Life insurance is one of those things that you hear about sometimes, but may not have ever gotten around to actually considering. As the National Association of Insurance Commissioners states “shopping for the right coverage can be intimidating.” Though it may seem like something that’s “only for rich people” or something that doesn’t need to be thought about until years down the line, it can actually be quite important for many families.
The best thing to do when considering life insurance products is to find the company and the policy that can meet your needs. Here’s what you need to know about The Guardian Life Insurance.
What is The Guardian Life Insurance?
The Guardian Life Insurance is an insurance product that is offered by Guardian, a company that has been helping people protect their future for more than 160 years.
Life insurance is an insurance policy that you (or any other policyholder) can purchase from insurers. The policyholder pays the insurance company a fee (otherwise known as the premium) to keep the policy active. In return, the insurance company guarantees that it will pay a specified sum of money to the beneficiary of the policy after the insured person (usually the policyholder) dies. The beneficiary is the person or organization (such as a charity) that the policyholder has chosen to receive the death benefit of the life insurance policy.
How does The Guardian Life Insurance work?
As with any life insurance product, the first thing you’ll want to do is get a quote. Getting a quote is the best way to compare coverage options and pricing so you can choose the best plan for your needs. You can begin the process by navigating to the life insurance page on Guardian’s website.
Now, the first thing that you’ll see is this:
This will take you to the term life insurance calculator.
After you click on the “get my quote” button, you’ll be taken to a page where you can play around with different coverage options.
Based on your answers, Guardian will suggest a term (the length of time that your policy will last) and a coverage amount.
You can select different options here as well to see how a different term and coverage amount will affect the quote for your premium.
There’s also the option to toggle additional coverage features to your policy.
Based on what Guardian has suggested for me, the quote that I received was:
Once you’ve found the policy options that meet your needs, the next step is to speak with a financial representative. All you need to do is submit this form with your contact information to request a call or email from an insurance agent. You can choose whether you’d prefer a call or an email, as well as what the best time to call you is if you choose to be contacted by phone.
There are also other options that you could explore on the life insurance page. If you continue scrolling down the page, you’ll see information about different types of life insurance. The calculator above only gives you an insurance quote for a term life policy. To learn more and get a quote for other options, you’ll have to click through a different button.
If you click on either of the “get started” buttons, you’ll be taken to this page:
After you enter your zip code, you’ll be brought to a results page.
You can use the drop-down menu here to change the radius of agencies.
You can also use the map view to find agencies in a location near you.
If you scroll past the map, you’ll see that there’s a list of all of the agencies within your chosen radius.
Clicking on the “contact this agency” button under any listing will take you to that agency’s page within the Guardian website.
It’s important to note that the “apply now” button is probably not what you’re looking for unless you’d like to apply for a job at that agency. You can click on the “visit website” link to go to the agency’s independent website though.
If you want someone from an agency to reach out to you, you’ll want to scroll past this information and find the form lower down on the webpage.
You can also select which products you’d like to receive more information about.
If you have other questions or want to share more information about yourself or your situation, you can do that in the open text box at the end of the form. When you’re all set, you can go ahead and click on “submit” to get your information over to the agency.
After you’ve submitted your information, a financial representative will reach out to you by your chosen contact method. You can speak with the representative about your options and ask questions about the policy. When you’re ready, the financial representative can help you apply for a policy. After you submit your application, you’ll go through the underwriting process and find out if you’re eligible for your chosen policy,
How much does Guardian life insurance cost?
It’s not easy to accurately predict the cost of most insurance policies, including life insurance policies. The cost of your policy will depend on a number of factors, including:
- Personal factors including your age and gender.
- Your health history, including whether or not you are a smoker.
- Anything that might put you at risk, such as a job that puts you in harm’s way or hobbies that involve potentially dangerous activities.
- The type of life insurance policy that you choose.
- The coverage amount that you choose for your life insurance policy.
- Any additional riders or features that you add to the policy.
Generally speaking, the younger and healthier you are, the less expensive your life insurance policy may be. Term life insurance also tends to be the more affordable option among life insurance options because it only covers policyholders for a certain period of time rather than indefinitely.
Fortunately, there are some ways that you may be able to save on your life insurance policy. You can consider purchasing a policy when you’re young and healthy instead of waiting until you’re older to lock in a lower rate at the time when you purchase the policy. According to Guardian, the average term life insurance policy for a 21-year-old female with $500,000 of coverage is $27/mo.
