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January 12, 2007
GUARDIAN AND SPORTS LEGEND BO JACKSON ENCOURAGE AMERICANS TO PROTECT THEIR INCOME IN THE NEW YEAR
PLANNING FOR LIFE'S CURVEBALLS AND FUMBLES
— Dual Sport All-Star Suffered Career-Ending Disability —
| For media inquiries, contact:
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Jennifer McClellan
Manning Selvage & Lee
Tel: 212.468.3554
Fax: 212.468.3654
Jennifer.McClellan@mslpr.com
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| Anayo Afolabi
The Guardian Life Insurance Company of America
Tel: 212.598.8329
Fax: 212.919.2790
anayo_afolabi@glic.com
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NEW YORK, January 12, 2007 — The Guardian Life Insurance Company of America (Guardian), its subsidiary Berkshire Life Insurance Company of America (Berkshire), and legendary dual-sport All-Star athlete, Bo Jackson, have teamed up to promote the importance and the benefits of disability income protection in the New Year. Jackson's partnership with Guardian included a radio media tour as well as select print media interviews on January 12
Americans continued to live paycheck to paycheck in 2006 and barely inched out of a negative savings rate. And according to a recent Guardian study entitled Insurance and Behavior: Spotlight on IDI, most Americans do not have adequate savings to cover their living expenses in the event of an illness or injury. The Guardian survey shows that 50% of consumers have three months or less of their living expenses saved. Of those with three months or less saved, 29% admit that they don't have enough savings to cover any of their living expenses if they have to stop working.
With Bo Jackson's help, Guardian and Berkshire hope to encourage Americans to take action in 2007 — to get their finances in order and to prepare for uncertainties that may cripple their immediate income, long-term earnings and retirement savings.
"I've teamed up with Guardian, one of the largest disability insurance providers in the country, to get the word out about the importance of disability income protection," said Bo Jackson. "I was fortunate to have disability insurance, but star athletes shouldn't be the only people who have income protection. Everyday people who work hard to provide for their families and loved ones should protect their incomes, too. If Americans want to get a great start in the New Year, they should meet with a financial expert and add disability insurance to their financial protection portfolio or sign up for the disability insurance their company offers during their benefits enrollment season."
Jackson's injuries are an extreme example, but many Americans may not realize how common disability is and that it can happen to anyone. Industry statistics show that three out of every 10 workers will experience an accident or illness that keeps them out of work for three months or longer (America's Health Insurance Plans, AHIP).
"Guardian is honored to partner with Bo Jackson to help Americans understand the value of disability insurance — a critical safety net," said Craig Guiffre, Vice President, Group Life and Disability at Guardian. "It is always great when celebrities, especially a sports legend like Bo Jackson, use their star power and share their personal experiences to help others."
" We welcome Bo Jackson to the Guardian team in our efforts to raise awareness about the importance of income protection planning," said Matt Gottfried, Director of Individual Disability Income at Berkshire. "While there's no price you can affix to peace of mind, disability insurance is a relatively inexpensive way to ensure proper income protection and plan for life's fumbles and curveballs."
Added Gottfried, "As we shift toward a defined-contribution model for retirement in which more Americans have personal responsibility for their retirement savings, consumers are at risk not only because they are not protecting their income today, but also because they are not protecting their ability to save for retirement. With programs such as our Retirement Protection Plus, employees can also protect their retirement contributions if they become disabled."
Berkshire individual disability clients may elect to add a retirement protection policy to cover them for 100% of retirement contributions - individual and employer-matching - for the duration of their disability.
Disability Statistics
Most Americans are not covered by disability insurance:
 | Less than 30% of all U.S. workers participate in long-term disability benefits (2005 National Compensation Survey by the U.S. Department of Labor, Bureau of Labor Statistics).
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| Many may believe they'll be covered by Social Security and Workers' Compensation, yet according to the Social Security Administration's Office of Disability and Income Security Programs, only 39% of Americans who applied for SSDI benefits in 2005 were approved.
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Millions of Americans are ignoring the impact that an illness or a disability can have on their retirement savings. According to a Guardian survey, nearly half (48%) of Americans say they would probably have to stop making contributions to their retirement account should they become disabled.
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1 in 4 of those ages 55 to 64 said that they do not understand their disability insurance coverage. These are people who are relatively close to retirement age and would have less time to recover retirement savings lost due to a disruption in work caused by illness or injury. (2006 Guardian survey, Insurance and Behavior: Spotlight on IDI)
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76% of the individuals surveyed said that they understand their auto insurance versus 58% who believe that they understand their disability insurance. (2006 Guardian survey, Insurance and Behavior: Spotlight on IDI)
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Note to Editor: Photo of Bo Jackson available upon request.
About Guardian
Founded in 1860, The Guardian Life Insurance Company of America, New York, NY (Guardian) is one of the largest mutual life insurance companies in the United States. As of December 31, 2005, Guardian and its subsidiaries had $36.9 billion in assets (on a consolidated statutory basis). With more than 5,000 employees and 3,000 financial representatives, as well as over 85 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses, and their employees with life, disability, health, long-term care, and dental insurance products, and offer 401(k), financial products and trust services. More information about Guardian can be obtained at: www.guardianlife.com.
About Berkshire
Berkshire Life Insurance Company of America, Pittsfield, Mass. (Berkshire), is a wholly owned stock subsidiary of The Guardian Life Insurance Company of America, New York, N.Y. Its key missions are to grow Guardian's disability income and long -term care lines of business and to research and develop new insurance products. More information about Berkshire can be obtained at www.BerkshireLife.com.
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