Filed Under:Markets, Company News

Independence Blue Cross, Guardian form partnership

ALSO: Industry news from Aflac, MDRT, Principal Financial, Symetra, Oracle, Primerica Financial, Flexible Benefits

Independence Blue Cross (IBC) and The Guardian Life Insurance Company of America (Guardian) have formed a strategic relationship to provide Guardian's specialty insurance products to IBC members and employer groups. The new benefit options — life, short-term disability, long-term disability, accident, critical illness, and cancer insurance — are an important addition to IBC's line of products as they offer members financial protection from unforeseen hardships and expenses. The benefits will be available to employers with 51 or more enrolled members this fall for group plan renewals on or after Jan. 1. These products will be available to employers with two to 50 enrolled members by mid-2014. The combination provides employers the following insurance products:

  • Life — Group term and supplemental insurance;
  • Disability — Long-term and short-term disability coverage for employees;
  • Accident — Provides benefit payment for services or procedures due to a covered accident, such as x-rays and ambulance services, regardless of what is covered by the employee's medical policy. A key differentiator of this product is a special benefit providing enhanced coverage for children injured in organized sports;
  • Critical illness — Cancer, heart attack, stroke, and major organ transplants. Provides a lump sum benefit payment to help employees pay for out-of-pocket medical costs and non-medical costs;
  • Cancer — Provides a lump sum benefit payment in the event of a cancer diagnosis. Includes payments for certain procedures, screenings, and treatments.

Employer benefits include:

The total sales of Symetra Life Insurance’s Symetra Edge Pro Fixed Indexed Annuity crossed the $1 billion mark.

Introduced in April 2011 and sold through banks and broker-dealers, Edge Pro is designed to help meet the retirement planning needs of customers looking for diversification and principal protection. The product gives clients the choice of two index options — the S&P 500 Index and the S&P GSCI Excess Return Index — and offers a fixed account option and guaranteed minimum value feature.

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Nichole Morford

Nichole Morford
Managing Editor

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