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Boomer, Senior Women Treated for Breast Cancer Can
Now Get Life Insurance at Regular Rate
Hartford Financial lowers rate in recognition of
improved prognosis for early stage breast cancer
Oct. 4, 2005 - The Hartford Financial Services
Group, Inc. has become the first life insurer in the nation to offer
life insurance to certain women age 40 and older, who have been treated
for early stages of breast cancer, at the same prices as other healthy
women their age. Previously, women treated for this disease would have
to pay more for coverage or would be denied coverage but Hartford is
making the change due to the improved prognosis.
The battle against breast cancer touches nearly
every family in the United States. After decades of research,
improvements in detection and more aggressive treatments, considerable
progress is being made against this dreaded disease.
Under The Hartford's new underwriting guidelines,
individual life insurance policies are available at standard rates to
women who have been treated for the first time for small (1 centimeter
or less), well differentiated, localized Stage 1 breast cancer and have
a strong prognosis for survival based on the results of common tests.
The Hartford's innovative life insurance
underwriting guidelines for breast cancer are in effect for variable
universal life, universal life, whole life and term life insurance
policies issued by Hartford Life Insurance Co. and Hartford Life and
Annuity Insurance Co., subsidiaries of The Hartford.
"Because the outlook for those with breast cancer
is so much better today than in the past, The Hartford became convinced
that we could also do better in underwriting people with breast cancer,"
said Dr. Ann Hoven, chief medical officer for The Hartford's Individual
Life Division.
"The Hartford based its new underwriting criteria
for breast cancer on past experience as well as expectations of
continued improvements. We wanted to take a forward-looking approach and
make a difference with our actions, call attention to the importance of
early detection and enhanced treatment."
Up to 15 percent of those treated for Stage 1
breast cancer in the past five years -- more than 100,000 women -- would
be eligible for life insurance policies at standard rates, Hoven said.
Other applicants may continue to buy life insurance but at higher rates.
"It's critical that women have life insurance
coverage, especially when you consider that many families depend upon
two incomes," Hoven said. "Women who stay at home to take care of
children or older parents need life insurance too. The care they provide
is very difficult to replace and the cost can be significant."
Women have special life insurance needs, and many
are underinsured or lack any coverage. LIMRA International reports that
women typically have less than 60 percent of the coverage men have
($179,377 death benefit for women vs. $305,090 for men). In addition,
women earning more than $100,000 annually purchased just over half the
number of policies purchased by men in the same income group, according
to LIMRA International.
Life insurance provides financial protection
against the premature death of a family breadwinner or caregiver.
Approximately 40,000 women in the United States are expected to die from
breast cancer in 2005, according to the National Cancer Institute. The
Hartford's new coverage guidelines reflect research by the NCI
indicating that the annual death rate from breast cancer declined by 20
percent since 1991.
"The Hartford's initiative reflects the improving
chances for survival from breast cancer, especially in the early
stages," Hoven said. "Treatment for breast cancer has improved and
continues to improve every year. There really is a great deal of hope
that we're winning the fight against breast cancer."
The Hartford is one of the largest financial
services and insurance companies in the U.S., with worldwide revenues of
$22.7 billion in 2004. The company is a leading provider of investment
products, life insurance and group benefits; automobile and homeowners
products; and business property-casualty insurance. International
operations are located in Japan, Brazil and the United Kingdom.
The Hartford is The Hartford Financial Services
Group, Inc. and its subsidiaries, including the issuing companies of
Hartford Life Insurance Company and Hartford Life and Annuity Insurance
Company.
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