Choosing the right life insurance policy is a crucial decision. It safeguards your loved ones financially in your absence, providing peace of mind and stability during a difficult time. When navigating the vast landscape of life insurance providers, Guardian Life Insurance Company stands out as a prominent contender.
But how does Guardian Life stack up against the competition? This comprehensive review delves into the company's strengths and weaknesses, helping you determine if it aligns with your needs. We'll explore factors like financial stability, customer service ratings, and policy options to provide a well-rounded picture.
By comparing Guardian Life to other Best Life Insurance Companies, you can make an informed decision. We'll highlight Guardian's key features alongside industry benchmarks, allowing you to see how it compares to top competitors. This comparison will equip you to confidently choose the life insurance provider that best suits your financial goals and offers the optimal level of protection for your loved ones.
Guardian Life Insurance Company Review
If customer experience and financial stability are important to you, you'll be pleased to know that Guardian receives far less complaints than other insurers and has an A++ financial strength rating from AM Best. Furthermore, the organization provides dividend-eligible policies and no-medical-exam life insurance for up to $3 million in coverage. However, you cannot apply for life insurance without the assistance of an agent, and policy details are difficult to obtain online.
Pros
- No-medical-exam life insurance up to $3 million
- Excellent financial stability
- Very few customer complaints
- Policies available up to age 90
- Whole life policies are eligible for dividends
Cons
- Policy information online is vague
- No online application
Company Overview
Guardian Life Insurance has been offering insurance coverage since 1860. It is a mutual corporation, which implies that it is owned by its customers. As a result, it distributes profits to policyholders via dividends. Guardian Life Insurance handed out $1.13 billion in dividends to consumers in 2022, and it has done so every year since 1868.
Guardian Life Insurance is licensed in all 50 states, however some insurance companies are only licensed to conduct business in select states. That being said, some items and services are only available in certain states. This supplier offers whole life, term, universal, and variable life insurance products.
Year Founded | Kinds of Policies | Payment Options | Customer Service | Official Website |
---|---|---|---|---|
1860 | Whole life, term, universal life (UL), variable UL | Bank draft, check | Phone: 1-888-482-7342; Email: il_solutions@glic.com | www.guardianlife.com |
Specifications
AM Best Rating | NAIC Score (avg.) | Years In Business | Policy Types | Accepts Credit Cards |
---|---|---|---|---|
A++ | N/A | 162 Years | Whole, Term, Universal (UL) | Included |
Pros and Cons Explain
Pros Explained
Guardian Life Insurance offers no-medical-exam life insurance coverage up to $3 million. Furthermore, it provides pretty high coverage amounts. Many businesses limit no-medical-exam life insurance to $1 million or less, whereas Guardian provides up to $3 million of coverage to healthy applicants up to the age of 50.
Excellent financial stability. Guardian Life Insurance has an A++ AM Best grade for financial strength. This rating considers an insurer's relative creditworthiness to assess how effectively it can satisfy its ongoing insurance obligations, which includes paying insurance claims. Only nine of the 91 insurers we evaluated scored an A++ from AM Best.
Guardian had the sixth lowest National Association of Insurance Commissioners (NAIC) complaint index score, averaged over three years, of the 91 insurers we looked at. This implies that the company received relatively few complaints for a company of its size and outperformed all but five of its competitors, earning our recommendation for top overall life insurance company with the fewest complaints.
Policies available till age 90: You can be eligible for life insurance up to the age of 90. Guardian Life Insurance is one of just five insurers of the 91 assessed that provide insurance up to the age of 90.
Whole life plans are eligible for dividends. In 2022, Guardian Life Insurance paid out $1.13 billion in dividends to qualifying whole life policyholders. These payouts repay a percentage of the premiums that clients pay for their whole life policy.
Cons Explained
The policy information available online is vague: The company's website provides little information on policy offerings, pricing, and coverage limits.
There are no online applications: Guardian Life Insurance does not provide an online application, which some customers may find inconvenient.
Complaint Index
The National Association of Insurance Commissioners (NAIC) tracks complaints from various insurance firms to gain insight into their client experiences. The NAIC uses this information to create a complaint index with a base score of 1.0.
If a company's complaint index is greater than 1.0, the insurance company received more complaints than expected given its size. If the ratio is less than 1.0, the company has received fewer complaints than expected. Guardian Life Insurance achieved a score of 0.64, indicating that they received fewer complaints than anticipated.
Third-Part Ratings
Guardian has an AM Best rating of A++. AM Best ratings assess an insurance company's financial strength and stability, as well as its likelihood of meeting contractual insurance obligations. AM Best gives the highest grade possible: A++.
In the 2021 J.D. Power Individual Life Insurance Study, Guardian Life Insurance received a 775 (slightly lower than the industry average of 776) out of a possible 1,000 points. This survey assessed how well customers believe the largest life insurance firms performed in terms of communication, engagement, price, policy offers, and billing statements.
