Guardian Disability Insurance Review
An independent review of Guardian Disability Insurance.
Summary – Guardian Disability Insurance Review
Guardian is a leader in Disability Insurance for Professionals. They have some of the highest financial ratings possible, and their Disability Insurance is second to none.
Guardian is well known as the benchmark when it comes to Disability Insurance for Medical Professionals. Most agents, including myself, consider Guardian The Best Disability Insurance for Doctors.
Guardian includes contract provisions specific to Medical Specialists. Making it the Best Disability Insurance for Surgeons, or other Medical Specialists by far.
It covers Specialists in other Occupations as well, recognizing that exact Specialty as their “Own-Occupation” when determining Disability.
The Benefits & Features of the Policy are extremely comprehensive. Including home and work modifications, critical illness benefits, & even Hospice Benefits. This comprehensive coverage makes it the Best Disability Insurance for Professionals in most any field.
Guardian Disability Insurance is underwritten by Berkshire. So you will often hear it called “Guardian/Berkshire Disability Insurance” or just “Berkshire Disability Insurance”. Either way, it’s sold and administrated through Guardian Life Insurance and is all the same policy.
Company Profile – Guardian Disability Insurance Review
Guardian has an AA+ (Very Strong) rating by S&P, and a Comdex Score (composite of all ratings) of 98 out of 100. They have over $75 Billion in assets with a history dating back to the mid-1800s.
Products offered include Disability Insurance, Life Insurance, Annuities, Wealth Management, & Employee Benefits. However, Guardian is best known for their Disability Insurance and Life Insurance; in which they are industry leaders.
They are also known for providing some of the best customer service in the industry. I can second this through my own experience with them over the years. Guardian is by far one of the most professional and friendliest companies to do business with.
Product Features – Guardian Disability Insurance Review
Guardian Disability Insurance has every feature a white-collar professional needs. Most important being “Own-Occupation” definition of Disability. They also have Occupational Speciality provisions specific to Surgeons and Medical Specialists.
Definition of Disability:
True Own-Occupation and Modified Own-Occupation available.
Specialist Occupation Provisions specific to Medical Specialities.
General Specialist Provisions for non-medical Occupations.
Premiums and Contract Provisions:
Non-Cancelable (premiums are locked-in) & Guaranteed Renewable
Benefits Period choices:
2 years – 5 years – 10 years- To age 65 – To age 67 – To age 70
Elimination Period choices:
30 days – 60 days – 90 days – 180 days – 360 days – 720 days
Partial Disability and Recurrent Disability:
Included. Partial Disability requires a minimum of 15% loss of income.
Includes both Basic Partial and Enhanced Partial Benefits.
Waiver of Premium when Disabled:
Included. Premiums Waived while Disabled, and 6 months after Disability.
Waiver of Elimination Period for Recurrent Disability:
Included. If a Disability Reoccurs, the Elimination Period is Waived.
Catastrophic Disability Coverage:
Included. Basic & Enhanced Benefits. COLA increase of 3%.
COLA (Cost of Living Adjustment):
Options of: CPI tied, 3% Compound, 4-year delay 3% Compound
Future Increase of Coverage:
Automatic Benefit Enhancement included. Future Increase Rider & Benefit Purchase Option available by Rider.
Mental Health Benefit:
Capped at 24 months
Occupational Rehab Benefit:
Home & Work Access Modifications:
Presumptive Disability Benefits
Included. Need not be irrecoverable like most others.
Lump Sum Benefit Option:
Retirement Savings Protection:
Available as optional Rider.
Serious Illness Benefit:
Studen Loan Protection:
Available as optional Rider
Target Market for Guardian Disability Insurance
This product was developed for white-collar professionals. Especially those who are specialists in their occupation, or high-income earners. Those needing the most comprehensive disability insurance available should look to Guardian/Berkshire Disability Policies.
Doctors, Surgeons, Attorneys, Business Owners, Engineers, Financial Industry, Dentists, Optometrists, and Medical Specialists are all typical clients for Guardian Disability Insurance.
Alternative Options to Guardian Disability Insurance
Guardian Disability Insurance was designed for white collar professionals in the $50k – $250k range. If you are a high earner, you will need to supplement coverage with a policy from Lloyds of London. Learn more about Disability for High-Income Earners in this article.
The Standard is the only policy that comes close to matching Guardian’s comprehensive benefits. But many options included with Guardian, are optional Riders with Standard. That might sound like a good thing for the cost conscious… but it often makes Standard a more expensive option than Guardian once you make the benefits equal.
Final Thoughts about Guardian Disability Insurance
Guardian/Berkshire is an excellent Disability Insurance Policy. It’s a good choice for white-collar professionals and even some gray-collar professionals. They are well-rated and provide excellent customer service. Overall, it is an excellent option for someone who needs comprehensive income protection.
If you would like a Quote for Guardian Disability Insurance, feel free to contact me or schedule a consult.
Thanks for reading and have a great day!