Disability Insurance Articles
Guardian’s Disability Insurance Product Offering - ProVider Plus™
by Gary Fegan
Your biggest asset is your ability to earn a living- If your income stopped due to a disability, would you survive financially? Almost everyone can not- So you need to insure against a disability crippling you financially. You want to obtain the best coverage at the best price from the best carrier!
As important as the features of the actual policy are, the strength of the company that offers the coverage is equally important. A disability policy is a promise to pay a benefit when you need it most- and a promise is only as good as the company that can honor it. A disability policy is expected to be there for you many years into the future. Therefore, the disability carrier you decide to go with is of vital importance. As you will see, it is very important to obtain your policy from Guardian Life Insurance Company of America, whose individual disability insurance policies are underwritten through Berkshire Life Insurance Company of America.
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If you are going to obtain disability insurance, you need to consider Guardian and Berkshire Life. Also, Berkshire Life paid more than $223.3 million in disability income benefits in 2010 alone. You want a company that will be there for you when you need it most- Choose Guardian and Berkshire Life.
Understand the need for coverage:
You insure your expensive tangible assets- things such as your car, home, etc. What is your biggest asset? The answer is your income stream! Have you insured your current and future income against a disability? How would you pay your bills if your income stopped? As an example, if you were 35 and earning $100,000 and your income stopped permanently (maybe due to a disability) you would lose the income opportunity of $3,000,000 between age 35 to age 65, and this assumes no increase in pay for 30 years! If you had an asset in your house worth $3,000,000 or more, would you want to insure it?
The risk of becoming disabled is very real and could happen to you. Just take a look at the statistics:
Now that you realize that you need to protect your income, you need to make sure that you have the most comprehensive coverage from a strong carrier. The carrier needs to be financially stable, and it would be great if they have been providing disability protection for a long time. Provider Plus offers one of the best solutions to cover this need.
1 Disability insurance Policy Forms 1400, 1500 or 1600 underwritten and issued by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America, New York, NY. This policy provides disability insurance only. It does not provide basic hospital, basic medical or major medical insurance as defined by the New York State Insurance Department. For policy forms 1400, 1500, or 1600, the expected benefit ratio is 50% (including NY 1400). For policy forms 1400-F, 1500-F, or 1600 F, the expected benefit ratio is 60% (NY only). The expected benefit ratio is the portion of future premiums that the company expects to return as benefits, when averaged over all people with these policy forms respectively. Product availability, provisions and features may vary from state to state.
2 Optional riders are available for an additional premium.
3 The Loss of Income Indemnity payable under the Residual Disability Benefit Rider will be reduced by benefits payable under disability insurance policies that were in force before this rider is issued should the sum of all disability benefits exceed actual lost income.
4 This benefit is not necessarily protection against increases in the cost of living.
5 Restrictions and limitations apply. While medical information is not required when exercising a future increase option, applications to exercise an increase option will be financially underwritten, taking into consideration both the applicant’s then current income, as well as all disability insurance which is then in force, for which the insured has applied or is eligible to receive.
6 Retirement Protection Plus is not a pension plan or a substitute for one.
Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS), 1901 Research Blvd, Suite 400, Rockville, Maryland 20850. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, (240) 683-9700. James Fegan, Financial Representative. The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian.
Financial Balance Group is not an affiliate or subsidiary of PAS or Guardian.
PAS is a member FINRA, SIPC.
Published June 27, 2012 by Gary Fegan