Guardian Life Unveiled a New Feature Term Life Insurance With a Built-in Benefit for Charity

Guardian Life | May 19, 2020

  • Guardian Life unveiled a new feature of its Guardian Level Term life insurance, a built-in charitable benefit rider.

  • The term insurance product offers level pricing for the duration of the policy that helps create protection for families and the ability to create a charitable giving legacy.

  • Guardian Level Term also offers the ability and flexibility to convert to permanent protection.


Today, The Guardian Life Insurance Company of America® (Guardian Life) unveiled a new feature of its Guardian Level Term life insurance, a built-in charitable benefit rider1. The term insurance product offers level pricing for the duration of the policy that helps create protection for families and the ability to create a charitable giving legacy.

Nearly two-thirds of Americans have donated to charity over the last year2. Yet, being able to bequeath a donation to a charity is often perceived as reserved for the wealthy. Guardian Life's Level Term with the built-in Charitable Benefit allows those who are charitable-minded to support their charity of choice upon their death. Term life provides a tax free payout for beneficiaries, while the charitable benefit feature provides a donation, 1% of the policy face amount (subject to a $100,000 maximum charitable donation), to the policy owner's charity at no additional cost.
 

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There are three methods that are commonly suggested for charitable giving through insurance: naming the charity as a beneficiary, transferring dividends to a charity or donating an existing policy to a charity. Guardian Life's Level Term life insurance introduces a new option - utilizing the built-in charitable giving feature to make a charitable contribution while also providing a payout to beneficiaries. Any charity the owner chooses must be a qualified 501 (c) (3) charity.


Guardian Level Term offers a unique opportunity that resonates with today's charity-conscious client, policy owners will have the ability to give to the charity of their choice without taking anything away from their beneficiaries.

- Andy Gordon, Head of Life Insurance, Annuity and Underwriting Solutions for Guardian Life.


Guardian Level Term also offers the ability and flexibility to convert to permanent protection. It's fully convertible to whole life insurance. Additional optional benefits include the disability waiver of premium rider3, terminal illness rider, and an extended conversion rider, which provides the policy owner flexibility on when to convert to a whole life policy.
 

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About Guardian Life

The Guardian Life provides Americans the security they deserve through our insurance and wealth management products and services. Since our founding in 1860, our long-term view has helped our customers prepare for whatever life brings whether starting a family, planning for the future or taking care of employees. Today, we're a Fortune 250 mutual company and a leading provider of life, disability, dental, and other benefits for individuals, at the workplace and through government sponsored programs. The Guardian community of over 9,000 employees and our network of over 2,500 financial representatives is committed to serving with expertise when, where and how our clients need us. Our commitments rest on a strong financial foundation, which at year-end 2019 included $9.3 billion in capital and $1.7 billion in operating income.

Spotlight

Customers are now accustomed to digital-first interactions, with Gen-X in particular expecting a frictionless experience. As a result, brokers are having to rethink how they engage with customers in order to meet these expectations.

Increasing competition from a fast-changing industry – through consolidation and new independent digital-only providers – means they must improve customer satisfaction to stay in the game. Ultimately, broker business success relies on engendering long-term relationships with customers (and partners) based on trust.

Spotlight

Customers are now accustomed to digital-first interactions, with Gen-X in particular expecting a frictionless experience. As a result, brokers are having to rethink how they engage with customers in order to meet these expectations.

Increasing competition from a fast-changing industry – through consolidation and new independent digital-only providers – means they must improve customer satisfaction to stay in the game. Ultimately, broker business success relies on engendering long-term relationships with customers (and partners) based on trust.

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