Comparison
Insurance Company | Coverage Options | 2022 Dividends | Online Application | AM Best Rating | Term Policy Pricing | Complaint Index | J.D. Power Ranking |
---|---|---|---|---|---|---|---|
Guardian Life | We offer whole life, term life, universal life, and variable life insurance. | We proudly distributed $1.13 billion in dividends. | Currently, we do not provide an online application process. | Our company holds the highest A++ rating for financial strength | Our prices for term policies are competitive and average in the market. | Our complaint index stands at 0.64, reflecting our commitment to customer satisfaction. | Our ranking is 11th, showcasing our dedication to quality service. |
Nationwide | Our range includes indexed universal life, variable universal life, universal life, whole life, and term life insurance. | Dividends are not applicable for our policies. | We offer the convenience of an available online application. | We are rated A+, indicating strong financial reliability | Our term life policies are also averagely priced | With a complaint index of just 0.05, we demonstrate exceptional customer care. | We are proud to be ranked 2nd, evidencing our superior customer experience. |
Pacific Life | We provide indexed universal life, variable universal life, universal life, whole life, and term life insurance. | Like Nationwide, we do not offer dividends. | Our application process is traditional, and we do not have an online option at this time. | Our financial strength is also rated at A+. | We are known for our excellent pricing on term policies. | Our complaint index is remarkably low at 0.04, underscoring our excellent customer relations | Our J.D. Power ranking is 4th, reflecting our high standards in service. |
The NAIC complaint index measures the number of complaints a company receives in relation to its size. A number less than 1.0 suggests fewer customer complaints than predicted, whereas a score more than 1.0 indicates more complaints than anticipated. The closer the index gets to zero, the better.
Policies Available
Term Life Insurance
When you get term life insurance, you agree to pay a premium for a specific amount of time. This duration typically ranges from 10 to 30 years. In exchange for paying those premium payments, your beneficiaries will get the death benefit if you die during the term. Term life insurance death benefits are usually generally paid out in a flat sum of cash that is not subject to income taxes. Because term life insurance policies only continue for a defined amount of time, they are less expensive than permanent life insurance policies, which provide lifetime protection.
When you apply for a quote from Guardian, you will receive a quote for a medically underwritten Guardian Level Term policy with prices that will be constant for the duration of the policy. When you apply for a policy, you will be asked health-related questions and will be required to complete a paramedical exam.
Some health conditions may prohibit applicants from coverage or increase the premiums they must pay.
With the Guardian Level Term policy, you can choose 10, 15, 20, or 30 years of coverage. You can also convert this insurance into any Guardian whole life policy. You can convert for free within the first five years, or you can buy an extended conversion rider to keep the option to convert until the end of the level term period.
Whole Life Insurance
A Guardian whole life insurance policy covers the policyholder's entire life, not just a specified length of time. The policyholder's contribution to their whole life insurance premium adds to the cash value of their policy. Guardian's Paid-Up At 99 Whole life insurance, like universal life insurance, falls under the category of permanent life insurance. When you have whole life insurance, you pay a fixed premium for the duration of your coverage.
Universal Life Insurance
A universal life (UL) insurance policy, like whole life insurance, is intended to last the rest of your life. However, the cash value is credited at current interest rates, while the death benefit and premium payments are adjustable. For example, you may be able to skip a premium payment or pay late without having the insurance terminate.
Variable Universal Life Insurance
Variable universal life (VUL) policies include permanent life insurance coverage and an investing component. The cash value of these policies is invested in your preferred subaccounts, which are effectively mutual funds within your VUL policy.
However, unlike other types of permanent coverage, you may lose cash value if the investments underperform or the earnings are insufficient to satisfy insurance expenses. VUL insurance may not be appropriate if you require certain death benefit protection.
Available Riders
Guaranteed Insurability Rider
You can add Guardian's Guaranteed Insurability Option (GIO) rider to your whole life policy to improve your life insurance coverage later. You may do this for up to eight "option" dates without providing proof of insurability.
Option dates are determined by your age or a significant life event, such as marriage, property ownership, or childbirth. On each date, you can add up to $350,000 in additional coverage each election, for a total of $2,800,000.
Waive of Premium
A waiver of premium rider exempts you from paying your premium if you become completely handicapped for at least six months. This rider helps you to retain your insurance in effect during this period of economic hardship.
Accidental Death Benefit.
An accidental death benefit can be added to the usual death benefit. This rider includes an additional death payout if your death is unintentional.
Riders with Accelerated Death Benefits
Guardian has a few accelerated death benefit (ADB) riders that let you to get the death benefit early (before to death) if you experience certain health occurrences. These riders reduce the death benefit that your beneficiaries receive.
- Guardian's no-cost terminal illness rider allows policyholders diagnosed with a terminal illness to receive a portion of their death benefit while still alive.
- Long-term care rider: You can add a Guardian Long-term Care rider to certain forms of life insurance. This long-term care rider allows you to access money from your insurance if you require long-term care due to a chronic illness.
- A chronic illness rider pays out a percentage of your death benefit if you are diagnosed with a chronic illness and are unable to undertake at least two activities of daily living. Unlike a terminal illness rider, the documented sickness or impairment does not need to be terminal.
Paid-Up Additions
You can choose to buy a paid-up additions (PUAs) rider if you have a Guardian whole life policy. PUAs are like tiny packets of insurance, with a cash value and death benefit, that you can purchase to build your policy over time. It can be especially fruitful to spend dividends on PUAs for your whole life policy.
The compounding accumulation of PUAs can work to offset inflation by providing you with a higher death benefit and cash value over time. Guardian Life Insurance offers policyholders the options to use dividends to receive cash, to reduce their premium, to purchase additional term insurance, to apply to outstanding policy loans, or to not use the dividends and allow them to accumulate interest.
Customer Service
You may contact Guardian Life Insurance via phone or email.
- For customer service, call 1-888-Guardian. For employee benefits through an employer or broker, contact 1-877-500-2386 or cru@glic.com.
- Accounts and Policies (contact your financial advisor or agent): Call 1-888-482-7342 or email il_solutions@glic.com.
- Coverage purchased immediately online: Call 1-866-569-9900.
Price
When compared to other firms' term life insurance quotations, Guardian's policy costs were typical. However, the cost of a term policy (or any other type of coverage) can vary substantially depending on your age, health, and lifestyle. We collected premium data for 30-year $250,000 term insurance for males and females in good health ages 25, 40, and 55 who live in either the 90666 or 94027 zip codes.