SIMSBURY, Conn.--Looking to meet a growing financial need, The Hartford Financial Services Group is introducing a new last survivor universal life insurance policy to help affluent couples transfer their wealth to children and other loved ones. Hartford Advanced Last Survivor UL is a flexible premium universal life policy that is issued by Hartford Life Insurance Co. and Hartford Life and Annuity Insurance Co., subsidiaries of The Hartford. Last survivor policies insure two people, typically couples, and pay a death benefit upon the second death. Hartford Advanced Last Survivor UL provides affordable, permanent life insurance protection with an available secondary guarantee for the death benefit. The death benefit guarantee for Hartford Advanced Last Survivor UL is based on the claims-paying abilities of Hartford Life and Hartford Life and Annuity.
"The introduction of our new last survivor universal life policy with enhanced flexibility and reduced rates makes The Hartford more competitive than ever in the wealth transfer market," said John Vaccaro, chief marketing officer for The Hartford's individual life division. "The Hartford wants to be the life insurance carrier of choice to meet any financial need in any market condition."
Vaccaro noted that last survivor policies are particularly useful for a wide range of wealth transfer objectives, including liquidity to pay estate taxes, equalization of inheritances, security for special needs children, and others. Recently, The Hartford has seen increased interest in planning with survivorship policies, he said.
According to the latest LIMRA International U.S. Individual Life Insurance Sales Summary Report, sales of survivorship policies increased 16 percent for the first nine months of the 2004 as compared to the same period in 2003. Universal life accounted for 72 percent of survivorship sales in 2004, according to LIMRA.
Hartford Advanced Last Survivor UL offers policyholders both primary and secondary death benefit guarantees. The primary guarantee helps ensure that the policy will remain in force as long as there is sufficient policy value to pay monthly deductions and charges.
A secondary guarantee is automatically available through the Policy Protection Rider and is funded by a Policy Protection Account. The Policy Protection Account tests for the availability of the guarantee; it has no surrender value, it is not available for loans and withdrawals, and it is not included in the amount of the death benefit. As long as the Policy Protection Account remains positive, the policy's death benefit is guaranteed.
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