Guardian Life Insurance Review


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Updated: May 22, 2024

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MoneyGeek’s Take: Is Guardian Right for You?

Guardian Life Insurance would be an excellent fit for younger people searching for a policy they can adjust or upgrade to suit their needs over time, but it would also be a good fit for seniors since plans are offered up to age 90. This company offers straightforward term insurance options, as well as flexible universal and entire policy options. Those with pre-existing conditions or those who prefer the convenience of not having to undergo a medical exam in order to apply may also find this service appealing.

Some customers might be disappointed that Guardian Life Insurance does not provide an online application. Those who are reliant on internet resources may be dismayed to see that the company's website does not provide much information about the types of policies available, the cost or the maximum amount of coverage it provides. In this case, Haven Life might be a better option.

Moreover, Guardian Life does not provide additional insurance services, such as home or auto insurance, so customers looking to bundle them into one package should consider options like State Farm.

At a Glance: Guardian Life Insurance

Guardian Life

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Available in all states

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Offers multiple policies

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High customer satisfaction rating

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No detailed policy information online

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Website can be confusing to sort through

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Doesn’t offer auto, home or renters policies

COMPANY HIGHLIGHTS

Guardian Life Insurance Company of America was established in 1860 under the name The Germania Life Insurance Company of America. In 1925, it was transformed into a mutual corporation that was entirely owned by its policyholders.

The National Association of Insurance Commissioners (NAIC) gave it a 0.08 complaint index in 2022, which indicates that it receives fewer consumer complaints than the national average. It is authorized to sell life insurance policies in each of the 50 states, as well as in Washington, D.C.

Guardian offers three types of life insurance, including term, whole life and universal life insurance. It also offers a hybrid type called SafeGuard360™ that gives comprehensive protection in a single solution. Guardian has a $100,000 minimum for term life insurance.

Some products, like term life insurance, require you to pass a medical test to qualify, while some don't. There are also plans that you can qualify for without a medical exam, like those that are guaranteed and simplified issued, but your rates will be greater because Guardian will think you're a risky customer.

Guardian's life insurance coverage can cover you, your partner and your new child. If you smoke, you could still be able to get life insurance, but your rates will go up. If you have health issues, your eligibility will depend on how bad they are.

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Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

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Key Takeaways

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Although whole life insurance may be more expensive than term insurance, it offers lifetime coverage and growing cash value.

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A hybrid policy from Guardian gives coverage for long-term care insurance, disability income insurance and whole life insurance.

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Specific policy information for the exact offerings from Guardian is missing from the insurer’s website.

Guardian Policy Options Explained

According to the Life Insurance Marketing and Research Association's (LIMRA) 2022 Insurance Barometer Study, having life insurance is essential to feel financially secure. Compared to 47% of noncovered people, 68% of insured people with financial dependents feel comfortable. 40% of respondents reported having trouble having conversations about dying. Customers who have multiple sources of coverage are more likely to be at ease.

Term Life Insurance Options From Guardian

With term life insurance, you agree to pay a premium for a set amount of time, generally between 10 and 30 years. In exchange, the insurer guarantees that your beneficiaries, like your family, will receive a death benefit.

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    The four terms that are offered to policyholders include 10, 15, 20 and 30 years. If you want to acquire a free, no-commitment estimate of your premiums should you choose this kind of insurance, visit Guardian’s website.

    The actual cost of your policy will vary depending on factors like your age, health status, optional riders and lifestyle.

    There is a lack of detail on the website in regard to specific policies.

The best candidates for term life insurance are young, healthy families with considerable, short-term financial demands that must be met in the event that the family breadwinner passes away. It's advantageous for those who are unable or unwilling to pay the significantly higher monthly payments linked to whole life insurance.

Whole Life Insurance Options From Guardian

Whole life insurance products from Guardian come with two major benefits. One is a guaranteed death benefit that will be given to your beneficiaries when you pass away as long as you keep paying the premium. The second is a cash value that you can borrow from or withdraw during your lifetime.

As long as you continue to make the appropriate premium payments on your whole life insurance policy, you are insured for the rest of your life. Also, a percentage of the premium you pay for whole life insurance goes toward the cash value, a tax-deferred financial asset with a growth guarantee.

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    SafeGuard360™

    The SafeGuard360™ is one of Guardian’s unique offerings. It combines whole life insurance, long-term care protection and disability income insurance into one solution. SafeGuard360™ clients also have access to a centralized claim reporting system and a team of claims specialists from Guardian to help them through the filing process.

    There is a lack of policy-specific information for other whole life insurance products on the website.

Anyone interested in permanent protection, guaranteed rates and a savings feature should look into whole life insurance. A whole life insurance policy can be the best option for covering final expenses and debts regardless of your age at death.

