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May 24, 2007
GUARDIAN JOINS INDUSTRY CAMPAIGN TO BUILD AWARENESS ABOUT THE NEED FOR DISABILITY INSURANCE
Supports Inaugural Disability Insurance Awareness Month Campaign in May
Sponsors Exclusive Disability Media Roundtable Event
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Kristin Mastrandrea
The Guardian Life Insurance Company of America
Tel: 212.919.3965
Fax: 212.919.2790
Kristin_Mastrandrea@glic.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, May 24, 2007 — The Guardian Life Insurance Company of America (Guardian) has teamed up with the Life and Health Insurance Foundation for Education (LIFE) in support of the inaugural Disability Insurance Awareness Month. Disability Insurance Awareness Month is an industry effort to build consumer awareness about the importance of disability insurance.
According to the LIFE Foundation, nearly 1 in 5 Americans will become disabled for 1 year or more before the age of 65. And Guardian research 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.
"At Guardian, every month is Disability Insurance Awareness Month," said Matthew Gottfried, director of Individual Disability Income at Berkshire Life Insurance Company of America, a Guardian subsidiary specializing in individual disability income insurance. "We welcome the opportunity to unite with the LIFE Foundation and insurance industry to underscore, during the month of May and throughout the year, the importance of consumers protecting their most valuable asset, their ability to earn an income."
Guardian, in collaboration with the LIFE Foundation, will host an exclusive media roundtable event in the weeks following Disability Insurance Awareness Month. Results from a special disability insurance research report will be unveiled at the event.
Earlier in the year, Guardian partnered with dual-sport all-star athlete Bo Jackson to promote the importance of disability insurance. Jackson participated in a radio media tour during which he underscored how disability insurance helped him after an unexpected injury abruptly ended a legendary sports career.
The company also funded several proprietary studies that highlight the need for greater investment in consumer information about disability insurance. Findings from the research include:
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Millions of Americans are ignoring the impact that an illness or a disability can have on their retirement savings. 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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76% of the individuals surveyed said that they understand their auto insurance versus 58% who believe that they understand their disability insurance.
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— Guardian survey, Insurance and Behavior: Spotlight on Individual Disability Insurance
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48% of employees don't realize that employer-paid disability income benefits are taxable.
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Nearly two-thirds of respondents said they feel they understand the differences between group and individual coverage, but almost half believed that a medical examination is required for group disability coverage. In fact, such a checkup is typically not required.
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— Guardian survey, Benefits and Behavior: Spotlight on Group Life and Disability Insurance
"Education about the risks of being unable to work due to illness or injury, as well as the importance of income protection planning, is critical," said Barry Petruzzi, 2nd vice president, Group Life & Disability, Guardian "We will continue to partner with the media, brokers and agents to help consumers understand the importance of this valued, but often overlooked protection."
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, 2006, Guardian and its subsidiaries had $39.5 billion in assets (on a consolidated statutory basis). With more than 5,000 employees and 3,000 financial representatives, as well as more than 80 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), annuities and other financial products and trust services. More information about Guardian can be obtained at: www.guardianlife.com.
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