Death Benefit	Provides level death benefit¹ that becomes payable only if the insured dies during the term of the policy; it is not guaranteed for the insured's lifetime.
Lower Premiums	Generally a way to afford life insurance coverage at less expensive premiums than other types of life insurance because it allows you to purchase higher levels of coverage at a younger age, when your protection need is greatest. However, term premiums may increase with age.
Tax Advantage	Upon the death of the insured, the death benefit of a term insurance policy generally passes federal income tax-free¹ to the policy's beneficiary.
Guaranteed Level Premium Payments	Level premiums are guaranteed for a pre-determined period of time. You can specify the frequency, often a choice of annual, semiannual, quarterly, or monthly.
Renewal and Conversion Options	Annual renewal at increasing term rates at the end of the original contract period. Some term policies can be converted to permanent insurance (within certain parameters).

 

 

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Whole Life Insurance

What is Whole Life Insurance?

Whole Life Insurance provides permanent death benefit protection throughout your life – from the moment you purchase your policy until the day you die – provided you pay the minimum scheduled premium.

 

Who May Have a Need for this Product?

Employers who want a tax-advantaged tool for use with certain retirement plans, such as:

Split Funded Defined Benefit Plans

A defined benefit plan whereby part of the plan contribution is allocated towards traditional investments and the other part is allocated towards the purchase of life insurance. The cash value portion of the life insurance, together with the other investments in the plan, provides the funding for the future defined benefit.

Buy/Sell Plans

A legally binding agreement whereby the business owners agree among themselves to purchase the business interest of a deceased owner. To fund the Buy/Sell plan, each business owner purchases, owns and is the beneficiary of life insurance policies insuring the lives of each of the other owners.

Executive Bonus Plans

A simple, tax-deductible plan in which your business pays a bonus or additional salary to a select executive, who then purchases a life insurance policy on his/her life. The executive-owned life insurance policy may provide supplemental retirement income and his/her beneficiaries may receive the policy death benefit income tax-free.¹

Individuals who need death benefit protection for:

• Income replacement


• Payment of outstanding debts or long-term obligations


• Estate planning


• Charitable contributions

Why Whole Life?

When you purchase your Hartford Whole Life policy, you can expect:

• Flexibility


• Additional premium payments may be made to increase cash value


• The minimum scheduled premium is paid on a timetable that works best for you (e.g., monthly, quarterly, semi-annually or annually)


• Accessibility to cash values via policy loans²


• Loans can be used for a variety of needs, such as purchasing a new home, paying for your child's education, and supplementing your retirement income


• Guaranteed level premiums, cash values and death benefit³

 

 

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Universal Life

Universal Life (UL) insurance is permanent life insurance with a flexible premium structure and the ability to build cash value.

 

• You can set your premium amount and payment schedule provided they are sufficient to support the death benefit and sustain the policy.


• Your payments above the cost of insurance are credited to the policy's cash value, which in turn earns monthly interest.


• The policy cash value is yours. You may allow it to accumulate, withdraw or borrow against it, or use it to pay policy premiums.

What are the advantages of UL?