Guardian Life Insurance
Founded in 1860, Guardian Life Insurance Company of America is one of the country’s oldest mutual insurance companies. Today, they protect more than 6 million employees and their families and offer a wide range of services including dental insurance, life insurance (with the option of a long-term care rider), disability income insurance, and funding vehicles for annuities, 401(k) plans, and much more. As a mutual company, Guardian is owned by its policyholders, allowing it to focus on understanding the needs of its customers and providing the best service possible.
Long-Term Care Insurance Policies
While several companies still offer traditional long-term care insurance, recent years have seen a rise in the sale of what are known as hybrid policies. Guardian offers just such an option – if you purchase life insurance through the company, you can choose to attach an Accelerated Death Benefit for Long Term Care Services Rider to your coverage. This rider does cost extra, but allows the policyholder to put a portion of their death benefit towards long-term care while he or she is still alive. Whatever amount of the benefit is not used for this purpose will then go to their heirs as usual once the policyholder passes away. While a hybrid strategy such as this will often cost more than traditional long-term care insurance, it also helps to ensure that you are getting the most out of your investment.
Reputation and Financial Strength
Guardian enjoys great financial strength scores from all of the major independent ratings agencies. They were awarded an A++ (superior) from A.M. Best, an AA+ (very strong) from both Fitch Ratings and Standard & Poor’s, and an Aa2 (excellent) from Moody’s Investors Service. Such ratings are important because a company’s financial strength helps to determine its ability to pay out claims in the future. Unlike some other insurers offering long-term care products, there are also very few reports of customers having difficulties receiving benefits or encountering other issues with Guardian.
Be sure to take a look at our other articles to learn more about the various companies offering LTC insurance and LTC/life insurance hybrids. Additionally, you can find further information on the benefits and drawbacks of hybrid policies in our first article on alternatives to traditional long-term care insurance. Remember – these policies and the companies that issue them can differ greatly, so it really does pay to do your research and shop around.
More Useful Links:
Lincoln National Life Insurance