NEW YORK, June 28 /PRNewswire/ -- The Guardian Insurance & Annuity Company, Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Company of America (Guardian), announced today that it is introducing a single premium fixed immediate annuity (SPIA) to its suite of retirement annuity products. The Guardian Guaranteed Income Annuity (GGIA) enables individuals to convert a portion of retirement assets into a steady payment stream that can last their lifetime or for a specific period of time, if they choose.
"For many individuals, retirement plans help them accumulate savings, but once retired they face retirement income risks they may not be prepared to meet. Their steady paycheck may be ending and needs to be replaced. Pre-retirees and retirees need to have a plan to distribute their assets over time so their assets can be a lasting source of safe, predictable retirement income," said Douglas Dubitsky, Vice President, Product Management, Retirement Solutions. "GIAC's suite of products can provide solutions to a range of retirement issues, particularly the GGIA, which can guarantee and create something similar to a paycheck. The guaranteed stream of annuity payments provided by SPIA products, like GGIA, are guaranteed to last for the amount of time customers choose, so it is important to select a product from a reputable and stable insurance company like GIAC."
GGIA allows individuals to receive payments as early as the first month after the contract is issued by electing one of several annuity payment options. These options determine the length of time individuals receive the guaranteed payments as well as the method used to determine the amount of the payment. GGIA's Annuity Payment Increase Benefit option may help protect against inflation by increasing the annuity payment each year by a fixed dollar amount, although selecting this benefit will mean that earlier payments will be lower than the payments would be without this benefit. Its Payment Acceleration Rider allows individuals to make a one-time withdrawal to meet short-term needs on certain policies provided certain eligibility requirements are satisfied. Several GGIA payment options offer joint life and survivor benefits as well.
With the launch of GGIA, GIAC has become a one-stop shop for clients to meet their retirement needs. GIAC's product solutions include GGIA as well as the Guardian Investor Variable Annuities and the Guardian Fixed Annuity, which is a single premium deferred annuity with competitive guaranteed interest rates. For small businesses, GIAC offers 401(k) plan funding vehicles through The Guardian Choice(SM) and The Guardian Advantage® products.
"GIAC is focused on providing 'Insurance for Living' through innovative solutions designed to meet our clients' basic and comfort-living needs," said Scott Dolfi, Executive Vice President, Retirement Solutions. "Clients can now meet their immediate income needs with GGIA; have the opportunity to benefit from the financial markets with The Guardian Investor Variable Annuities; and receive a guaranteed rate of return through the Guardian Fixed Annuity's competitive guaranteed interest rates."
GGIA is available in select states through GIAC agents and third-party distributors.
A mutual insurer founded in 1860, The Guardian Life Insurance Company of America and its subsidiaries are committed to protecting individuals, business owners and their employees with life, long-term care, disability income, group medical and dental insurance products, and offer 401(k), annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than six million employees and their families at 120,000 companies. The company has more than 5,400 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide.
The Guardian Insurance & Annuity Company, Inc., a Delaware corporation that is a wholly-owned subsidiary of Guardian, issues variable insurance contracts such as variable life insurance and variable annuities; fixed annuities; and funding vehicles for 401(k) plans. All guarantees are backed exclusively by the strength and claims-paying ability of GIAC. Variable account assets are held in separate accounts. Variable products are distributed by Guardian Investor Services, LLC. (GIS). GIS is a wholly-owned subsidiary of Guardian. GIS and GIAC are located at 7 Hanover Square, New York, NY, 10004. GIS is a member of FINRA, SIPC. Variable products: Are Not a Deposit ▪ Are Not FDIC or NCUA Insured ▪ May Lose Value ▪ Are Not Bank or Credit Union Guaranteed.
The Guardian Guaranteed Income Annuity is issued by The Guardian Insurance & Annuity Company, Inc, which has consistently received exemplary ratings from the four major rating agencies. Ratings as of June 28, 2010 are: A.M Best rating of A++, Fitch Ratings rating of AA+, Moody's Investors Service rating of Aa2, and Standard & Poor's rating of AA+. Ratings are subject to change.
Variable annuities are long-term investment vehicles that involve certain risks, including possible loss of the principal amount invested. The investment return and principal value may fluctuate so that the investment, when redeemed, may be worth more or less than the original cost.
Variable annuities and their underlying variable investment options are sold by prospectus only. Prospectuses contain important information, including fees and expenses. Please read the prospectus carefully before investing or sending money. You should consider the investment objectives, risks, fees and charges of the investment company carefully before investing. The prospectus contains this and other important information. To obtain a fund prospectus, please contact your investment professional or call 800.221.3253. To download a contract or fund prospectus, please visit www.GuardianInvestor.com.
For more information about Guardian, please visit: www.GuardianLife.com.
SOURCE The Guardian Life Insurance Company of America