also feature a conversion provision, which enables you to convert your term policy to select permanent policies within a set number of years, without having to undergo another medical exam. Supplement to Permanent Protection Even if you already have a permanent life insurance policy, there may be a place in your portfolio for term insurance. Needs change and evolve. If a review of your life insurance coverage finds that you have additional needs that are not permanent, purchasing a term life insurance policy may be a cost effective way to gain the additional protection. The Hartford Term Product The Hartford s Term Product, available from The Hartford s life insurance issuing companies, offers guaranteed level premiums for 10, 15, 20 or 30 years. Policies are annually renewable to age 95 (age 80 in NY) after the level-premium period, at increasing rates. Hartford Term 10, 15, 20, 30 with guaranteed premium durations of: 10 and 15 years 4

6 is available for people ages 18-70, 20 years is available for ages 18-65, and 30 years is available for ages The available issue ages may vary by state and by risk classification. All guarantees within the policy are based on the claims paying ability of the issuing company. Optional Riders For an additional cost, you can select the waiver of premium rider or child insurance rider at policy issue. The waiver of premium waives premiums due while the insured is totally disabled. The rider is available at issue, for ages 18-55, subject to state approvals. The child insurance rider provides coverage on the life of each of the insured s children (ages 16 days to 14 years). Each child s benefit expires on the child s 25th birthday, subject to certain restrictions. Policy Conversion A policy can be converted to select permanent insurance plans during the lesser of the guaranteed level premium duration of the product or the first 20 years without a medical exam, subject to policy guidelines and restrictions. Currently for policies converted within the first 5 years, a credit up to the last 12 months of paid premium may be applied to the permanent policy s first-year premium. 5

7 About The Hartford Founded in 1810, The Hartford Financial Services Group, Inc. (NYSE: HIG) is one of the nation s largest investment and insurance companies with international operations in Japan, Brazil and the United Kingdom. With 2006 revenues of $26.5 billion, The Hartford was ranked 82nd on the 2006 Fortune 100 list. To millions of customers businesses, groups and individuals The Hartford s stag logo is a trusted symbol of dependability. The Hartford meets a wide range of life insurance needs with a complete line of costeffective, innovative life insurance products. Life insurance policies are issued by either Hartford Life and Annuity Insurance Company or Hartford Life Insurance Company. Both companies maintain high ratings from independent rating agencies. Ratings apply to the issuing company and its general contractual obligations. They do not apply to any product or its individual investment choices. In addition, financial professionals and policyowners can count on The Hartford s award-winning customer service team to patiently address questions and accurately process policy changes and claims. The DALBAR Life Insurance Customer Service Award and Financial Intermediary Award recognize the highest tier of service in the industry. [DALBAR Life Insurance Customer Service Award recipient and Financial Intermediary Award, ] 6

8 Hartford Term 10, 15, 20, 30 policy form number is LA1276(06); In New York: HL-19209(06). In certain states, the policy form number may be followed by a state abbreviation. Not all product features are available in all states. The Hartford is The Hartford Financial Services Group, Inc. and its subsidiaries,including the issuing companies of Hartford Life Insurance Company (New York) and Hartford Life and Annuity Insurance Company (outside New York). INSURANCE PRODUCTS: NOT INSURED BY FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE FDIC BANK LIF5251 LCM