Guardian Life Insurance Rolls Out New Disability Insurance Product

The economic and societal forces that have transformed the medical profession over the past decade open the door to new approaches to income protection, according to The Guardian Life Insurance Company of America (Guardian), a provider of individual disability insurance, which announced a new offering recently.

According to the Company, physicians and other medical professionals have long been aware of the need for this type of coverage - which protects one's ability to earn an income even if a work-stopping illness or injury strikes - because they witness the lifestyle changes caused by unexpected disabilities every day in their work. Many are also motivated to protect the significant investment they've made in their education. But all professionals whose families depend on their income will benefit from the product innovations just launched by Guardian.

"The changes we've observed in the marketplace, reinforced by what we've been hearing in focus groups across the country, confirm that one size doesn't fit all," said Gordon Dinsmore, President of Berkshire Life Insurance Company of America, the Guardian company that issues its individual disability insurance policy.

"Just as there is no longer one path to practice medicine, in the 21st century, no matter what profession you're in, there should be multiple ways to secure this important protection - ways that take price into account - without compromising the quality of the coverage," he added. "We are confident that Guardian now has the broadest disability insurance product portfolio in the industry."

Changing Landscape for Medical Providers

While demand for medical services in the U.S. continues to increase due to the aging population, Guardian noted that the face of who is providing that care - and how it is delivered - is changing rapidly. The high cost of electronic health records, downward pressure on medical reimbursement and soaring levels of medical-school debt mean that many doctors are opting to join hospital staffs and large medical practices as salaried employees, rather than opening their own practices. At the same time, growing numbers of female physicians - 50 percent of medical school students are women, compared to just one-third 30 years ago - as well as the recent influx of Gen X doctors into the marketplace has underscored the priority on work-life balance.

All of these trends have brought on yet another significant change: the expanding role of non-physician professionals such as physician assistants and nurse practitioners in providing more and more medical services. The U.S. Department of Labor projects that jobs within this category of skilled mid-level providers will grow 20-50 percent by 2018.

Having monitored these market developments over the past several years and verified their impact on income protection requirements through national research, Guardian has increased the breadth of its flagship ProVider Plus individual disability insurance portfolio to accommodate the total needs spectrum.

"Solo medical practitioners are essentially small business owners, operating on a high risk/high reward basis. They have significant earnings potential but are likely highly leveraged in their practices, and should therefore have top-tier income protection coverage in place," explained Dinsmore.

"On the other hand, staff doctors and non-physician medical professionals may not need as many bells and whistles on their disability policies, but they don't want to compromise on the expectation that the coverage will be there when they need it most," he added. "Now, thanks to Guardian, they don't have to."

Aligning to Price Sensitivity While Maintaining Value

To better serve this value-focused segment of the medical market - as well as those individuals in other professions for whom affordability is a concern - Guardian has introduced ProVider Plus Limited, an individual disability insurance policy built on Guardian's well-known core contract. With package-exclusive configurations and a host of optional riders, policy owners are able to customize coverage to fit their income-protection needs, while not having to pay for features their situations don't require.

At the same time, Guardian said that it has strengthened its traditional ProVider Plus individual disability insurance policy by introducing a patent-pending Lump Sum Disability Benefit Rider, an option not available anywhere else that is designed to provide benefits after the policy expires (at age 65 or 67), a time when the full impact of even a brief disability during one's working years can make itself felt as retirement begins.

"Everyone's personal and professional circumstances are unique, and the disability insurance they obtain to protect their ability to earn an income should be tailored to their needs, not the needs of the doctor or lawyer across the hall," explained Dinsmore.

More Information:

www.GuardianLife.com

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