Hartford Speeds Up Death Payments – Analyst Blog

Hartford Financial Services Group Inc. (HIG) announced yesterday that it has launched a new program called Life Conversations Express Pay, which would speed up the payment of death benefits for consumers who are covered by its group life insurance policies.

Life Conversion is offered in conjunction with Everest Funeral, which is automatically available to customers who get Hartford’s group life insurance through their employers. Everest is an independent consumer advocate working to provide information to the clients regarding funeral related issues.

Life Conversion, a personal planning package, would provide customers with 24×7 online access supported by Everest’s advisors. It will let the customers access a comprehensive suite of tools and services to guide them through major life decisions such as funeral planning, will preparation and estate planning.

The program will provide relief to the death beneficiaries by making death benefits available within two days of the client’s demise. Hartford Financial will speed up the claims payment process by accepting a certificate of death from a funeral home in place of a traditional death certificate.
 
The beneficiaries will also be able to save upon their funeral expenses with consultancy services from Everest’s advisors.

With Americans focusing on end-of-life issues more than ever before, the Life Conversion program is expected to reach far and wide, covering 20 million of American citizens upon its full implementation.

The addition of Life Conversion to its group life insurance has facilitated Hartford to enhance the value of its products and services. This would give the company an edge in an ever-increasing competitive life insurance market where insurers keep adding new features to their products to retain customers.

Hartford’s Group Benefits division is ranked within the top five for group disability and group life in force premium sold to employers, associations and affinity groups. The company has built these positions based on product innovations, above-average investment results and a broad distribution and franchise network.