NEW YORK, Dec. 9, 2010 (GLOBE NEWSWIRE) — A recent announcement by the Social Security Administration that beneficiaries will see no increase in their benefit checks for the second year in a row underscores the wisdom of securing individual disability income protection before you need it, said The Guardian Life Insurance Company of America (Guardian).

Nearly 10 million Americans on Social Security actually receive disability, not retirement, benefits. Cost-of-living adjustments, or COLAs, are automatically set each year by an inflation measure that was enacted by Congress in the 1970s. The Labor Department’s release of inflation numbers earlier this fall indicated that consumer prices are still lower than they were two years ago, when the last COLA was awarded: hence, no increase to 2011 benefits.

“The official absence of inflation isn’t much comfort to those Americans receiving disability benefits whose savings and home values haven’t recovered from the recession,” noted Lawrence S. Hazzard, Vice President of Product Strategy at Berkshire Life Insurance Company of America, the Guardian company that issues individual disability income insurance.

“Having personal disability insurance in place offers a measure of control over maintaining your standard of living if injury or illness prevents you from working,” Hazzard added. “And, the best individual disability income policies allow you to customize your coverage to avoid the type of economic uncertainties currently faced by Social Security recipients.”

For example, Guardian’s policy features a Cost of Living Adjustment Rider with three options from which to choose:

• Four-year delayed — Guardian will increase your monthly benefit each year by 3% compounded. Increases begin on the fourth anniversary of the date you originally became disabled.
• Fixed 3% — After you’ve been disabled for 12 months, Guardian will increase your monthly benefit each year by 3%.
• Up to 6% — Guardian will increase your monthly benefit each year according to changes in the Consumer Price Index. Increases will be no lower than 3% compounded and no higher than 6% compounded.

“These are COLA options that you control,” Hazzard emphasized. “Whether you’re totally disabled and unable to work, or partially disabled and not earning what you did before your illness or injury struck, you want to protect the ‘buying power’ of your disability benefit against the uncertainties of the economic landscape, regardless of what Washington says.”

Guardian also has provisions to preserve your policy’s value while you’re still healthy, such as aFuture Increase Option (FIO) Rider that allows your policy to grow with your career. Obtaining additional coverage to protect a growing income normally requires providing evidence of good health each time you apply. But, with the FIO Rider, ProVider Plus policy owners are eligible to purchase additional coverage each year until age 55 with no medical insurability requirement.

Likewise, an Automatic Benefit Enhancement (ABE) Rider provides automatic 4% compound increases to your individual disability policy’s monthly benefit. Opt-in increases occur each year for up to five years despite any change in health, income or occupation. Unlike the COLA or FIO Riders, there is no need to apply for the ABE Rider, and you are free to opt out from the benefit increase (and corresponding premium increase) each year. The rider simply terminates after two consecutive increase declines.

Supplemental Options No Replacement for A Primary Solution

Even in the best of economic times, Hazzard said, breadwinners shouldn’t assume that Social Security replaces their need for individual disability income insurance.

“Just as Americans have come to realize that they need to save for retirement throughout their working years and that Social Security retirement benefits on their own will not be adequate for a comfortable retirement, they need to understand that Social Security and other potential sources of income after a disability — like a spouse’s salary, personal savings and worker’s compensation –are supplemental options at best, because they can eventually be depleted and eligibility isn’t guaranteed,” he stated.

“Especially given how difficult it can be to even qualify for Social Security disability benefits, an individual disability income insurance policy is the best way to prepare for a potential long-term illness or injury.”

About Guardian

A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, long term care insurance, disability income, group medical and dental insurance products, and offer 401(k), annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 120,000 companies. The company has more than 5,400 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide. For more information about Guardian, please visit www.GuardianLife.com.

WASHINGTON, Dec. 7, 2010 /PRNewswire/ — It is estimated that nearly 3,000 Americans become disabled every hour — that is 49 people every minute.(1)  In these tough economic times, it is difficult for even the most skilled workers to find employment and make ends meet. Being sidelined due to injury or illness makes that challenge even greater. The Union Labor Life Insurance Company, a wholly-owned subsidiary of Ullico Inc., is helping to alleviate that economic uncertainty with its Group Long-Term Disability insurance offering.

The mission of Union Labor Life has always been to provide the best and most comprehensive insurance solutions for the country’s unionized work force. With broad expertise in insurance products as well as a thorough understanding of unions and their unique needs, Union Labor Life is an industry leader in offering insurance products and services that meet the needs of union members and their employers.

