Hartford Financial Services Group Inc. has received a patent on a system for advancing a life insurance policy death benefit to provide income for insureds who become chronically ill.
A consumer can use the income from the LifeAccess Accelerated Benefit Rider system for any purpose, according to Hartford Financial, Hartford (NYSE:HIG).
The rider reduces the death benefits that will be paid out, but it can provide up to $109,500 per year to an insured policyholder who has suffered a stroke, has been diagnosed with Alzheimer’s, or is affected by another serious chronic illness.
Hartford already is selling the rider with about one-quarter of its life insurance policies.
- Allison Bell