Term policyowners can guarantee access to a long-term care rider with no additional underwriting upon conversion
NEW YORK, N.Y., December 3, 2020 — Guardian’s Care Conversion Option Rider (CCOR) is the first term insurance rider in the industry to guarantee the availability of a Long-Term Care Services rider (LTCR) upon conversion. Guardian’s Level Term life insurance is positioned to help clients protect their families for a predetermined amount of time and the introduction of CCOR guarantees access to an LTC rider benefit when the term policy is converted to a permanent policy. Before the introduction of CCOR, policyowners would be reevaluated at time of conversion to qualify for additional benefits, like an LTC rider. With this rider, there is no risk of decline for LTC coverage at time of conversion.
Life insurance should not only be affordable but should meet an individuals’ needs now and in the future. Term life allows individuals to purchase life insurance for a predetermined amount of time that provides their beneficiaries with the means to cover expenses that may arise with the untimely death of the insured. When the insured is older, a growing concern for how to manage future health issues may dominate their thoughts. With CCOR, the insured begins with term life coverage and can then convert to a permanent policy that is guaranteed to provide LTC coverage to help mitigate long-term health concerns, without the need for medical exams or additional requirements.
“Consumers are looking for financial tools that have the capability to evolve with their financial situations,” stated Greg Faux, Head of Individual Life Product for Guardian Life. “By creating such a unique feature, along with a previously announced built-in charitable benefit rider – where policy owners have the ability to give to the charity of their choice without taking anything away from their beneficiaries – Guardian Life continues to create innovations that play a utility role for consumers on their road to financial confidence.”
Additional CCOR Highlights:
- This optional rider is available at issue on Guardian Level Term 10, 15, 20 and 30
- Effective for the first 5 policy years or 10 years when the Extended Conversion Rider is included
To learn more about Guardian Level Term and associated costs please visit: https://www.guardianlife.com/life-insurance/term/calculator-quote.
Every day, Guardian provides Americans the security they deserve through our insurance and wealth management products and services. Since our founding in 1860, our long-term view has helped our customers prepare for whatever life brings whether starting a family, planning for the future or taking care of employees. Today, we’re a Fortune 250 mutual company and a leading provider of life, disability, dental, and other benefits for individuals, at the workplace and through government sponsored programs. The Guardian community of over 9,000 employees and our network of over 2,500 financial representatives is committed to serving with expertise when, where and how our clients need us. Our commitments rest on a strong financial foundation, which at year-end 2019 included $9.3 billion in capital and $1.7 billion in operating income. For more information, please visit guardianlife.com