“According to the Social Security Administration, three out of 10 Americans who are entering the workforce today will become disabled in some capacity before they retire,” said Denise Olivares, Vice President, Marketing and Product Development. “That’s approximately a third of the workforce. With numbers that high, it is critical that we continue to develop solutions that help the union work force in a variety of different ways, including disability insurance.”

Union Labor Life’s Group Long-Term Disability insurance provides many features that allow employers to tailor the product to fit their group’s needs. Some of these features include benefit amounts that start at 50 percent, benefit periods ranging from as low as two years all the way up to age 65 and compatibility with return-to-work programs.  Policies can be designed to integrate with Social Security and Workers Compensation; in some cases, rates may be guaranteed for up to two years. This policy is currently offered in 14 states and the District of Columbia.(2)

“With a reputation that has been built from more than 80 years of experience serving the union market, Union Labor Life understands how important flexibility is in meeting the distinctive needs of labor,” said Larry Paradise, Vice President of Sales.  ”Our expertise, knowledge and financial strength are highly trusted throughout the industry.”

About Ullico Inc.

Ullico Inc. is a $5.5 billion insurance and financial services holding company whose subsidiary companies include The Union Labor Life Insurance Company; Ullico Investment Advisors, Inc.; Ullico Investment Company; Ullico Casualty Company; and Ullico Casualty Group, Inc. For additional information, visit www.ullico.com.

KANSAS CITY, Mo., Aug. 26 /PRNewswire/ — Assurant Employee Benefits now offers cancer, critical illness, accident and gap insurance as employee-paid, voluntary benefits. These products provide competitive benefits backed by Assurant Employee Benefits’ commitment to customer service. Initially available in 16 states, these products will be introduced to additional markets throughout the year.

Currently, less than 35 percent of employers offer these types of voluntary benefits to employees, but the need for the coverage continues to grow. One in two American men and one in three women are at risk for developing cancer(1), and accident or illness will force 1 in 5 U.S. employees to miss work for at least a year before they turn 65(2).

Assurant Employee Benefits’ goal is to make these coverage options accessible to more employers and their employees. Enrollment is easy and flexible, giving brokers and employers the ability to customize the sign-up process. In addition, a group plan offers guarantee issue with a minimum number of employees, making the enrollment process easy. And each policy comes with Assurant Employee Benefits’ experienced and dedicated claims department to answer questions and guide claimants through the claims process.

“We know that traditional medical insurance doesn’t cover everything that comes up in life, and that’s why we’re offering these voluntary products,” says Tim Knott, senior vice president of strategic markets and product management. “Our product development team conducted extensive research to ensure these policies offer what people really need in these situations. We are committed to providing simple and reliable solutions to our customers as Assurant Employee Benefits strives to be a one-stop shop for all ancillary benefit needs.”

Follow Assurant Employee Benefits news on Twitter @aebnews and by subscribing to our RSS feed in our media room at www.assurantemployeebenefits.com

About Assurant Employee Benefits

Assurant Employee Benefits specializes in quality employee benefits and services, including long-term and short-term disability, life insurance, voluntary benefits such as cancer, critical illness and accident, dental coverage, and disability reinsurance management services. Assurant Employee Benefits is the brand name for insurance products underwritten by Union Security Insurance Company and for prepaid dental products provided by an affiliated prepaid dental company. In New York, insurance products are underwritten and prepaid products are provided by Union Security Life Insurance Company of New York, which is licensed in New York and has its principal place of business in Syracuse, New York. Plans contain limitations, exclusions and restrictions. www.assurantemployeebenefits.com

Assurant Employee Benefits is part of Assurant is a premier provider of specialized insurance products and related services in North America and select worldwide markets. The four key businesses — Assurant Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits — partner with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments in the U.S. and select worldwide markets. The Assurant business units provide debt protection administration; credit-related insurance; warranties and service contracts; pre-funded funeral insurance; creditor-placed homeowners insurance; manufactured housing homeowners insurance; individual health and small employer group health insurance; group dental insurance; group disability insurance; and group life insurance.

Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has more than $26 billion in assets and $8 billion in annual revenue. Assurant has approximately 14,500 employees worldwide and is headquartered in New York’s financial district. www.assurant.com.

(1) American Cancer Society, www.cancer.org/cancer/cancerbasics

(2) Life and Health Insurance Foundation for Education, Nov 2005

Source: Assurant Employee Benefits

NEWARK, N.J., Aug 16, 2010 (BUSINESS WIRE) — The Prudential Insurance Company of America, based in Newark, NJ, will provide members of the National Down Syndrome Society (NDSS) support in the area of financial literacy as a result of an agreement the two organizations announced today.

