NU Online News Service, March 15, 2004, 12:43 p.m. EST – The Hartford Financial Services Group Inc., Hartford, has introduced a new version of 2 variable universal life insurance policies.[@@]

Hartford is issuing the new Stag Protector II VUL policy and Stag Accumulator II VUL policy through its Hartford Life Insurance Company and Hartford Life and Annuity Insurance Company units.

Hartford has designed the Protector policies for customers who are interested mainly in death benefits and the Accumulator policies for customers who want income as well as death benefits.

The second generation of Stag VUL policies includes a base no-lapse guarantee and 2 optional no-lapse guarantees that ensure the policy’s death benefit will remain in force for a specified period no matter how the policy’s investment options perform.

The base guarantee provides that the death benefit will remain in force for 10 years or to age 75, whichever comes first, for clients age 69 or younger. Clients between the ages of 70 and 75 get a 5-year guarantee.

Customers can buy a second rider, an enhanced no-lapse guarantee rider, that doubles the basic guarantee period.

Customers also can pay for a third rider, a lifetime no-lapse guarantee rider, that will keep the death benefit in force until the policy’s maturity date for all issue ages.

Hartford Life and Hartford Life and Annuity are responsible for backing the no-lapse guarantees and all other product guarantees.

Other riders include a cost-of-living adjustment rider; a rider that provides up to $10,000 in term insurance coverage for children between the ages of 16 days and 14 years; and a rider that can keep policies with heavy policy loans from lapsing.

Customers also can choose between 2 riders that can keep policies in force with the full death benefit after the insureds celebrate their 100th birthday anniversaries.