Debt looms large when income stream is interrupted
NEW YORK, Oct. 16, 2017 —The Guardian Life Insurance Company of America® (Guardian), a leading provider of employee benefits and disability income (DI) insurance, introduced enhanced DI insurance benefits that provide greater financial security and help employees focus on their recovery rather than on their financial obligations.
The average American household with debt owes $134,643, including mortgages1. The inability to meet financial obligations because of a disability can have negative financial repercussions for decades.
Guardian’s enhanced DI benefits address many of the common financial concerns faced by employees with disabilities that prevent them from working. Guardian’s Loan Payment Protection rider, for instance, provides additional income to cover mortgage expenses, and car and student loan payments.
Specified Injury Benefit
Under another new rider, an employee faced with a common injury, such as a broken bone, can receive a Specified Injury Benefit that provides one convenient lump sum claims payment for a guaranteed minimum number of weeks, ensuring maximum income replacement when it is needed most.
Also, Guardian’s enhanced DI insurance benefits now offer a Retirement Income Protection Benefit that will make a monthly contribution to an employee’s pension plan or annuity, ensuring that retirement savings continue to grow during a long-term disability.
Additional plan enhancements help to further ease and encourage an employee’s transition back to the workplace after experiencing a disability, such as return-to-work and rehabilitation incentives, as well as worksite modification assistance for employers. Guardian’s DI plans also do not have a cap on the number of trial work days an employee can take during the elimination/waiting period before benefits begin.
“Employees facing a disability that prevents them from working encounter many immediate and long-term financial challenges,” said Michael Estep, Second Vice President, Group Product Development at Guardian. “We’ve updated and strengthened our group DI coverage to give our customers some financial security regarding their financial obligations, while also providing them with the support they need to transition back to the workforce as quickly and safely as possible.”
For more information on Guardian’s new DI insurance offering, please visit Group Disability Insurance Benefits.
The Guardian Life Insurance Company of America® (Guardian) is one of the largest mutual life insurers, with $7.4 billion in capital and $1.5 billion in operating income (before taxes and dividends to policyholders) in 2016. Founded in 1860, the company has paid dividends to policyholders every year since 1868. Its offerings range from life insurance, disability income insurance, annuities and investments to dental and vision insurance and employee benefits. The company has approximately 9,000 employees and a network of over 2,750 financial representatives in 58 agencies nationwide. For more information about Guardian, please visit our website, www.GuardianLife.com. You can also follow Guardian on Facebook, LinkedIn, Twitter and YouTube.
Financial information concerning The Guardian Life Insurance Company of America® as of December 31, 2016, on a statutory basis: Admitted Assets = $51.9 Billion; Liabilities = $45.7 Billion (including $39.4 Billion of Reserves); and Surplus = $6.2 Billion.
Guardian’s Group Short Term Disability and Long Term Disability Insurance are underwritten and issued by The Guardian Life Insurance Company of America, New York, NY. Products are not available in all states. Policy limitations and exclusions apply. Optional riders and/or features may incur additional costs. This policy provides disability income insurance only. It does NOT provide basic hospital, basic medical or major medical insurance as defined by the New York State Department of Financial Services. Plan documents are the final arbiter of coverage. Policy Forms #GP-1-STD-15-1.0 et al. and #GP-1-LTD-15-1.0 et al.
CA, TX, NY, NM are NOT approved.
Loan Payment specifically is also not approved in CT.