Gurdian has also introduced an automatic re-enrollment feature
The Guardian Life Insurance Company of America has introduced an automatic benefit increase option reportedly designed to protect life insurance beneficiaries from inflation.
The company said that it has also introduced an automatic re-enrollment feature designed to make it easier for employees to increase their life insurance coverage.
According to Guardian, its automatic increase feature helps protect beneficiaries against inflation by offering a 5% contribution increase option, or cost of living adjustment, for five years after the first year of participation in the plan.
Barry Petruzzi, second vice president of group benefits at Guardian, said: Inadequate life insurance protection is an ongoing problem in the US — particularly so in these difficult economic times. And life insurance protection can be reduced significantly by inflation. Thus, Guardian believes it is important that inflation protection features common on individual policies are also made available through the workplace.
Guardian is one of the largest mutual life insurance companies in America. It provides diversified financial services, including life insurance, disability income insurance, retirement services, employee benefits and investments. Gurdian and its subsidiaries protect individuals, small business owners, it specialises in small to mid business market.