Guardian
Disability Insurance
The Guardian Life Insurance Company of America (Guardian), New York, has announced enhancements that strengthen its voluntary disability product lineup, Disability Choice, while lowering the cost for coverage.
Disability Choice, one of the company's voluntary long-term disability (LTD) and short-term disability (STD) programs, is different from traditional disability income plans because it provides benefits based on increments or flat amounts as opposed to a percentage of employees' salaries. This approach eliminates the need for an employee census and leads to a simplified enrollment process.
This also allows Guardian's disability insurance to be sold seamlessly with coverage such as dental that also doesn't require an employee census.
In addition to the simplified enrollment and lower premiums, Guardian has increased maximums for both STD and LTD Disability Choice plans. Previously, the maximum STD benefit was $750 and
is now available up to $1,500. The maximum LTD benefit has been raised from $2,500 to up to $10,000. The amount, however, cannot exceed 60% of salary.
Another feature of Disability Choice is that employees are able to increase coverage each year through the annual step-up option. The option allows employees to adjust their insurance amount as their needs and salary change.
For more information, visit www.guardianlife.com.
Dearborn National
Annuities
Dearborn National, Chicago, has announced the launch of its Destination Fortifier Series, a family of single premium deferred multi-year guarantee annuities with an optional market value adjustment (MVA) feature.
The Destination Fortifier Series offers a variety of interest rate durations with matching surrender charge schedules. The product also has multiple liquidity options, one of which allows an annual withdrawal of up to 15% of the account value after the first year or immediate withdrawals of interest without incurring surrender charges.
Other features include an optional MVA in most states and issuance up to age 85 with a full account value death benefit.
For more information, visit www.dearbornnational.com.