Universal Life Insurance Options From Guardian

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    A universal life (UL) insurance policy can offer lifetime protection like a whole life policy, as well as the added benefit of accumulating cash value that can be used in tax-favored ways. Premiums for UL can be adjusted up or down within set parameters, making it a potentially cheaper alternative to whole life insurance.

    However, if you pay only the minimum premium for a lengthy period, it can reduce the value of your cash surrender value and the size of your death benefit. As a result, it does not offer as many guarantees as whole life insurance.

    Inadequate funding (low or no premium), rising insurance prices as the insured ages and a low-interest crediting rate can all cause a universal life insurance policy to lapse prematurely. In the case of universal life policies with a secondary guarantee, the policy will likely lapse if the guarantee conditions are not met.

    In-depth details about individual policies are not listed on Guardian’s website.

Those who can afford it and want protection for the long haul should look into a universal life insurance policy. Investors, policyholders who value flexibility and those seeking faster cash value growth may all be interested in this sort of coverage.

Final Expense Insurance Options From Guardian

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    DreamSecure Senior Whole Life Insurance

    The sole purpose of final expense insurance is to pay for a deceased person's funeral and burial costs. These policies have no financial value or investment component, but the coverage is perpetual as long as the payments continue.

    Retirees commonly purchase final expense insurance without dependent children because they want to relieve the financial burden on surviving family members. Although the premiums for such policies are usually low, the death benefit is typically quite low because it is not intended to give your loved ones a steady stream of funds for a long time after your passing.

    There are no specific details about this type of policy on the vendor’s website, but the site does offer the option to get a quote.

Since its primary purpose is to pay for a policyholder's final expenses, such as a funeral, final expense insurance is ideal for seniors, as well as individuals with modest coverage needs or health concerns.

Compare Life Insurance Rates

Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

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Insurance Rates

Guardian’s Life Insurance Riders

Riders are supplemental clauses to an insurance policy that can provide additional protection and benefits. Riders can provide flexibility and offer added financial security and assistance, even while you are still alive, whether you are purchasing a whole life or term policy.

Rider
Description

Term Conversion Rider

This enables you to switch from a term life insurance policy to a whole life policy for a
predetermined amount of time without having to get a medical exam.

Waiver of Premium Rider

This rider can pay your premium if you become disabled and cannot work, enabling
you to maintain your insurance in effect.

Waiver Plus Rider

Similar to the Waiver of Premium rider, the Waiver Plus rider will cover the cost of
your term insurance in the event of a disability. As a bonus, if the conversion
happens at the end of the level term period, this rider will waive your total life
policy premium while you're disabled.

Guaranteed Renewability Rider or Clause

Most term insurance will allow you to renew your coverage annually after your term
expires but at significantly higher premiums. This can be helpful for persons
diagnosed with a serious or terminal illness near the end of their policy's duration
who have no other coverage options.

Accelerated Terminal Illness Rider

Also known as an Accelerated Death Benefit, this rider enables persons who have
been given a terminal disease to receive a part of the death benefit while they're
still alive.

How to Get Guardian Life Insurance

Understanding how to purchase a policy is crucial after becoming familiar with the offered products. It's wise to have some contingency plans in place if Guardian rejects your application.

How to Buy Life Insurance From Guardian

1
Do Your Research

The best place to start is by researching the various types of policies available. To learn more about your options, you can utilize the online tools Guardian provides, like its term insurance calculator.

2
Compare Quotes

Remember to compare quotes even if you find a policy that meets your insurance needs. Your premiums might be impacted by several factors, including your gender, age, lifestyle, whether you smoke, your medical history and your general health. You might be able to receive the coverage you desire at a more affordable price by looking into other possibilities.

3
Health Check

You must submit your application and go through a health examination if needed. It usually entails a phone interview and a physical examination. An underwriter may need more details from you to finish its risk assessment.

4
Approval

You'll get your policy as soon as Guardian approves your application. Please feel free to discuss your policy terms in person with your representative.

What to Do if Guardian Insurance Denies You Coverage

If you are denied a life insurance policy, don’t fret. There are other options you can consider.

1
Contact Your Broker

A great way to learn more about what went wrong is to contact your agent and request details.

2
Lifestyle Changes

Consider adjusting your habits and lifestyle to improve your health. Not only may it result in the approval of your application, but you might also get a better rate.

3
Explore Other Options

Finally, look into alternative insurance options or concentrate on ones that don't need a medical exam. Just keep in mind that they can offer less coverage or have higher prices.

Frequently Asked Questions About Guardian Life Insurance

We answered some of the most frequently asked questions about Guardian life insurance to help you decide if this insurer fits the bill.

Can you borrow from your Guardian life insurance policy?
What’s the maximum amount of life insurance coverage available from Guardian?
Do life insurance policies from Guardian pay dividends?
Can you get life insurance from Guardian if you have cancer?
Do life insurance policies from Guardian cover death by drug overdose?
Do life insurance policies from Guardian cover death by suicide?
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