Do you have 5 different search tabs open looking for a new insurance provider? It can be a bit daunting. You’ve probably got one open for the Guardian Life Insurance Company. They are one of the bigger names out there.
It’s good to be an informed buyer. Don’t give your hard earned money to just any life insurance company because they called you on the phone, or had a kiosk at the mall.
But skepticism is not an excuse for inactivity or leaving your family unprotected.
To make sure you can make an informed decision about what policy and provider you should go with, let’s take a look at Guardian Life Insurance Company, their history, and their offerings.
Maybe they’re right for you, maybe they’re not. We’re here to help you make the best possible decision.
About The Guardian Life Insurance Company
The Guardian Life Insurance Company of America was founded in 1860 in New York.
It’s one of the biggest life insurance companies in the United States, and one of the biggest corporations too. At the time of this blog’s writing, they rank 218th on the Fortune 500 list.
In 2015, they had their most profitable year to date, with $7.3 billion in their capital and $1.5 billion in operating costs. They also offer other insurance services, such as disability income insurance, annuities, investments, dental and vision.
Also noteworthy, Deanna M. Mulligan is the president and CEO of the company. She is 1 of 32 female CEOs in the Fortune 500 list.
She is an active speaker on women’s issues and she has stated, “We put a man on the moon… We should be able to put women on boards.”
The company does hold a dubious part of insurance legislation history. In 2009, they canceled Ian Pearl’s insurance plan. Pearly suffers from muscular dystrophy and requires 24-hour nursing care that would cost nearly a million dollars a year.
His parents sued the Guardian Life Insurance Company for leaving him with what they called a “death sentence.” In the end, they won, and insurance companies in New York are now required to offer replacement coverage when they cancel a plan.
This would be known as “Ian’s Law.”
What Type of Coverage Can I Get From The Guardian Life Insurance Company?
Term Life Insurance
Term life insurance is for people who are looking for protection for their spouse or family and want to keep costs down by only paying for a specific amount of time.
You could think about it as renting a house instead of buying it. You have all of the insurance protection, with no accumulated cash value. You might choose a term of 10, 15, 20, or even 30 years.
And you also have the option of converting this coverage into permanent insurance, whole life insurance, or universal life insurance in the future if your needs change.
Universal Life Insurance
Universal life insurance coverage does not expire at the end of a set term. It is for life, so you can feel good about protecting your family’s financial future. It is a type of permanent insurance, the cash portion, as it accumulates, earns interest over time.
One of the key selling points to this is flexible payments. Under a whole life policy, the premium is fixed to a set dollar number. But we will get to that a bit later.
You can alter your payments if your needs or situations change. Your coverage also gives you the added flexibility of a number of options, or “riders,” to select.
Also, from a tax perspective, the accumulated interest is not taxed while it’s building up.
Variable Universal Life Insurance
Variable universal life insurance has a lot of the benefits we have listed above. It gives you permanent protection. However, the key difference is it gives you the ability to invest in the market.
The cash value of your variable policy can be invested in the market through a separate account.
But, because you’re investing in an open market, you will either get to reap the benefits of a good investment or suffer the losses from a bad one.
As your cash value grows with good investments, you can open yourself up to not having to pay their premiums, while still keeping your coverage if your cash value meets certain requirements.
The Guardian Life Insurance Company offers you a few different investment choices, each based on risk tolerance.
This is probably the right package for you if you want the security of lifetime coverage, but the flexibility to increase your cash savings through investment over time.
Whole Life Insurance
And finally, we have whole life insurance. The Guardian Life Insurance Company’s most robust type of permanent insurance.
The main selling point is that you can use the cash value to pay for certain expenses like retirement, unexpected healthcare costs, or saving for your child’s education.
You get the security of knowing that your loved ones (and any other beneficiaries) will receive a guaranteed lump sum payment.
They also give you the flexibility of naming your own business as the beneficiary, so you can keep the money in the business you’ve worked so hard to build.
But they also give you the option to borrow against the cash value of your whole life policy. And if you need to borrow against the cash value, your loan will not count as income to be taxed, as long as your policy is still active.
Final Thoughts on The Guardian Life Insurance Company
Guardian Life Insurance Company has been around for a long time. They do a lot of the right things and keep their customers happy. However, they did not make our top 25 list of the best insurance providers.
If you want to give yourself the peace of mind of knowing that your family or business is taken care of after your death, we’re here.
We can help you find the right coverage from the right provider, and make sure you’re getting the best deal possible for the best policy.
You can start right now by filling out our form on the right-hand side of the page, to compare rates and get some quotes. You can also contact us for assistance.
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