Guardian Life Insurance Co. of America has introduced an individual disability insurance that could have some appeal for consumers who are also looking at critical illness insurance products.
The New York City-based insurers says its new Provider Choice line includes three policy packages. Each package includes access to hospice care benefits and extra protection against serious illnesses such as cancer, stroke and heart attack.
Optional riders can cover retirement plan contributions and protect the insured’s ability to pay back student loans.
Another optional rider can provide protection against inflation.
Guardian is offering other options aimed specifically at doctors and dentists, such as an option that can protect a physician against the loss of the ability to perform a specific type of procedures.
In other disability insurance market news, Allsup reports that the Social Security Administration approved 33 percent of applicants for Social Security Disability Insurance benefits after the initial filing, and 45 percent after the applicants went through the SSDI appeals process. In recent years, approvals after the initial filing have ranged from about 32 percent to 35 percent, Allsup says.
Allsup helps workers apply for SSDI program benefits.
Issuers of commercial disability insurance often help insureds get through the SSDI application process, in part because many of those issuers subtract the amount of premiums insureds get from the SSDI program from the private plan’s own benefit payment amount.