Press Room

Guardian Launches Flexible Alternative to Traditional Long Term Care Insurance

Tuesday, September 10, 2013 9:14 am EDT


"We saw a need in the marketplace for a more economical option that could easily integrate into most families’ financial portfolios"

NEW YORK--(BUSINESS WIRE)--At a time when Americans are living longer and increasing their likelihood of needing long term care (LTC) services during their later years, The Guardian Life Insurance Company of America (Guardian) is introducing a new longevity solution: life insurance coverage that can be used to cover LTC needs. Anyone who purchases a Guardian core whole life insurance policy will now have the option of adding Guardian’s new Accelerated Death Benefit for Long Term Care Services Rider to the coverage. For an additional cost, the rider allows the policy owner to accelerate a portion of the policy’s death benefit during the insured individual’s lifetime if he or she is chronically ill and receiving qualified LTC services.

A study published by the Associated Press-NORC Center for Public Affairs Research in April 2013 suggests that Americans are worried about what lies ahead: 51% of adults ages 40-54 and 48% of those ages 55-64 say they are “a great deal/quite a bit” concerned about being able to pay for their LTC needs as they age. Long term care insurance has traditionally been available as a standalone policy. However, there are fewer choices in this marketplace and individual policies can be costly.

“We saw a need in the marketplace for a more economical option that could easily integrate into most families’ financial portfolios,” commented Michael Ferik, Senior Vice President, Individual Life. “Since the foundation of a family’s long-term security is life insurance, it seemed appropriate to integrate protection against the financial impact of a provider’s premature death with protection against the costs of a chronic illness. With this LTC Rider, Guardian is able to offer a simplified and cost-effective solution that addresses two critical financial needs with a single product.”

In addition to addressing the financial and physical burdens long term care puts on family and friends, the Guardian LTC Rider gives the owner the freedom to choose what portion of the life insurance policy face amount to make available toward covering LTC expenses. For example, the owner of a $1 million Guardian core whole life policy can earmark $500,000 of the death benefit toward potential LTC expenses. If it turns out that there’s no need to accelerate the death benefit under the LTC Rider during the insured individual’s lifetime, the entire $1 million will go to the designated beneficiary.

“That sense of control – being able to choose the level of LTC protection, as well as knowing that, if it’s not needed, one’s financial legacy to loved ones won’t be diminished – is very important to people,” Ferik observed. “We understand how stressful it can be to deal with LTC-related issues, so our new rider includes a number of stress-reducing features, including an indemnity-style benefit that eliminates the need to submit monthly receipts and access to an additional benefit pool that can lengthen the duration of your LTC benefit, if necessary.”

About Guardian

A mutual insurer founded in 1860, The Guardian Life Insurance Company of America (Guardian), New York, N.Y., and its subsidiaries are committed to protecting individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, 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 115,000 companies. The company has approximately 5,000 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

Guardian Core Whole Life Products are issued on Policy Form 06-WL. Guardian’s Long Term Care Rider is issued on Form 13-LTCR (and ICC13-LTCR). The Accelerated Death Benefit for Long Term Care Services Rider is marketed as Guardian’s Long Term Care Rider. The Accelerated Death Benefit for Long Term Care Services Rider is not available in all states. Rider provisions and features may vary by state.



Wendy Webster Coakley, 413-395-4467

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