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At a time when Americans are living longer and increasing their likelihood of needing long term care (“LTC”) services during their later years, The Guardian Life Insurance Company of America is introducing life insurance coverage that can be used to cover LTC needs. Anyone who purchases a Guardian core whole life insurance policy will now have the option of adding Guardian’s new accelerated death benefit for long term care services rider to the coverage. The rider allows the policy owner to accelerate a portion of the policy’s death benefit during the insured individual’s lifetime if he or she is chronically ill and receiving qualified LTC services.

A study published by the Associated Press-NORC Center for Public Affairs Research in April 2013 suggested that Americans are worried about what lies ahead: 51 percent of adults ages 40-54 and 48 percent of those ages 55-64 say they are “a great deal/quite a bit” concerned about being able to pay for their LTC needs as they age. Long term care insurance has traditionally been available as a standalone policy. However, there are fewer choices in this marketplace and individual policies can be costly.

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