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May 23, 2005
Guardian Launches Alternative for Nonqualified Benefits
New Product Focuses on Small Businesses — Addresses Need for Employer-Owned Life Insurance
NEW YORK, N.Y., May 23, 2005 — The Guardian Life Insurance Company of America (Guardian), a leader in the Employer Owned Life Insurance (EOLI) marketplace for the past decade, today announced the launch of an attractive alternative for nonqualified benefits. The new product, called Executive Strategies Whole Lifesm, enhances Guardian's currently strong product portfolio and strengthens the company's range of offerings and provides small business owners with an opportunity to accumulate an asset in the form of cash value*, on a tax-deferred basis.
A collaborative effort between two departments in the Individual Markets Profit Center, Life Product Development and Advanced Planning and Professional Services, Guardian's new EOLI product is funded with a whole life insurance product designed exclusively for small business owners' nonqualified plans covering from three to 25 employees. Guardian designed the new life insurance product to provide higher cash values and offer a paid up additions rider. This new product structure allows customers to structure the funding of their nonqualified plans flexibly and according to their own needs.
"Executive Strategies Whole Lifesm is a tremendous opportunity for small business owners," said James Suslavich, VP, Life Product Development, Individual Markets, Guardian, New York. "Currently, all earnings on assets inside the policy grow tax deferred for small businesses. In addition, the business owner is able to book an extremely attractive asset on the company's balance sheet." Lynne Stebbins, VP, Advanced Planning and Professional Services seconds this. According to Lynne, "In addition to solving employee and executive benefits funding issues, EOLI policies can be an ideal funding mechanism for business succession buy-sell agreements."
Executive Strategies Whole Lifesm policies will be available immediately in nearly all states and will be rolled out to remaining states over the next several months.
Other features include streamlined underwriting, policy administration and a customized marketing kit available both in print and electronic format and other nonqualified plans offered by Guardian.
About Guardian
Founded in 1860, The Guardian Life Insurance Company of America, New York, NY (Guardian) is the fourth largest mutual life insurance company in the United States. As of December 31, 2004, Guardian and its subsidiaries had $39.5 billion in assets. With more than 5,000 employees and 2,900 financial representatives, as well as over 80 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products, and offer 401(k), financial products and trust services. More information about Guardian can be obtained at: www.guardianlife.com.
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