The Guardian Life Insurance Company of America has introduced voluntary permanent life insurance through the workplace.
Guardian said in a statement that its latest offering enables businesses to offer employees individual, permanent life insurance protection on a voluntary basis that they can keep even if they change jobs. This coverage builds tax-deferred cash value, has premiums that are guaranteed never to increase, and does not require a medical exam, the company added.
Guardian's voluntary permanent life insurance can be fully paid up by age 65, so the employee has no additional premiums upon retirement.
In Guardian's Third Annual Workplace Benefits Study, 39 percent of American households report having no life insurance at all, while 50 percent said they need more. Guardian said that employers can use Voluntary Permanent Life to strengthen their benefits program by offering an affordable way to help employees protect their family and reach financial security.
“Many employees today either don't have life insurance or not enough of it. Attaining voluntary permanent life insurance through the workplace allows employees to enhance insurance coverage, lock in pricing, build cash value that can be used for loans or other withdrawals, and keep the coverage even if they change employers,” said Michael Estep, the second vice president for group life, disability, and supplemental health product development at Guardian.
Learn more: www.guardianlife.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].