NEW YORK, September 28, 2009 — As part of its ongoing commitment to provide consumers with a flexible array of tools to help protect their future financial security, The Guardian Life Insurance Company of America (Guardian) today announced the latest addition to its flagship Whole Life portfolio—a product that offers lifetime protection without the worry of having to pay for it over a lifetime.
Known as Ten Pay Whole Life, the new policy is among the few in the market enabling clients to fully pay for their permanent coverage in 10 annual premium payments, making it ideal for a number of time-specific scenarios.
At the same time, Ten Pay Whole Life is designed to go to work immediately, by creating rapid cash accumulations to help maximize clients’ assets while protecting their wealth from tax erosion and market risk.
“Guardian’s Ten Pay Whole Life policy offers the best of all worlds,” noted Michael Ferik, FSA, Senior Vice President, Individual Life. “It boasts the features one would expect in a high-quality Whole Life contract—guaranteed level premiums, annual dividends and a guaranteed death benefit, as well as guaranteed cash values that grow tax-deferred each year. And, this product allows the freedom to enjoy those ‘living benefits’ long after they’ve been paid for.”
Ten Pay Whole Life is ideally designed to align with such real-world situations as:
· The small business owner interested in accelerated funding of business continuation arrangements and executive benefit plans;
· The pre-retiree interested in rapidly building a supplemental retirement fund and/or who doesn’t want to pay insurance premiums after retirement;
· The grandparent or parent who would like to reduce the size of the current taxable estate and provide an annual gift to children or grandchildren for a limited number of years—say, to help fund an upcoming college education;
· The athlete, entertainer or other high-income professional who anticipates career earnings to peak over the next decade.
Opportunities to Customize
To further enhance Ten Pay Whole Life’s flexibility, Guardian has a full line-up of riders available for its new offering:
· Lifetime Paid-Up Additions (LPUA) Rider enables the consumer to continue adding value to his or her policy even after it’s been paid up and continues to age 121, if desired.
· Guaranteed Insurance Option (GIO-10) Rider locks in the consumer’s insurability, allowing him or her to purchase additional whole life insurance without further medical tests.
· Enhanced Accelerated Benefit Rider (EABR), available for no additional premium, pays a portion of the death benefit in advance should a permanent chronic illness or a terminal illness occur.
· Waiver of Premium Rider will automatically waive premiums due in case of total disability, making the policy self-completing.
“The uncertain economy has prompted many consumers to seek more secure strategies to replace the wealth they may have lost due to market conditions,” said Ferik. “By giving consumers the opportunity to complete their premium obligations in just 10 years, Ten Pay Whole Life provides the trusted reliability and tax advantages for which whole life insurance is known, along with the freedom to pay for it on an accelerated schedule that very few carriers allow.”
Guardian, its subsidiaries, agents or employees do not provide legal or tax advice. Dividends are not guaranteed. They are declared annually by Guardian’s Board of Directors.
The Guardian Life Insurance Company of America (Guardian), one of the largest and oldest mutual life insurance companies in the United States, is known for its stability and strength. A Fortune 300 company, Guardian is the only major life insurer to earn upgrades from two major rating agencies in 2008: A++ (Superior) by A.M. Best and AA+ (Very Strong) by Standard & Poor's. As of July, 2009, three major rating companies have affirmed Guardian's ratings: Fitch (AA+/Very Strong); Moody's (Aa2/Excellent); and Standard & Poor's (AA+/Very Strong).
Founded nearly 150 years ago, Guardian and its subsidiaries are committed to protecting individuals, business owners and their employees with life, long term care insurance, disability income, medical and dental insurance products, and offer 401(k), annuities and other financial products.
Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 120,000 companies. The company has more than 5,400 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide.
For more information about Guardian, please visit: www.GuardianLife.com.
SOURCE:The Guardian Life Insurance Company of America
Web site: http://www.guardianlife.com/