Guardian Life Insurance Review 2020

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Founded in 1860, Guardian Life Insurance has been providing life insurance policies for more than 160 years. Guardian offers all of the standard life insurance options, as well as a variety of other coverages to help you protect your finances. The company is highly rated, with good customer service and excellent financial strength. Guardian is licensed to do business in all 50 states.

Guardian Life insurance

Guardian Life is a highly rated company with a variety of coverage options. Guardian offers three types of life insurance: term, universal and whole life. While customers can get an initial quote for a term policy on Guardian’s website, you’ll have to work directly with an agent to sign up for a policy.

Types of life insurance policies offered

Term life insurance

Guardian’s term life insurance policies provide a basic death benefit. You can purchase coverage ranging from $250,000 to $5 million for terms of 10, 15, 20 or 30 years. Premiums are fixed for the entirety of your term. According to Guardian, the average cost of term life insurance for a 21-year-old female with a death benefit of $500,000 is $27 per month.

Universal life insurance

Universal life insurance is a type of permanent life insurance that lasts your entire life. It provides death benefit protection and builds cash value. These policies are flexible, meaning you can increase or decrease your premiums to fit your needs. These policies guarantee a minimum return never to fall below 2.5 percent, regardless of the market.

Whole life insurance

Whole life is another type of permanent life insurance. And like universal life policies, it comes with a guaranteed death benefit and cash value growth. The key difference between whole life and universal life insurance is that Guardian’s whole life insurance policies allow you to earn dividends.

Guardian ratings, reviews, customer satisfaction and complaints

Guardian generally has good reviews across the board. The company is accredited with the Better Business Bureau and earns an A+ rating. And according to the National Association of Insurance Commissioners, Guardian receives fewer complaints than its competitors both overall and for its life insurance policies specifically.

The only place Guardian receives somewhat mixed reviews is with J.D. Power. In the company’s 2019 Life Insurance Study, it ranked Guardian as above-average for customer satisfaction. But by 2020, Guardian had fallen on the list and was ranked as having below-average customer satisfaction. Overall, however, the company fares well with ratings agencies.

Guardian also has the strongest possible financial strength, with a rating of A++ from AM Best. This is good news for policyholders, as it means the company will almost certainly be able to make good on its claims.

Reasons why Guardian is a great option

Guardian offers an impressive array of insurance and investment products. If you’re looking for a company that can be a one-stop-shop, then Guardian is a great option. The company also has excellent reviews from almost every ratings agency, meaning you can likely trust its customer service. Another plus for Guardian is that the company allows you to get an online quote for term life insurance, which many competitors don’t offer.

One downside about Guardian is that its website is quite vague about its actual policies. It provides tons of educational resources to teach you all about the different types of insurance policies, but it doesn’t go into much detail about its own policies and pricing. As a result, you’ll have to work with an agent to get more specific information.

Additional policies offered by Guardian

Guardian’s product options go far beyond just life insurance. The company also offers an impressive list of health insurance policies, as well as products to help you grow your wealth.

Health

Guardian’s health insurance policies include:

  • Disability insurance: Helps to replace a portion of your paycheck if you become disabled and can’t work.
  • Dental insurance: Provides coverage for cleanings and cavities, as well as a portion of each office visit.
  • Vision insurance: Covers eye exams, as well as glasses and contacts.
  • Accident insurance: Provides a cash payout after an unexpected, qualifying accident.
  • Critical illness insurance: Covers costs that come with a serious illness such as cancer or a stroke.
  • Cancer insurance: Helps to cover the costs of insurance deductibles, copays, out-of-pocket medical expenses and non-medical expenses.
  • Hospital indemnity insurance: Covers the cost of hospital stays that your regular health insurance may not fully cover.

Wealth

Guardian also provides the following products to help grow your wealth:

  • Annuities: A contractual agreement between you and your insurance company where they agree to make payments to you in the future in exchange for your premiums today.
  • Individual Retirement Accounts (IRA): A tax-advantaged account for individuals to save for retirement separate from their employer-sponsored plan.
  • Brokerage Accounts: An investment account to help you invest in stocks, bonds, mutual funds, ETFs and more.

Frequently asked questions

What is the best life insurance company?

The best life insurance companies on the market provide exceptional customer service and policy options at an affordable rate. There’s no one perfect life insurance company for everyone, so it’s important to shop around to find the provider that best fits your needs.

How do I choose the right life insurance policy for me?

Guardian offers a wide variety of life insurance policies, and you may struggle to decide which policy is right for you. It’s important to consider whether you’re just looking for a standard term life policy or whether you’d like a more comprehensive product such as whole life or universal life insurance.

How much does life insurance cost?

The cost of life insurance is different for everyone. Term life insurance policies come with the lowest monthly premiums, while whole life and universal life will be more costly. Your personal characteristics will also impact your price — young and healthy policyholders can expect to pay lower premiums, while older individuals or those with preexisting conditions will pay more.

How do you buy life insurance?

Guardian offers term life insurance quotes on their website to help you start the process. After that, you can connect with a local agent who can guide you through the process. The life insurance application process typically includes an interview with the company and a medical exam.