Reduced Rates for Older Buyers

According to LIMRA international research released in 2006, the chief deterrent to buying a life insurance policy was cost. Even among the affluent, the research found that a third of affluent households felt they needed more life insurance. (Another interesting finding–when the affluent do purchase life insurance, they tend to do so not through insurance agents but through financial planners.)

The Hartford announced an “updated” version of its Hartford Advanced Last Survivor Universal Life policy in October that offers 20% lower rates for purchasers over age 65. The policy insures two people. It also offers no-lapse death benefit protection, as well as both an Estate Protection Rider (paying an additional death benefit if both insureds die within four years of the policy issue date) and an optional Estate Tax Repeal Rider, which allows policyholders to surrender coverage without paying charges if the federal estate tax is repealed in 2011. The Estate Protection Rider’s charges stop after the fourth year; there is no charge for the Estate Tax Repeal Rider.