The Guardian Life Insurance Company of America unveiled the Guardian Secure Index Annuity, with an optional guaranteed living benefit rider – the Guardian Income Magnifier Rider, which is issued by its wholly owned subsidiary, The Guardian Insurance & Annuity Company, Inc. (GIAC).
With the introduction of the Guardian Secure Index Annuity, the company has expanded its pipeline of annuity options that help mitigate market volatility and longevity risk, the insurer announced in a news release. This fixed index annuity, available for sale through registered representatives of Park Avenue Securities, offers guaranteed retirement income clients cannot outlive, with additional growth potential.
According to the 10th Annual Guardian Workplace Benefits Study, nearly 8 in 10 working Americans feel it is important to have a guaranteed income stream in retirement. Clients can take advantage of potential gains during index upswings based on the index they select such as the S&P500® or two proprietary indices: AB Global Allocator IndexSM and the PIMCO Balanced Allocation Plus IndexTM.
Clients are insulated from index downturns as they will never lose premium due to a dip in the index value, and they have the flexibility to modify their index selection annually.
“As people begin to contemplate how to financially prepare for retirement, a major concern is how to ensure they don’t outlive their retirement assets,” said Dominque Baede, Head of Life and Annuity at Guardian. “The Guardian Secure Index Annuity can be a strategic tool in a client’s retirement strategy by ensuring an ongoing source of income during retirement with the added benefit of potential growth. Creating the opportunity to have retirement assets grow with the added assurance those assets will be available throughout retirement is at the center of how Guardian inspires well-being.”
The optional Guardian Income Magnifier Rider offers, for a fee, the benefit of knowing the guaranteed income will not decline for the life of the contract so long as lifetime withdrawals don’t exceed the Guaranteed Annual Withdrawal Amount (GAWA), even if the contract value goes to zero.
The rider also provides an income base1 that has the potential to increase annually and offers the flexibility to change the individuals protected under the rider to help meet varying income needs, or to address life events such as marriage, divorce, or death of a spouse. With the Guardian Income Magnifier Rider, clients can take 3% to 6% of the income base per year for life, depending on their age at the time of the first guaranteed annual withdrawal, and whether one of two people are covered.
About The Guardian Life Insurance Company of America (Guardian®)
Every day, Guardian 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 2020 included $9.5 billion in capital and $1.7 billion in operating income. For more information, please visit guardianlife.com or follow us on Facebook, LinkedIn, Twitter, and YouTube.