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The Guardian Life Insurance Company is one of the most world’s tremendous joint life insurance companies. Established in Manhattan, it has virtually
8,000 employees in the United States and a network of over 3,000 financial diplomats in more than 70 agencies nationwide. As of 2018, it rates 239th on the Fortune 500 list of largest insurance firms.
Guardian Life Insurance company began by offering life insurance programs and has since broadened into disability, dental, vision, and hearing insurance scope.
In this article, we’ll provide you with everything you need to know about Guardian Life Insurance, from the insurance coverages offered to its pros and cons.
Table of contents
Insurance Coverage Offered by Guardian Life Insurance
1. Term Life
You can purchase a term life policy from Guardian Life if you are between the ages of 18 and 75 (Annual renewability may be functional after that point.) These policies can be purchased with a term of 10, 15, 20, or 30 years. This policy automatically allows for whole life conversion during the first five years, meaning that you can convert your coverage from temporary term to permanent whole life. Distant those first five years, though, you can only convert your term life policy if you chose to add an extended conversion rider.
2. Level Premium Whole Life
Guardian Life offers a fundamental, lasting life insurance product called level premium whole life. While this policy can cost quite a bit more than the same amount of term life coverage, it allows you to purchase coverage that lasts until the end of your life. For as long as you’re required to pay premiums, those payments will remain the same and never increase.
Guardian Life has three-level premium coverage options: paid-up at 95, paid-up at 99, and paid-up at 121. This means that equal premiums will be required from day one all the way until you reach the “paid-up” age of your policy. At that time, your coverage will be considered paid in full, and you won’t have to worry about
premiums again.
So, if you have a paid-up at 95 policy, you’ll pay level premiums from the day you buy coverage until you reach age 95. At that time, you’ll stop paying premiums but will continue to hold the coverage until you die, whether that’s at age 97 or 120.
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3. EstateGuard (Survivorship) Whole Life
If you and your partner have a sizable estate to protect, Guardian Life EstateGuard policy could assist you to protect it. This coverage is aimed at ensuring two people under the same policy, combining a survivorship plan with captions like the ability to increase your death benefit by as much as 100% in the initial four years.
After the initially covered individual passes away, the policy’s cash significance increases; this serves to help with retirement expenses or even cover remaining policy premiums.
4. Universal Life
Though Guardian’s universal life plans don’t pay bonuses as their whole life plans do, these policies give another way to accumulate tax-exempt cash value while perpetually protecting those you love. In fact, agreements through Guardian Life offer a guaranteed annual dividend rate of 2.5% or higher. If desired, you can modify your premium payments over time with the universal life plan, as adequately as borrow against your policy’s cash value, or use it to cover premiums in the future.
5. Variable Universal Life
If you desire to take your universal coverage up, the variable universal life plan can do so. It requires the same policy advantages and protections, but with the alternative to invest your cash value in the stock market. However, doing so does add risk, you are able to appoint the investment(s) that satisfactory fit your risk patience so you can grow this asset as you see it.
6. Survivorship Universal Life
The Survivorship universal life plan, which proposes permanent life insurance protection and advantages in addition to providing for the surviving spouse. After one spouse dies, the other is eligible to access the cash value of this policy without sanction; when they are also gone, the remaining cash value will pass to your designated successors.
7. Waiver of Premium Rider
With this rider, you can waive your regulation to make formal premium payments if you are regarded totally disabled for six uninterrupted months or more.
8. Accelerated Terminal Illness Benefit
If you are diagnosed with an illness, then this accelerated benefit rider will allow you to access a proportion of your policy’s death benefit before your demise. The quick payout can cover medical or personal expenditures or enjoy the time you have left with your precious ones.
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9. Long-Term Care Rider
This indemnity-style rider authorizes you to access up to 90% of your life insurance policy’s death benefit if you desire to receive long-term care services due to a persistent illness or circumstance. In order to qualify for distribution,
you will need to be diagnosed with a concealed cognitive condition such as
Alzheimer’s or be incapable to execute at least two of the Six Activities of Daily Living Which include, bathing, continence, dressing, eating, toileting, and transferring.
Pros of Guardian Life
- Term: Protection is available up to age 75
- Whole life: Coverage is available to those living with HIV
- Dividends: Have been paid out to whole life customers every year since 1868
Pros Explaned
- Term protection is available up to age 75: Standard term life policies can be purchased with coverage that lasts as long as age 75.
- Whole life coverage is available to those living with HIV: Though many insurers offer whole life coverage without the need for a medical exam or to applicants with certain health conditions (such as a history of cancer or heart disease), there are still certain diagnoses that make buying coverage very difficult (and expensive). One such diagnosis is HIV, and many insurers still exclude this condition in their underwriting process. With Guardian, however, those living with HIV can purchase permanent, whole life coverage that protects those they love.
- Dividends have been paid out to whole life customers every year since 1868: Many life insurance companies offer dividends when the company has a fruitful year; however, these “bonus” payouts to policyholders are neither guaranteed nor predictable. Guardian, on the other hand, offers dividends to its whole life policyholders and the company has paid out dividends every single year since 1868.
Cons of Guardian Life
- Online: Policy information is a bit ambiguous (it’s difficult to find distince coverage limits)
- Policies: Must be bought through an agent
- No timely coverage
Cons Explained
- Online policy information is a bit ambiguous (it’s difficult to find distinct coverage limits): Although Guardian Life does offer a powerful website, explicit policy information can be difficult—if not impossible —to find. For instance, it’s hard to find exact coverage limits for specific policies online, and the site doesn’t make it easy to see which plans and features are available to you based on location. You’ll need to contact a financial representative to learn more, get specific coverage questions answered, or personalize your quote.
- Policies must be bought through an agent: While you can get an idea of your term policy options and pricing through Guardian’s online calculator tool, you’ll need to contact an agent in order actually to purchase said coverage. If you’re looking for whole or universal life policies, you’ll need an agent to get
a quote and buy coverage. - No timely coverage: Some term life insurers today offer online buying options that can start protecting you in just minutes. This isn’t the case with Guardian; regardless of the type of coverage you’re looking for, you’ll need to work with an agent to build your policy.
Is Guardian Life Insurance Company Legit or Scam?
With high consumer satisfaction and financial strength ratings, Guardian Life provides reliable life insurance coverage for consumers in all 50 states. Though the term life policies offered are pretty standard, there is a range of whole and universal life plans with a healthy list of features.
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Frequently Asked Questions (FAQs)
What Year Was Guardian Life Insurance Established?
Guardian Life Insurance company was established in the year 1860
What are some of the plan terms offered by Guardian Life Insurance?
Guardian life insurance offers quite several insurance coverages like whole life term, universal life term, variable universal life, etc
How many plans does Guardian Life Insurance have?
Guardian Life Insurance has 14 plans.
What is the Official Website of Guardian Life Insurance?
The official website of Guardian Life Insurance Company is www.guardianlife.com
Conclusion
Guardian has been assisting people in protecting their future and securing their lives for over 160 years. Every day, they assist 29 million people and their families in achieving financial confidence and well-being in life, health, and wealth. They also assist families in gaining financial confidence and in planning for retirement.
As a company, the belief that everyone needs a Guardian has been a guiding principle that has influenced their actions as a company.
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