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.
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," stated Andy Gordon, Head of Life Insurance, Annuity and Underwriting Solutions for Guardian Life. "Policy owners will have the ability to give to the charity of their choice without taking anything away from their beneficiaries."
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.
To learn more about Guardian Level Term and associated costs please visit: https://www.guardianlife.com/life-insurance/term/calculator-quote.
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 2019 included $9.3 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.
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Guardian Level Term is issued by The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware corporation whose principal place of business is 10 Hudson Yards, New York, NY 10001. 1 888 Guardian (1 888 482 7342). GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America. Policy form numbers: GLT 10, 15, 20, 30: 20-GLT.
GUARDIAN® and the Guardian Logo® are registered trademarks of The Guardian Life Insurance Company of America. ©Copyright 2020 The Guardian Life Insurance Company of America, New York, N.Y. 2020-101358 (Exp 5/2022)
1 Subject to state availability
2 71% of Americans Say Debt Keeps Them from Donating More to Charity
3 A Waiver of Premium rider waives the obligation for the policyholder to pay further premiums should he or she become totally disabled continuously for at least six months. This rider will incur an additional cost. See policy contract for additional details and requirements