“We’re excited to work with Prudential to help people with Down Syndrome and their families learn more about planning for their future financial needs,” said Jon Coleman, president of NDSS. “Both organizations have a vested interest in increasing awareness in this area as well as creating additional resources and opportunities for our members.”

Through the agreement, Prudential will host informational webinars and participate in local NDSS chapter activities including Buddy Walks. “Our involvement with NDSS reflects Prudential’s commitment to serving the particular financial needs of growing diverse markets,” said Joan Cleveland, senior vice president, Business Development, Individual Life Insurance. “The work NDSS does is invaluable and we’re proud to leverage their extensive experience and join them as an advocate for the special needs community.”

Over the last year, a core team of Prudential and independent financial professionals located across the country have been trained to address the unique financial concerns of families caring for loved ones with special needs through the company’s program, Special Needs Solutions…For All Ages.

Specifically, financial professionals in the program can help families:

– Understand how a special needs trust, a document prepared by an attorney with expertise in special needs law, protects an individual’s eligibility for government assistance such as Supplemental Security Income and/or Medicaid. Assets held by the trust for the benefit of someone with special needs should be used to supplement–not replace–government assistance.

– Select the proper insurance and financial products to help fund the special needs trust.

– Get started with a Letter of Intent, a non-binding document which states a family’s wishes for their loved one’s future with regard to health issues, educational goals, housing, etc., and the means to support those wishes.

“We understand that providing financially for a family member with special needs isn’t a simple task. That’s one of the reasons we’re focusing our efforts on supporting this community,” added Cleveland.

To date, over 140 Prudential and independent financial professionals have participated in the Special Needs Solutions…For All Ages program. After completing a comprehensive three-day training course, participants stay up-to-date on current issues through ongoing discussions. For additional information about Special Needs Solutions…For All Ages or to locate a financial professional who specializes in servicing the special needs community visit www.prudential.com/specialneeds.

Prudential, its affiliates, and their financial professionals do not provide tax or legal advice.

The National Down Syndrome Society is a nonprofit organization representing the more than 400,000 Americans with Down syndrome. The mission of NDSS is to be the national advocate for the value, acceptance and inclusion of people with Down syndrome. The National Down Syndrome Society envisions a world in which all people with Down syndrome have the opportunity enhance their quality of life, realize their life aspirations, and become valued members of welcoming community. NDSS has over 275 affiliates nationwide. To learn more visit www.ndss.org.

Prudential Financial, Inc. (PRU 54.33, -1.16, -2.09%), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.

SOURCE: Prudential

http://www.wholesaleinsurance.net/

NEW YORK, July 7 /PRNewswire/ — As employers struggle to provide quality employee benefits in a difficult economic climate, insurers are working to enhance products to meet the changing needs of both employers and employees.  The Guardian Life Insurance Company of America (Guardian), one of the largest mutual life insurers and a leading provider of employee benefits, has recently made several enhancements to its critical illness plans aimed at increasing flexibility and giving access to more employees:

• Employers may now waive the pre-existing condition limitation on employer-paid plans with 10+ lives.  This makes Critical Illness an even better fit when sold alongside of a high deductible medical plan and allows for a smoother claims payment process with less delays.(1)

• Employees may take the coverage with them if they leave their employer up until age 70.  This gives employees more flexibility and makes the Guardian group product more competitive against individual critical illness products.

• Employers with 2 – 15 employees may now offer Critical Illness coverage to their employees.  This gives small company employees access to the same benefits as large company employees.

With Guardian critical illness coverage, an employee who has a heart attack, stroke, cancer diagnosis, or other critical illness receives up to $50,000(2) to use for uncovered medical expenses as well as non-medical costs.  When paired with a hospital admission rider, the plan pays a per day benefit up to $500 for as many as 10 days per year for an extended hospitalization due to a serious injury or illness not covered by critical illness.

Critical illness coverage is important because during a health crisis, families not only incur out of pocket medical costs, but can also incur enormous costs that have nothing to do with the actual medical care their loved one is receiving – a spouse’s lost wages due to caretaking, high commuting costs to and from doctor’s offices, and an increased need for child care. In fact, two-thirds of the costs of cancer are non-medical.(3)  Health plan providers typically only reimburse eligible medical expenses.

“Our offering matches up against any other carrier’s offering in the group critical illness market,” says Barry Petruzzi, second vice president, Guardian Life & Disability.  ”The combination of the critical illness lump sum with the hospital admission rider that covers an employee for any other illness or accident is an innovative and attractive feature.”

