Guardian Life introduces term life insurance with a built-in benefit for charity
Guardian Life unveiled a new feature of its Guardian Level Term life insurance, a built-in charitable benefit rider. 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 year. 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 rider, terminal illness rider, and an extended conversion rider, which provides the policy owner flexibility on when to convert to a whole life policy.
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