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Life Health > Long-Term Care Planning

New Life Policy Can Protect Against Disability and Long-Term Care Risk

By Allison Bell

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The Guardian Life Insurance Company of America has come out with a package that combines three different types of coverage.

The company’s new SafeGuard360 product is designed to pay benefits when an insured dies; when a younger insured has a hard time working due to disability; and when an older insured suffers a serious enough disability to qualify for long-term care.

Guardian created the product by combining a whole life rider with a disability income and waiver of policy premium benefit rider and an accelerated death benefit for long-term care services rider.

Guardian is issuing the product through an online application process, but it notes that a medical exam may be required.

Michael Ferik, head of individual markets at Guardian, said the company developed the product partly because of reports that consumers find implementing financial plans too cumbersome. Creating a unified product can help address that challenge, he said.

(Photo: Adobe)

Allison Bell

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