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The Hartford Launches Stand-alone Short-term Disability Insurance Designed For Smaller Businesses

^{Published on 2011-02-22 06:25:30 - Market Wire}
 

SIMSBURY, Conn.--([ BUSINESS WIRE ])--[ The Hartford Financial Services Group, Inc. ] (NYSE: HIG) has launched a new disability insurance product designed to help small business owners offer competitive benefits packages without impacting their bottom line.

"We also intend to work with our brokers and agents to ensure hassle-free implementation for business owners who wish to add this coverage."

The Hartforda™s new group disability product allows owners of smaller businesses to offer income protection as an employee-funded benefit. The insurance is offered to businesses on a stand-alone basis, meaning the coverage does not need to be purchased in conjunction with the insurera™s long-term [ disability insurance ].

aOur national survey¹ shows employees at small businesses are not as satisfied with their benefits as workers at mid-size and large companies. Our poll also found these employees were less likely than their peers at larger companies to be offered life and disability insurance benefits,a said Ron Gendreau, executive vice president of The Hartforda™s [ Group Benefits ]. aMany employers are turning to [ voluntary benefits ] to help compete with their larger counterparts in attracting and retaining talented employees.a

This new product is available to employers with 50 to 999 employees. It is best suited for business owners who want to provide the additional benefit without increasing their costs, or those who are paying for the benefit but need to shift this cost to their employees. This is the latest addition to The Hartforda™s lineup of products, services and technology dedicated to voluntary benefits.

The Hartford's survey also showed a low awareness among workers about insurance that provides income protection if they cannot work due to a disabling illness or injury off the job. As a result, The Hartford has a dedicated enrollment team to educate employees at their place of work.

aWe hope to raise awareness among business owners and their teams about the role that disability insurance plays in helping them grow and achieve success,a Gendreau said. aWe also intend to work with our brokers and agents to ensure hassle-free implementation for business owners who wish to add this coverage.a

About The Hartford

Celebrating 200 years of helping its customers achieve whata™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 worlda™s most ethical companies. More information on the company and its financial performance is available at [ www.thehartford.com ].

HIG-M

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.

1. An independent market research agency conducted an online survey polling more than 1,000 U.S. adults, aged 18-64, in March 2010. Small business employers were those with less than 500 employees.