Guardian's PayGuard Plus Extends Disability Coverage to Stay-At-Home Spouses

Individual disability policy holders can now cover a spouse who does not generate an income

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Oct 12, 2020, 10:05 ET

NEW YORK, Oct. 12, 2020 /PRNewswire/ -- Today, The Guardian Life Insurance Company of America® (Guardian Life) unveiled new term disability insurance, PayGuard Plus, with disability protection for a stay-at-home spouse. The Spousal Coverage Program gives existing individual disability policy holders the ability to cover a spouse who does not generate an income. All marriages, including same-sex and civil unions are eligible.

More than 11 million parents in the United States are stay-at-home parents¹. According to 2019 data from Salary.com, if someone was to pay a stay-at-home parent for the services they provide, ranging from house manager, chef, tutor, chauffer, nurse, personal assistant and negotiator, their median annual salary would have been $178,201². If a stay-at-home parent becomes ill or disabled it could be a devastating financial event for a family.

Under the Spousal Coverage Program, the non-income-generating spouse will receive the total disability benefit when, because of sickness or injury, he or she is unable to perform all the substantial and material duties they typically perform. If disabled, the spousal coverage provides up to $2,500 a month to the spouse of the primary policyholder. These benefits can be used for any purpose, including to pay for childcare, cleaning services, home health aides and other new household needs.

"The last few months have exemplified how an illness or a disability can cause massive disruptions," stated Lawrence Hazzard, Head of Disability Product, Underwriting and Claims, at Guardian Life and President of Berkshire Life. "Spousal disability coverage acknowledges the significant work stay-at-home spouses perform and ensures these families have additional resources if a serious illness or disability occurs. Most importantly, this coverage provides valuable income protection for the household, not just the individual."

For policyholders, PayGuard Plus provides a reducing term coverage - which means that the length of time that the policy is in force is determined on the date of issue and ends on the termination date. Also, PayGuard Plus can be available for those eligible without the need for financial or lab requirements, allowing some clients to be issued a policy in as little as 24 hours. Young professionals have voiced a need for this type of insurance as it offers those starting their careers a cost conscious policy that ends on a specific date and provides a streamlined process to obtain a more comprehensive individual disability policy with no additional medical tests or applications.

For more information about PayGuard Plus please visit: https://www.guardianlife.com/disability/protection-for-you-and-spouse.

About Guardian

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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¹ Pew Research Center
² https://www.salary.com/articles/mother-salary/

SOURCE Guardian