SIMSBURY, Conn., June 28, 2010 – Paying for an unexpected funeral would be
a financial hardship for two out of three Americans, according to a recent
national survey1 by The Hartford Financial Services Group, Inc. (NYSE:
HIG). To help consumers during one of the stressful points in their lives,
The Hartford today is launching Life Conversations Express Pay, a new
program that accelerates payment of death benefits for consumers protected
by group life insurance policies.
Beneficiaries who use Everest Funeral Planning,2 a service available to
consumers who obtain The Hartford’s group life insurance through their
employers, can receive death benefits in as little as 48 hours from the
date of death. In this innovative new process, The Hartford will accept a
certificate of death from a funeral home in lieu of a traditional death
certificate, which speeds up the payment of death benefits by several
weeks.
“Consumers have told us that they need life insurance to pay for funeral
expenses. However, many people don’t realize that the traditional payment
of death benefits could take a month or longer. We developed a simple but
innovative program that combines our quality life insurance products and
services with Everest’s expertise to deliver real value to consumers,” said
Ron Gendreau, executive vice president of The Hartford’s Group Benefits
Division. “In this tough economy, The Hartford is doing what it can to help
consumers maximize their benefits. We’ve updated our group life insurance
so that Americans get help when they need it most.”
The Hartford’s research shows that most people estimate the average cost of
a funeral is $8,800. Nearly half of those surveyed (46 percent) said they
anticipate using life insurance to pay for an unexpected funeral, and 42
percent said they would use personal savings.
The new expedited death benefits payment process is offered through The
Hartford’s Life Conversations, a comprehensive suite of end-of-life
resources that includes funeral planning, will preparation, estate
planning, as well as emotional, financial, and legal support services to
beneficiaries. Operating out of a call center that is open 24 hours a day,
seven days a week, Everest’s trained advisors take beneficiaries through
the process of planning a funeral and filing a life insurance claim,
including the availability of Life Conversations Express Pay.
The death benefit can be expedited in instances where the insured died from
natural causes, such as an illness, and the cause of death does not need to
be investigated. At the beneficiary’s request, the death benefit proceeds
can be placed into a Safe Haven account3 created for the beneficiary, and
then a draftbook (similar to a checkbook) is mailed overnight to allow
immediate access to funds.
“In a pilot of our new death benefits payment program, consumers told us
that they valued our fast turnaround. They said we saved them time, money
and stress, and that without our help they would have a difficult time
financially,” said Gendreau.
Everest’s funeral planning offers consumers and their families the
resources, information and assistance they need in order to make informed
decisions about the funeral process. Everest’s advisors can negotiate
funeral costs on behalf of the bereaved which can result in $1,250 to
$5,500 in savings per funeral, based on the average saving realized by
Everest consumers.
“We are pleased to partner with a true innovator and industry leader,” said
Mark Duffey, president and chief executive officer of Everest. “Together
with The Hartford, we are ready to help ease both the emotional and
financial burden of losing a loved one.”
Additionally, The Hartford’s survey found:
53 percent of consumers have obtained life insurance
36 percent have not started end-of-life planning
27 percent have prepared a will
20 percent have created a living will
5 percent have made funeral plans/arrangements.
“Our research indicates consumers continue to need assistance with
end-of-life planning. In the year since we successfully launched Life
Conversations with Everest, we’ve listened closely to employers and their
employees,” Gendreau said. “Based on their feedback, we’ve designed our
group life insurance product and services to help alleviate worry and
complexity at a difficult moment in a person’s life.”
About The Hartford
Celebrating 200 years of helping its customers achieve what’s ahead, The
Hartford (NYSE: HIG) is an insurance and wealth management company. Through
its unique focus on customer needs, the company serves businesses and
consumers by providing the products and solutions they need to protect
their assets and income from risks and manage their wealth and retirement
needs. A Fortune 100 company, The Hartford is recognized widely for its
service expertise and as one of the world's most ethical companies. More
information on the company and its financial performance is available at
www.thehartford.com.
HIG-L
Some of the statements in this release may be considered forward-looking
statements as defined in the Private Securities Litigation Reform Act of 1995.
We caution investors that these forward-looking statements are not
guarantees of future performance, and actual results may differ materially.
Investors should consider the important risks and uncertainties that may
cause actual results to differ. These important risks and uncertainties
include those discussed in our Quarterly Reports on Form 10-Q, our 2009
Annual Report on Form 10-K and the other filings we make with the
Securities and Exchange Commission. We assume no obligation to update this
release, which speaks as of the date issued.
An independent market research agency conducted an online survey
polling more than 1,000 U.S. adults, aged 18-64, in March 2010. The
survey has a margin of error of 2 to 3 percent.
Funeral Concierge Services are offered through Everest Funeral
Package, LLC (Everest). Everest is not affiliated with The Hartford
and is not a provider of insurance services. Everest and its
affiliates have no affiliation with Everest Re Group, Ltd., Everest
Reinsurance Company or any of their affiliates.
The Hartford’s Safe Haven Program provides a secure place for
beneficiaries to keep life or accidental death claim(s) of $10,000 or
more. For more information, visit
www.hartfordlifeconversations.com.