The Hartford has announced that it will now be able to offer its customers permanent life insurance in as little as five days, by way of its brand new First Issue process. As the current average in the industry for permanent life insurance delivery is 48 days, the new Hartford process has reduced that time to a mere fraction. It shows that the insurer has listened to the common complaint that they receive from their customers: that life insurance takes too long to purchase, and that they have done something…
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The Hartford continues downsizing as financial pressures mount
The Hartford Financial Services Group is planning to downsize in the coming months in an effort to make operations more efficient. The company is one of the largest investment and insurance organizations in the country and has been met with lingering financial woes since the 2008 recession. Downsizing will come in the form of staff reduction and the selling off of one of its fringe units: Trumbull Services, which served the property and casualty insurance industry. The company has been consistently downsizing – or streamlining – since late 2008 in…
Read MoreInsurer partners with the National Wildlife Federation for home and auto insurance discount program
The Hartford has announced that it will be offering partners, members, and supporters of the National Wildlife Federation with access to its home and auto insurance through a special discount program that will be available in the majority of states. Hartford’s president of consumer markets, Andy Napoli, stated that the insurer is pleased to be able to partner with the largest conservation federation in the country, which has now been protecting wildlife for 75 years. He added that The Hartford looks forward to providing members of the National Wildlife Federation…
Read MoreSeventeen Connecticut homeowners insurers waive Irene damage hurricane deductibles
According to the Malloy administration, almost 70 percent of the homeowners insurance companies in Connecticut have announced that they will be forgiving the more expensive deductibles for damage claims relating to Tropical Storm Irene. According to a statement made by Governor Dannel P. Malloy and Insurance Commissioner Thomas Leonardi, “Failure to do this would result in many homeowners paying tens of thousands of dollars out-of-pocket.” Even though Irene had been downgraded to a tropical storm by the time it reached the state, the clause for hurricane deductibles became effective for…
Read MoreChronically ill patients can receive patient for life insurance from The Hartford
Chronically ill clients of The Hartford can now benefit from a new patient for life insurance system that has been awarded to the insurer, to advance the death benefit of a policy in order to offer those patients an income. For the first time in the insurance industry, consumers will be able to obtain an income from the LifeAccess Accelerated Benefit Rider® system, which provides chronically ill patients with an income that they can use for whatever they want, including paying family or friends to provide them with home care.…
Read MoreDisability Insurance: U.S. workers underinsured
A recent survey performed by The Hartford insurance company showed that over 50 percent of US workers are without disability coverage and the percentage continues to climb. The research suggested that only 44 percent of U.S. workers have a form of long-term disability coverage, while 49 percent have short-term disability coverage. When compared to 2010 the percentage for long-term disability insurance dropped by 3 percent and short-term disability insurance fell by 6 percent. Executive vice president, Ron Gendreau for the Group Benefits at The Hartford said that “We are concerned…
Read MoreInsurance companies jockey for position over State Farm’s abandoned flood policies
The U.S. House of Representatives have passed reform legislation for the National Flood Insurance Program (NFIP) despite distractions from numerous insurers. State Farm Insurance Company dropped out of the government program last year, leaving over 800,000 policies in the government’s hands. The government’s NFIP covers more than 5.6 million property owners from common natural disasters as well as flooding. State Farm leaving the program marks the largest withdrawal from the program since it began in 1969. FEMA (Federal Emergency Management Agency) runs the government program. The policies are marketed, sold…
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