You should also be aware of what you need in your policy so you can ensure that you have enough coverage, but not so much that you’re paying more money than you need to for it. There may also be the opportunity to get a lower rate if you make a positive lifestyle change after purchasing your policy. For example, if you were a smoker when you purchased your policy but quit smoking a year or two later, you can reach out to your insurance company to see if it’s possible to lower your premium.
Guardian life insurance features
Guardian offers a few different types of life insurance. Each option offers its own unique set of benefits, so it’s important to understand the differences before choosing a life insurance policy.
Term life insurance
Term life insurance is usually considered to be the most affordable life insurance coverage option. It offers temporary coverage for a set period of time, which is the term of the policies. Term policies are available in a term that can last anywhere from 5 to 30 years. This means that if the policyholder passes away during that term, the beneficiary will receive the benefit amount as long as the cause of death is covered by the policy. When the term ends, the coverage expires. So if the policyholder is still alive when the term ends, they will need to purchase a new life insurance policy. Policyholders may also be able to transition a term life insurance policy to a permanent life insurance policy.
Related: What is the Difference Between Term Life and Whole Life Insurance?
Benefits of term life insurance
It’s true that term life insurance policies do expire at some point. Even so, there are many benefits to consider. Guardian offers term periods of 10, 15, 20, and 30 years. You can choose the length of coverage that makes the most sense for you and for your family. In most cases, term life insurance premiums remain the same throughout the entire length of the term.
You may also be able to customize your term life insurance policy by adding additional features to the policy. Guardian offers the option to add a feature that will allow you to convert your term life insurance policy to a permanent policy down the road. You can also choose to add on a feature that would allow you to pause on your premium payments if you are unable to work due to injury or illness.
Whole life insurance
Whole life insurance is exactly what it sounds like. This type of policy is a permanent form of life insurance, meaning that it will cover the policyholder for their entire life. This type of permanent life insurance offers a fixed premium for the entire length of your policy, meaning that the cost of your premium will never change.
An important difference between term and whole life insurance is that whole life insurance includes a savings component, known as the cash value of the policy. When you make your premium payments, part of each payment will go toward the cash value of your policy. The tax-deferred cash value will continue to accumulate over time. Then if you need some extra money, you can withdraw from or borrow against the cash value of your policy.
Guardian’s EstateGuard Whole Life Insurance offers “a unique, tax-advantaged financial strategy for protecting, conserving, and transferring wealth to their heirs who would otherwise incur high estate taxes.” It may also be referred to as a survivorship policy because it is commonly used by married couples that want both spouses covered by a single policy.
Benefits of whole life insurance
Although it may come with a higher premium, there are benefits of whole life insurance to consider. The cash value is a huge benefit, especially because it is tax-deferred and can be used if needed. You may be able to take out a low-interest rate loan against your policy for any reason without it being considered a taxable event. You can even choose to add on a rider that will continue to fund your policy and grow your cash value, even if you become disabled. Guardian’s whole life insurance policies also come with dividends that are paid to its policyholders.
Universal life insurance
Universal life insurance is another type of permanent life insurance. One of the biggest differences is that unlike a whole life insurance policy, the premium of a universal life policy may change throughout the lifetime of the policy. In some cases, this flexible premium cost may end up costing less in the long run than a whole life insurance policy would. Universal life insurance policies also don’t pay dividends like the whole life insurance policies. However, Guardian says that it can “provide cash value growth along with similar tax deferral, loan collateral, and premium payment benefits.”
Benefits of universal life insurance
Universal life insurance provides lifelong coverage for the policyholder and their beneficiaries. These policies come with cash value, which you can borrow against, use to pay for your policy, or cash out on if you surrender your policy. The flexibility in payments does open you up to some risk of unpredictability, but it can also be a good way to manage your budget if you need to lower your premium payments for a period of time.
Guardian allows you to add additional riders to enhance your universal life insurance policy’s coverage. This includes a rider to add long-term care as you age and to extend coverage to your spouse.
Who is Guardian life insurance best for?
Young people considering coverage
If you’re looking for an affordable life insurance option, Guardian makes it simple to review your options and find the policy that works best for you. Its term life insurance tools allow you to compare your options and view pricing without leaving your computer or speaking to another human.
