PRODUCTS PLUS
By Preeti Vasishtha
HEALTH INSURANCE
Next-Gen Critical Illness
Coverage
Here is a policy that allows owners to access cash for several conditions
not covered under a base CI plan.
The Guardian Life Insurance Compa-
ny of America has launched what it’s
billing as the next generation of critical
illness insurance.
Unlike traditional CI insurance policies, Guardian’s employee benefit coverage includes a hospital-admission rider
that provides a per-diem lump-sum cash
benefit for hospital stays for conditions
that are not covered under the company’s
base CI insurance plan.
Expanded coverage
Guardian is offering this new feature to
answer concerns that previous genera-
tions of CI insurance policies were too
restrictive because they only covered spe-
cific illnesses.
The hospital rider supplements Guardian’s base coverage for six serious illnesses and health events: cancer, heart attack,
stroke, major organ transplant, end-stage
renal failure (kidney failure) and coronary artery bypass graft.
Employers can now offer their employees a benefit ranging from $1,000 to
$50,000 upon the first diagnosis of the six
covered ailments. If a person experiences a second serious illness, a recurrence
feature provides further protection. If the
employer selects a hospital-admission
rider with a CI insurance policy, a per-diem amount (customizable up to $500)
is provided for hospital stays for illnesses
and injuries other than the covered critical illnesses. Members can use the critical
illness or hospital admission benefit payments any way they choose.
Employers also have the choice of creating an optional wellness benefit—
customizable from $25 to $100. This can
be used for a variety of routine screen-
ings and procedures designed to promote
health and detect critical illnesses in the
early stages.
Guardian expects to roll out its CI insurance coverage nationally over the next
few months. “People who have comprehensive health and disability coverage are
often surprised by out-of-pocket medical and unanticipated non-medical expenses,” says Barry Petruzzi, second vice
president, Group Benefits, Guardian. “It
isn’t surprising that critical illness insurance is prevalent in Europe and Canada where universal health-care coverage
is available because even when medical
coverage is very low or free, there are significant costs associated with experiencing a serious illness. Group critical illness
insurance was designed to provide an affordable solution.”
Visit www.GuardianLife.com.
LIFE INSURANCE
Protection Against Volatility
This VUL policy offers death-benefit protection with features that
address market downturns.
The Pacific Life Insurance Company
has introduced a variable universal
life insurance policy that addresses prolonged market volatility and downturns.
The Pacific Select Exec IV combines the
power of life insurance death-benefit protection with several features.
A policy owner who purchases the
product’s Minimum Earnings Benefit
Rider can help protect his life insurance
policy’s accumulated value from losses during prolonged market downturns.
The rider establishes a minimum level
of earnings for a maturity period of between 10 and 15 years. The policy owner
chooses the maturity period. He can also
extend the maturity period for another
10 to 15 years at an additional cost each
time the rider matures, until the insured
reaches age 70.
Other policy features include:
• A choice of allocation approaches
ranging from time-saving convenience to
hands-on selection with five asset-alloca-
tion models offered by the Portfolio Optimization service, six target date funds
or the 57 variable investment options, including target date funds and two fixed
account options.
• Direct deposit of pre-scheduled policy distributions with the Automated Income Option service at retirement.
• No-lapse guarantee benefits for up
to 20 years with the No-Lapse Guarantee
Rider—Short-Term Guarantee.
Visit www.PacificLife.com.
