A Guardian branch office. (Photo: Courtesy Guardian Life)
The Guardian Life Insurance Company of America has introduced a term life insurance policy with a built-in charitable benefit rider.
The New York-based mutual life insurer says the new Guardian Level Term policy includes a rider that can pay 1% of the policy death benefit, up to a $100,000 limit, to the 501(c)(3) charity of the policy owner's choice.
A policy owner can also use term life insurance to give to charity by naming the charity as a policy beneficiary, by transferring dividends to a charity, or by giving an in-force policy to a charity, Guardian says.
(Related: Sun Life Brings Out New UL Policy)
Other insurers have also offered charitable benefit features.
