Guardian Life Insurance Review

Guardian Life is a prominent life insurance company with various policy options and great customer service. Our review found that it is an excellent provider for young adults searching for flexible insurance, seniors who want to enjoy coverage up to 90 years old and people with pre-existing conditions who do not have to undergo medical exams.

By Mark Fitzpatrick

Edited by Ashley Jacobs

Updated: October 31, 2024

Advertising & Editorial Disclosure

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

pros

Available in all states

Offers multiple policies

High customer satisfaction rating

cons

No detailed policy information online

Website can be confusing to sort through

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.

TABLE OF CONTENTS

Is Guardian Right for You?
At a Glance: Guardian Life Insurance
Guardian Life Insurance Policy Options Explained
Term Life Insurance Options From Guardian
Whole Life Insurance Options From Guardian
Universal Life Insurance Options From Guardian
Final Expense Insurance Options From Guardian
Guardian Life Insurance Riders
How to Buy Life Insurance From Guardian
What to Do if Guardian Denies You Coverage

Key Takeaways

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

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

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.

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.

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

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

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.

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.
Charitable Benefit Rider	For no additional expense, Guardian will, as part of the Charitable Benefit rider, add 1% to your regular death benefit (up to $100,000) to be given to the charity of your choosing in addition to the amount given to your specified beneficiaries.
Accelerated Benefit or Living Benefit Rider	Just like the Accelerated Terminal Illness rider, the Accelerated Benefit or Living Benefit rider gives you access to a portion of the death benefit while you're still living to help with medical expenses. The distinction is that the diagnosed disease or impairment doesn't have to be fatal since it also covers chronic illnesses.
Guaranteed Insurability Rider	With the help of the Guaranteed Insurability rider, you might be able to increase the size of your death benefit at specific points without submitting new medical information or undergoing an insurability test. This effectively enables you to lock in lower rates now and purchase additional coverage later if you so choose.
Accidental Death Rider	If an accident results in death, this provides an additional benefit to the usual death benefit. Some riders also include dismemberment coverage, which includes the loss of a limb and paying specific cash compensation based on the type of damage.
Paid-Up Additions (PUA) Rider	By adding paid-up additional insurance to the non-guaranteed cash value and death benefits, the PUA rider can aid in the growth of tax-deferred cash values and death benefits. The protection increases with the amount of premium paid to the rider.
Index Participation Feature	A dividend modification based on the movement of the S&P 500® Price Return Index might be received by Guardian policyholders who assign between 0% and 100% of their cash value of compensated additions to this feature, subject to a maximum and a floor.
Renewable Term Rider	This rider enables the purchase of level term insurance with a 10-year renewable and convertible term. For a brief period, such as when children are still living at home, raising the death benefit may be a financially advantageous approach.

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?

Cash value components in whole life and universal life insurance plans increase in value over time. This sum may be borrowed against and applied however you see proper as a form of a loan. When your beneficiaries submit a claim, Guardian will reduce any unpaid sums from your death benefit, and the debt is deducted from your insurance's cash value in the same way if you surrender it.

What’s the maximum amount of life insurance coverage available from Guardian?

Maximum coverage levels vary between policies. Most policies start at $100,000. Contact your financial representative for more specific details.

Do life insurance policies from Guardian pay dividends?

Policies for whole life insurance might pay dividends. Dividends are declared yearly by the Board of Directors of Guardian and are not guaranteed. Some of the whole life insurance plans don't have cash values for the first two years and don't start paying dividends until the third year.

Can you get life insurance from Guardian if you have cancer?

Yes, cancer insurance is available through Guardian. It offers a one-time payment for the detection and treatment of cancer. This money can be used in any way the employee wants and combined with other benefits to help pay for medical expenses.

Do life insurance policies from Guardian cover death by drug overdose?

Accidental deaths, which frequently include drug overdose, are covered by Guardian life insurance. However, the best course of action is to discuss this matter with a Guardian representative.

Do life insurance policies from Guardian cover death by suicide?

Yes, suicides are covered by Guardian. However, to discourage people from buying a policy and then taking their own lives to give their dependents the payout, life insurance suicide clauses often allow the insurer to refuse to pay if the death happens within the initial one to two years, based on where you live.

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About Mark Fitzpatrick

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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sources

Life Insurance Marketing and Research Association. "2022 Insurance Barometer Study." Accessed October 31, 2024.
National Association of Insurance Commissioners. "Guardian Life Ins Co Of Amer National Complaint Index Report." Accessed October 31, 2024.
The Guardian Life Insurance Company of America. "Guardian’s History." Accessed October 31, 2024.
The Guardian Life Insurance Company of America. "How much life insurance do I need?." Accessed October 31, 2024.
The Guardian Life Insurance Company of America. "Life insurance riders explained." Accessed October 31, 2024.
The Guardian Life Insurance Company of America. "Term life insurance: Buying guide and quote tool." Accessed October 31, 2024.
The Guardian Life Insurance Company of America. "Types of life insurance." Accessed October 31, 2024.
The Guardian Life Insurance Company of America. "Whole Life Insurance." Accessed October 31, 2024.
The Guardian Life Insurance Company of America. "Universal life insurance." Accessed October 31, 2024.