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Lifeguard was a term ford coined in 1956 with the introduction of car and truck safety equip and options. To the best of my knowledge it was the design(safe) of all truck steering wheels. Ford had a lifeguard option package, which included padded visors, seat belts, and a padded dash cover. -4speed
It was touted, starting I believe in '56, "To Soak Up the Impact" in an accident.
Basically it's an Early Style, Deep Dish, Calapsable Steering Wheel, so instead of having it Buried in your chest on impact, it would deform during the crash.