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Life Insurer Adds Disability Option

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Hartford Financial Services Group Inc. is offering a disability rider on most of its permanent life insurance policies.

The option is a way to help small business owners protect themselves and key employees from financial hardship if they become disabled, the company says.

Hartford says its new DisabilityAccess rider will help cover significant expenses while the policy holder recovers from a disability.

A qualifying policy owner would receives a monthly disability benefit of as much as $5,000 a month for up to 2 full years. The rider can be purchased with many new permanent insurance policies at an additional cost of between 6% and 10% of the premium, Hancock says.

The rider is available to buyers of Hartford’s Bicentennial UL Founders, Leaders VUL Liberty or Leaders VUL Legacy life insurance policies.

The maximum monthly benefit would be either $5,000 a month, 2% of the total initial face amount of the policy, or 30% of the individual’s monthly salary at the time the policy is issued, whichever is smaller.