When you purchase life insurance, you probably don’t expect to hear midway through the term of your policy that your insurer will no longer be selling life insurance.
In 2012, customers of the Hartford Financial Services Group learned that Hartford would no longer be selling life insurance policies, focusing its financial services elsewhere. Soon after that announcement, Hartford announced the sale of its life insurance branch to Prudential.
Below, we’ll show you what this means for customers who have a Hartford life insurance policy.
- Who Bought Hartford Life Insurance?
- How Hartford’s Life Insurance Sale to Prudential Affects Policyholders
- About the Hartford Group Today
- Compare Your Hartford Life Insurance to Other Companies
It’s actually not that uncommon for a company like Hartford Life Insurance to stop selling policies or to merge with another company.
If you’re a client who purchased your life insurance coverage with Hartford Life, read on for a quick overview of the details of the company’s acquisition and everything you need to know about its effect on your life insurance policy.
Who Bought Hartford Life Insurance?
In 2012, Prudential Life Insurance agreed to purchase The Hartford’s life insurance business.
After years of successfully selling life insurance, Hartford made the decision in 2012 to concentrate on their property and casualty operations, group benefits, and mutual fund business.
According to reports, this decision was linked to the economic downturn when it was caught with variable annuities and variable life insurance contracts that offered guarantees to investors during that economic downturn.
How Hartford’s Life Insurance Sale to Prudential Affects Policyholders
The Hartford’s initial announcement in 2012 simply meant that the company would no longer sell any new life insurance policies.
If you had an individual life insurance policy with Hartford, your plan and its agreed-upon terms would still be in force.
All of your guarantees were still there and would go on as if nothing happened. This decision only means that any new life insurance business will cease.
What Should Current Policyholders Do?
So what does that mean for you, the policyholder?
Even though the sale happened and Hartford life insurance was absorbed by Prudential, your life insurance policies will be just fine.
The only change is that a different company is now servicing your policy.
In this case, that is very good news considering Prudential’s solid reputation. The company boasts professional credibility, household recognition, and positive client reviews.
You can rest assured knowing that your policy is still in good hands with Prudential. They are one of the best life insurance companies in the industry.
About the Hartford Group Today
Today, the Hartford Group sells homeowners insurance, renters insurance, condo insurance, flood insurance, car insurance, and umbrella insurance. They also offer business insurance and employee benefit plans.
The Hartford Financial Services Group is a long-standing player in the financial world, with over 200 years of business under its belt. It has strong financial ratings, and is not going anywhere soon.
A Brief History of The Hartford
The Hartford, as the company is known for short, began its enduring history of investment and insurance services in the United States in 1810 in its namesake city of Hartford, Connecticut.
That year local merchants pooled their resources to invest in a fire insurance company that lived through some monumental fires over the next century, from the fire that ravished New York’s financial district in the 1830s to the great Chicago fire several decades later.
Over the last hundred-plus years, the Hartford extended their reach to offer life insurance, accident insurance, personal loss coverage, liability insurance, and more.
Through a series of acquisitions and corporate changes throughout the twentieth century, the company maintained its promises to clients and investors alike, holding to its original commitment to serving its customers.
Compare Your Hartford Life Insurance to Other Companies
With all of this information in mind, you can depend on Prudential to uphold their end of your Hartford life insurance coverage. Their excellent reputation and credit ratings support that, but so does their long history.
If you want to compare your Hartford life insurance policy to other top companies, use our quote tool to see instant rates.