Guardian announces a new critical illness insurance employee benefit

NEW YORK, June 15, 2023 /PRNewswire/ -- Today, the Guardian Life Insurance Company of America announced an enhanced Critical Illness insurance product, giving employers more flexibility to help ensure overall well-being for employees and their loved ones through all stages of life.

Employers are looking for unique ways to show employees how much they're valued and are increasingly turning to benefits that can help boost employee financial confidence and overall well-being. To address this need, Guardian is introducing coverages in high demand among employees, including optional family planning benefits that support employees during infertility treatments and through pregnancy and potential delivery complications. Guardian also doubled the number of covered diseases and conditions and is the first to offer coverage for preventative measures taken due to having a BRCA1 or BRCA2 genetic mutation, which can increase the risk of certain cancers, including breast cancer.

"We know the impact that major illnesses and medical conditions can have on the well-being of employees and their families, and this expanded offering helps ensure employees feel financially confident in good times and bad so they can focus on recovery and lifelong well-being, " said Jonathan Mayhew, Head of Group Benefits at Guardian. "As new and expanded benefits continue to be in demand, this offering will help organizations protect the well-being of their employees and their families and help ensure they can easily access benefits in times of need."

Research shows that benefits like Guardian's expanded critical illness offering play an important role in fostering employee well-being. A Guardian survey found that employees who have supplemental health benefits are 33% more likely to report high overall well-being compared to those who don't, and having supplemental health insurance is correlated with higher self-reported financial health. Employers also recognize the many ways these benefits contribute to well-being: For example, 6 in 10 employers agree that supplemental health benefits help them meet employees' need for financial security.

Guardian's new Critical Illness insurance offering aims to provide care for the whole family by offering additional coverage for childhood illnesses and disorders such as autism, congenital heart defect, and multisystem inflammatory syndrome caused by COVID-19. Guardian has also streamlined the management of critical illness insurance benefits in several ways, enabling employees to access and use benefits as quickly and conveniently as possible. Key changes include simpler language for benefits explanation, benefits for less severe illnesses and earlier payouts at earlier stages of some neurological conditions such as Alzheimer's, multiple sclerosis, and Parkinson's disease. Guardian also automatically checks for eligibility across all supplemental health coverages when a short term disability, paid family medical leave, or a state-mandated disability claim comes in to help ensure employees receive all benefits to which they are entitled and can focus on recovery, not finances.