Hartford Supplemental Life Insurance: What You Need To Know

Supplemental insurance plans, also known as supplemental health benefits, are a great way to fill gaps in your current health care benefits. They are voluntary but valuable benefits that can help employees adjust their coverage to fit their life stage and family health history. By offering supplemental insurance plans, organisations can help strengthen their employees' financial security and support their unique health situations. The Hartford offers a range of supplemental insurance plans, including accident insurance, hospital indemnity insurance, disability insurance, and life insurance. These plans can provide financial protection in the event of unexpected accidents, illnesses, or deaths, helping to ease financial burdens and ensure that employees and their families are taken care of.

Critical illness insurance

The importance of critical illness insurance becomes more evident as individuals age and their health risks increase. For example, individuals in their 40s and 50s may be more likely to experience a critical illness or a chronic health issue. During these life stages, critical illness insurance can provide valuable financial support to help with medical expenses and day-to-day living costs. It can be a crucial safety net, especially if an individual has a family history of critical illnesses or is facing a higher risk of health issues due to their lifestyle or family medical history.

Additionally, critical illness insurance can be a valuable investment for younger individuals as well. Unexpected illnesses or accidents can occur at any age, and having critical illness insurance provides peace of mind and financial security. It is a way to ensure that individuals can access the necessary funds to seek the best available treatment options and maintain their quality of life during difficult times.

Overall, critical illness insurance is a valuable supplement to traditional health insurance. It provides comprehensive financial protection and helps individuals and their families navigate the financial challenges that come with a serious illness diagnosis. By offering critical illness insurance as an employee benefit, employers can demonstrate their commitment to the well-being of their workforce and provide valuable support during times of need.

Hospital indemnity insurance

HI provides cash benefits for each day an employee or their dependent is confined to a hospital for a covered illness or injury. Employees can use these benefits to cover expenses that medical insurance may not, such as co-pays, deductibles, or other living expenses. This includes travel, lodging, and family or pet care.

The Hartford's HI plan offers a competitive range of first-day confinement and daily confinement benefit amounts, with both HSA-compatible and non-HSA-compatible plan designs available. Optional benefits include coverage for medical-related travel expenses, expenses incurred for family care, and additional care coverage for ambulance services or outpatient diagnostic exams.

HI is flexible and can be layered with other supplemental health benefits, such as Critical Illness (CI) and Accident (AI) insurance. It offers multiple coverage configurations to suit employees' needs, including different tiers of coverage and optional riders.

Supplemental insurance, or supplemental health benefits, can strengthen employees' financial security and empower them to select options that match their unique health situations. It provides an additional layer of financial protection for employees and their families in the event of a serious illness or unexpected accident, helping them avoid debt from unpredictable events or unavoidable costs.

By offering supplemental insurance plans, organizations can attract and retain key employees while providing tax benefits for the business.

Life insurance

The life insurance plans offered by The Hartford include a range of options to meet diverse needs. The plans provide a lump-sum payment to the designated beneficiary upon the death of the insured. This payout can range from a flat dollar amount to multiples of the employee's salary, ensuring financial stability for the dependents. Additionally, The Hartford's life insurance goes beyond death benefits, offering additional features such as a Living Benefit Option, Accidental Death & Dismemberment Rider, and Disability Waiver of Premium.

The Living Benefit Option provides advanced life insurance benefits of up to $500,000 for terminally ill employees or dependents, offering financial support during difficult times. The Accidental Death & Dismemberment Rider offers protection against unforeseen accidents, providing coverage for losses beyond the workplace. This includes coverage for accidental loss of motion, sight, limb, or life, contributing a lump sum towards covered expenses. Furthermore, the Disability Waiver of Premium allows employees experiencing a qualifying disability to waive their life insurance premiums, providing financial relief during periods of disability.

The Hartford's life insurance plans also offer flexibility to meet the unique needs of employees. They provide coverage amounts ranging from $25,000 to $250,000 for employees, with spouse coverage of up to 100% of the employee's amount and child coverage of up to $15,000. Additionally, the plans offer an annual buy-up option without Evidence of Insurability and guaranteed issue amounts based on group size.

Accident insurance

Additionally, accident insurance can provide financial protection in the event of catastrophic events such as accidental death, dismemberment, coma, and paralysis. This coverage can contribute a lump sum towards covered, unforeseen accident-related expenses and protect against loss of motion, sight, limb, or life.

Long-term disability insurance

LTD insurance is important because health insurance only covers medical bills and does not provide financial support for daily expenses such as groceries or rent. Without LTD insurance, employees may have to rely on their savings to cover these expenses, which may not be sufficient. Research shows that one in four 20-year-olds today can expect to be out of work for at least a year due to a disabling condition before reaching retirement age. Additionally, 50% of Americans say they would use their savings to pay for living expenses if they were unable to work due to an illness or injury.

The Hartford's LTD insurance can help employees replace lost income and maintain their financial stability during a difficult time. The insurance covers a range of conditions, including fractures and sprains, coronary artery disease, musculoskeletal injuries, and back pain. It also covers pregnancy complications. Businesses can customize their LTD policies to suit their specific needs, including stand-alone plans or coordination with short-term disability plans. Benefits can include up to 67% income loss protection, a definition of disability that allows employees to satisfy the elimination period with a loss of duties only, and a 100% return-to-work incentive.

The Hartford's LTD insurance also offers additional support and resources to help employees maintain productivity and return to work as soon as possible. This includes access to Return-to-Work Coordinators, who are clinically trained and legally knowledgeable specialists with over 23 years of experience in the clinical field. Overall, LTD insurance provides valuable financial protection and peace of mind for employees facing extended periods of disability, ensuring they can continue to meet their financial obligations.

Frequently asked questions