What we like:
|Type of Insurance||Term, Whole|
|A.M. Best Rating||A++|
|Issue Age||18 – 75|
Guardian Life Insurance is a nationwide company located in New York and has a history dating back more than 150 years. The insurance provider operates through a large network of licensed financial advisors and insurance agents, offering a full range of financial services and products.
In addition to whole, universal, and term life insurance solutions, Guardian also provides investment management products and vehicles, annuities, disability insurance, employee benefits, and financial planning.
Guardian currently manages more than $71.5 billion in assets, collects more than $9.4 billion in insurance premiums across all products, and covers more than $637 billion in total life insurance for its policyholders. Here’s a closer look at what kind of life insurance coverage you can get from Guardian.
The Cost of a Life Insurance Policy From Guardian
Guardian only makes available term life insurance premium costs through its online platform; individuals interested in whole life or universal life insurance coverage must connect with a Guardian licensed agent to get more information about quotes and coverage options. The premiums paid for a term life insurance policy from Guardian range greatly, depending on the individual’s state of residence, gender, health history, age, smoker status, and amount of coverage.
For example, for a woman age 35 who does not smoke, a 20-year term policy with $500,000 of coverage might cost $33 per month. A man with the same health status, age, and coverage amount could pay $37 per month. For older adults, a term policy of the same amount could cost $234 per month for a woman and $354 for a man.
The cost for whole life insurance and universal life insurance from Guardian may be far higher each month depending on underwriting results, the amount of insurance, and the age of the insured. These premiums for term insurance are in line with comparable insurance providers. However, individuals with an adverse medical history might pay much higher premiums than those who apply with a different insurance company.
Coverage/Most Popular Policy
The most popular policy type offered by Guardian Life Insurance is level term life insurance. The maximum policy amount is dependent on the income and financial circumstances of the applicant. The term insurance option provided by Guardian Life Insurance is available for 10, 15, 20, or 30 years, and the premium amount is fixed for the entire term of the policy. When the term expires, so does the insurance coverage unless it is converted to a permanent life insurance policy beforehand.
Term insurance coverage from Guardian Life also comes with the option of a disability rider. This rider, which is an add-on to the policy for an additional cost, allows the insured to have the premium payments waived if he or she is disabled for an extended period of time. The additional coverage option is available on term, whole, and universal life insurance policies from Guardian.
Requirements to Get Insured
All policies offered by Guardian Life Insurance require a full application that includes details about the insured’s residence, citizenship, income, assets, reason for insurance, and medical history. The applicant must also go through full medical underwriting to be approved for a life insurance policy. For this reason, Guardian’s approval rates are lower than insurance companies that offer no or simplified medical underwriting for a new life insurance policy.
>> Read More: Life insurance underwriting process
Guardian Life Insurance is available in all 50 states. However, individuals who are interested in getting life insurance coverage from the company must work with a licensed insurance agent who is qualified to sell insurance products in the state where the insured lives. Aside from the medical underwriting aspect of a life insurance policy, there are no other availability limitations from Guardian.
Guardian Life Insurance has an A+ rating with the Better Business Bureau, and it has been accredited with the organization since 1957. Customer reviews for Guardian Life are on par with other insurance companies offering similar services and policy coverages. Additionally, Guardian Life Insurance has high ratings with A.M. Best (A++), Fitch (A++), and Standard & Poor’s (AA+).
Customer service hours with Guardian are limited to Monday through Thursday, from 8 am to 6 pm (EST), and 8 am to 5 pm (EST) on Friday. These hours are more restrictive than other national insurance providers. Customers who have existing life insurance policies may also submit an inquiry online at any time or get in touch with their insurance agent with questions or concerns about their policy.
Guardian is not well-known for its life insurance coverage, but instead for its disability insurance options and financial services. However, the company does offer whole, universal, and term life insurance options with full medical underwriting to consumers throughout the United States.
In some cases, the cost for Guardian life insurance coverage is less expensive because of the medical underwriting requirements; in others, it is a higher cost. Because Guardian requires a full application and exam regardless of the type or amount of insurance selected, it may not be the ideal life insurance company for every applicant, so be sure to comparison-shop between some of the best life insurance companies.