People who are interested in purchasing other products as well
Guardian offers more than just life insurance products. It also offers health insurance products such as dental and vision insurance and retirement products such as annuities and IRAs.
Who shouldn’t use Guardian life insurance?
People who get life insurance coverage through their employer
Some employers may offer life insurance benefits. Before you choose to purchase any policy on your own, you should check with your employer to see if they offer life insurance policies to employees. Oftentimes enrolling in a group plan through your employer can help you get a lower premium.
People who don’t need to protect anyone else financially
Life insurance is there to provide financial aid to those left behind after a policyholder passes away. It sounds grim, but if your death would not cause anyone else financial hardship, you may not need life insurance at all.
Pros & cons
- Guardian offers several types of life insurance policies. Whether you know what you want already or want an expert to walk you through the options, you’re sure to find what you need.
- Guardian offers more than life insurance, making it easy to keep multiple types of policies and products in one place with a company that you trust.
- Some life insurance policies require a medical exam. If the policy that you’re applying for requires it, you’ll have to undergo the exam during the application process.
- If you decide that you want to cancel your life insurance policy, you’ll need to contact an agent to do so. There is no option to cancel your life insurance policy online.
The Guardian Life Insurance vs. competitors
|Company||Life insurance products offered||Other products offered||Quote process|
|The Guardian Life Insurance||Term, whole, universal||Disability insurance, dental insurance, vision insurance, accident insurance, critical illness insurance, cancer insurance, hospital indemnity insurance, annuities, IRAs, investments||You can view estimated quotes for term life insurance online; for others, you must speak to an agent.|
|New York Life Insurance Company||Term, whole, universal, variable universalTerm, whole, universal, variable universal||Annuities, mutual funds, ETFs, 529 plans||You can fill out a form and wait for a response from a local agent.|
|MassMutual||Term, whole, universal, variable||Disability income insurance, long-term care & life insurance, annuities, IRAs, mutual funds, exchange traded funds, Fortuna by MML investors, unit investment trusts, 529 plans||You can fill out some basic information to see MassMutual’s suggestions, but you must contact a financial professional to get your full quote.|
New York Life Insurance Company
New York Life Insurance Company has been around for over 175 years and prides itself on its financial strength. It offers term life insurance, whole life insurance, universal, and variable universal life insurance policies to meet every need. While you can’t get an immediate quote estimate, the company’s website does provide information about the options and the ability to send a contact request form to its agents.
New York Life Insurance Company also offers products that aren’t life insurance. This includes retirement products such as annuities and mutual funds as well as long-term care insurance. According to the company’s website, you can connect with a financial professional to customize a solution that fits your needs.
MassMutual offers a wide variety of products, including disability income insurance and annuities. Its life insurance policies include term, whole, universal, and variable life insurance. For additional protection, MassMutual also offers disability income insurance as well as long-term care & life insurance. You can also purchase brokerage and investment products, such as annuities and an individual retirement account (IRA) from MassMutual.
To sign up or get more information about any of MassMutual’s products, you can fill out a form on the website. Or, if you’d prefer, you can search for a financial professional that is local to you and contact them directly.
Is Guardian Life Insurance a good company to purchase from?
Guardian has many years of experience under its belt, as well as awards and accreditations. Guardian’s teams have been recognized by DALBAR and J.D. power for its exceptional customer service. It also has an AM Best rating of A- and a Better Business Bureau (BBB) rating of A+.
Financial strength is also something you might consider when looking at an insurance company. Guardian makes all of its financial strength ratings available so customers can rest assured that the company is secure in its financial stability.
Who needs life insurance?
Anybody who has others that rely on them financially could use life insurance. This can include spouses, children, and even adult dependents.
The bottom line
Although not the most talked about insurance product, life insurance can be crucial for many families. The Guardian Life Insurance (also known as Guardian) offers several life insurance products that can be customized with riders and coverage amounts that meet your needs. The process of getting a quote from Guardian is relatively straight forward, especially if you’re shopping for a term life insurance policy. All you need to do is enter a few basic pieces of information and review your coverage options or submit a contact form to hear from a financial representative that can assist you.
Picking the right company for your life insurance policy is just as important as the policy itself. Fortunately, Guardian has proven its financial strength and stellar customer service over the years, winning awards and ratings in the process. This insurer is a worthy option, even if you’re only at the stage of reviewing your life insurance options.