(1) Available on groups with 10+ eligible lives.

(2) Limited to $25,000 for groups with 2-9 lives.

(3) The American Cancer Society, 2007.

* The Critical Illness benefit is not available in all states.

About Guardian

A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, long-term care, disability income, group medical and dental insurance products, and offer 401(k), annuities and other financial products.  Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 120,000 companies.  The company has more than 5,400 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide.

For more information about Guardian, please visit: www.GuardianLife.com.

SOURCE The Guardian Life Insurance Company of America

NEWARK, N.J., Jun 28, 2010 (BUSINESS WIRE) — Lynn Tramontano knows all about the sleepless nights spent by families caring for people with special needs.

Tramontano, a financial services associate licensed in Ohio and Montana with The Prudential Insurance Company of America, is dedicated to serving the special needs community. She recently worked with a family to help them plan for adequate financial resources for the future benefit of a young man totally dependent on his parents.

“It was a powerful feeling to help address a parent’s worries about what would happen if they were no longer there to care for their son,” Tramontano said. “I saw the mom and dad relax right before my eyes, knowing they were addressing some of their greatest concerns.”

Tramontano is part of a team of financial professionals specifically trained to help address the unique financial concerns of families caring for loved ones with special needs. The team was trained as part of a new program launched by Prudential Individual Life Insurance, The Prudential Insurance Company of America, Newark, NJ, a subsidiary of Newark, N.J. based Prudential Financial, Inc. (PRU 57.30, -0.25, -0.43%).

“People with special needs often require care and financial support that may extend well beyond a parent’s or caregiver’s lifetime,” said Joan Cleveland, senior vice president, business development with Prudential Individual Life Insurance. “It’s critical to have all the pieces in place.”

Sales professionals who complete the training program have a clear understanding of the specific needs and nuances of the special needs community. “Our sales force can help clients caring for people with special needs address complex, often overlooked financial issues,” she said.

Specifically, these financial professionals can help families:

– Understand how a special needs trust, a document prepared by an attorney with expertise in special needs law, protects an individual’s eligibility for government assistance such as Supplemental Security Income and/or Medicaid. Assets held by the trust for the benefit of someone with special needs should be used to supplement–not replace–government assistance.

– Select the proper insurance and financial products to help fund the special needs trust.

– Get started with a Letter of Intent, a non-binding document which states a family’s wishes for their loved one’s future with regard to health issues, educational goals, housing, etc., and the means to support those wishes.

– Establish ties with relevant support groups and non-profit associations.

– Find an attorney with expertise in special needs law.

To date, over 140 Prudential and independent financial professionals are participating in the Special Needs Solutions….For All Ages program. After completing a comprehensive three-day training course, participants stay up-to-date on current issues through ongoing discussions.

Prudential recently was selected for a 2010 Disability Matters award, sponsored by Springboard Consulting LLC. The award recognizes Prudential’s substantial efforts in effectively marketing products and services to individuals who have a disability or care for someone with special needs through its Special Needs Solutions …For all Ages program. Winners were selected by a panel of judges comprised of individuals from the special needs non-profit community.

“We spent a great deal of time developing this program and committed significant resources to make sure we got it right,” Cleveland said. “External research combined with the guidance we received from our special needs employee advisory council contributed to the training content and program overall.”

For additional information or to locate a financial professional who specializes in servicing the special needs community visit www.prudential.com/specialneeds.

Guardian Life Insurance of America introduced a new, and first of its kind, insurance program for medical and dental professionals. The program is set up to protect professional’s ability to repay student loans, in the event they become disabled.

The Student Loan Protection Program uses the company’s Business Reducing Term policy, which is specifically designed to fund such financial obligations. The program will insure 100% of the monthly loan payments (maximum o $2,000), in the event that the insured doctor or dentist becomes disabled, according to a press release from The Guardian Life Insurance Company on February 22.

Clients have requested such a program and Guardian is the first to offer any protection of its kind. “These professionals see how an unexpected illness or injury can threaten a person’s financial well-being every day, so they’re acutely aware of it,” said the Vice President of Product Strategy at Berkshire Life Insurance Company of America, Lawrence Hazzard.

The Student Loan Protection Program provides more that peace of mind, it provides financial protection in the event of a disability, something that could otherwise be disastrous to both the insured and their families. The average debt load is about $140,000 for medical school graduates and $186,000 for public dental school graduates ($205,000 for private schools), according to a 2008 survey by the Association of American Medical Colleges. Amounts not previously covered by individual disability policies. This is a win-win for for both the loan holders and the lending institutions.