Mutual insurer Guardian Life Insurance Company of America has rolled out a new longevity solution, dubbed as life insurance coverage, for long term care (LTC) requirements.

Customers buying a Guardian core whole life insurance product will now have the option of adding its new accelerated death benefit for long-term care services rider to the coverage.

For extra expenses, the rider enables the policyholder to accelerate a portion of the policy’s death benefit during the insured individual’s lifetime if the policy owner is chronically ill and receiving qualified LTC services.

Guardian individual life senior vice president Michael Ferik said there is a need in the marketplace for a more economical option that could easily integrate into most families’ financial portfolios.

"With this LTC Rider, Guardian is able to offer a simplified and cost-effective solution that addresses two critical financial needs with a single product," Ferik continued.

Besides reducing the financial and physical burdens that long-term care puts on family and friends, the Guardian LTC Rider offers the owner the freedom to select what portion of the life insurance policy to make available toward covering LTC expenses.

"That sense of control – being able to choose the level of LTC protection, as well as knowing that, if it’s not needed, one’s financial legacy to loved ones won’t be diminished – is very important to people," Ferik added.

Set up in 1860, Guardian and its subsidiaries offer individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products.