Our experts answer readers’ insurance questions and write unbiased product reviews (here’s how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.
Guardian Life offers three types of life insurance: term, whole, and universal life. While you can apply for a quote for term insurance online, note that policies are sold through the company’s network of licensed insurance agents.
Guardian Life Insurance
As one of the oldest companies in life insurance, Guardian Life has a long history of selling products to meet people’s insurance needs. It was founded back in 1860 under the name Germania Life Insurance Company of America. While the name was changed to Guardian Life Insurance Company of America in 1918, the company continued growing by leaps and bounds for over a hundred years and continues growing today.
At the time of this review, Guardian Life offers a range of finance and insurance products (e.g., disability insurance, dental insurance, annuities, IRAs, and more), focusing on more diverse markets.
Guardian Life Insurance Cost
According to Guardian Life Insurance – Product Name Only, the main factors that impact the life premiums include coverage limits, length of coverage, the age of the applicant, health status, lifestyle, and optional riders added. Ultimately, this means how much you’ll pay for coverage can vary depending on the type of plan you want and these other factors combined.
However, it offers some sample figures that show how much its term policies cost (on average).
30-Year-Old Male
30-Year-Old Female
10yr $1M Term Policy
$42
$34
15yr $1M Term
$50
$42
20yr $1M Term
$61
$48
30yr $1M Term
$119
$96
Get Life Insurance Quotes
Compare the best life insurance companies with a quote from Policygenius.
How to File A Claim with Guardian Life Insurance
Guardian Life has a claims portal on its website. Beneficiaries can access a range of forms to file a claim, update your policy payment method, change beneficiaries, and more. To file a claim, ensure you have the following information.
The policy numberThe insured’s death certificateFull name, correctly spelled, including any middle namesAny maiden or former namesDate of birthSocial security numberIf not a US citizen, the policyholder’s nationality and passport number
However, to start the claims process, you’ll need to call 1-866-452-4542 and select option 2. User reviews indicate filing a claim may be a bumpy process. Lack of support and getting the runaround are mentioned in some recent reviews. Regardless of which life insurer you’re working with, we recommend being prepared with all documentation.
However, due to experiences and reviews like this, many insurers are working to make the claims process more automated. Guardian Life has historically focused on product innovation to offer a broader range of policies. However, as of 2023, it created a partnership with grief support company Empathy suggesting the process will be more automated going forward, ideally leading to better claims experiences.
Guardian Life Insurance Plans
Guardian Life offers three types of life insurance: term, whole, and universal life products. Its online quote engine provides price estimates for a 20-year term policy, but Guardian sells all its plans through a network of licensed insurance agents.
As you might expect, many Guardian Life Insurance – Product Name Only policies require a medical exam, though individual cases may vary. Products offered through Guardian Life include:
Term Life
Whole Life
Universal Life
Duration
10, 15, 20, or 30 years
Lifetime protection
Lifetime protection
Guaranteed Premiums
Yes
Yes
Varies
Flexible Premiums
No
No
Yes
Builds Cash Value
No
Yes
Yes
Potential to Earn Dividends
No
Yes
Yes
Term Life Insurance
Term life insurance is a type of coverage you can buy for a specific number of years. You pay a fixed premium during that timeline, and your beneficiaries qualify for a death benefit if you pass away while the policy is in force. However, term life coverage will abruptly end when the term ends, leaving your family with no coverage at all. Some Guardian Life term policies can be converted to permanent coverage later, but you’ll have to speak with an agent to determine conversion requirements.
Guardian Life term coverage can last for 10, 15, 20, or 30 years. Guardian’s main page highlights its term products as an ideal buyer option. As many buyers may gather, though, prices for a permanent policy rise with age, even when you’re converting to a permanent policy. More importantly, 99% of term life policies never pay out, which means 99% of term life buyers lose coverage altogether if they cannot convert their policy.
Whole Life Insurance
Whole life insurance from Guardian Life is a permanent product that builds cash value over time. These policies never expire and offer guaranteed premiums. Eventually, a buyer may reach a “paid up” status, meaning you’ve made all payments due, and the death benefit will be active without further fees for you. Funds also build on a tax-advantaged basis, and policyholders can earn dividends each year coverage is in force.
That said, dividends are not guaranteed, although this is also true of other whole life insurance providers. Guardian Life says its dividends are declared annually by the company’s Board of Directors. So you won’t know the number ahead of time each year.
Whole life coverage comes with a wide range of values. For example, some policies are designed to cover funeral costs (around $25,000 to $30,000 in value). Others may go into the millions. Because the coverage is permanent, monthly premiums may be higher than a similar term policy. However, your total payments may be equal or lower, especially if you buy a whole life policy while young.
Universal Life Insurance
Universal life insurance is another type of permanent coverage offered through Guardian Life. For many people, it provides a happy medium. Universal life is more flexible, allowing you more control over your monthly premiums in line with your budget. Also, unlike a whole life policy, you don’t get one set death benefit. Instead, the more you pay into the policy, the more the value grows.
According to Guardian Life, two components are built into every universal premium payment: a cost-of-insurance component (COI) and a wealth-building component. The COI covers the death benefit and insurance company administrative fees, and the wealth-building part builds cash value over time. Guardian’s minimum interest rate building cash value is 2%, but some policies earn more.
Unique Coverage for Preexisting Conditions
Life insurance can seem like a mysterious and scary prospect. You apply and undergo a medical exam. Then, insurance companies may deny applications based on a host of preexisting conditions. Guardian Life’s underwriting process still requires medical exams and documentation. However, the company has pioneered coverage for people with HIV and other preexisting conditions that have prevented people from being insured.
To qualify for Guardian’s HIV policy, applicants must be between 20 and 65 with no AIDS-defining conditions and at least two years of highly active antiretroviral therapy. The essential requirements are listed on its HIV product page. Applicants who meet the requirements can qualify for as much as $2 million in coverage. This is just one of the company’s niche products insuring previously uninsurable groups.
Additional Coverage Options (Riders)
A base plan tells you your payments, how much to expect, if you can take early withdrawals, etc. Riders help policyholders customize a generic policy to meet their unique needs. For example, a young person buying a term policy may want a guarantee that they can convert to a permanent policy if they develop a chronic illness later. Some people like taking advantage of their life coverage if they develop a terminal illness. Insurance riders address these and many other issues.
Guardian Life offers the following riders. But remember, some riders are only available with select Guardian policies.
Accelerated terminal illness rider: Adding this rider to a plan gives the policyholder the right to access a portion of their death benefit while they’re still alive if they’re diagnosed with a terminal illness.Accidental death rider: This rider provides a more considerable death benefit if the death results from a covered accident.Charitable benefit rider: It adds another 1% to your death benefit (up to $100,000) to be donated to the charity of your choice upon your death.Guaranteed renewability rider: This rider ensures the policyholder can renew their term coverage when it ends if they choose to do so. However, it does not guarantee a set death benefit or monthly payment. Those may still vary once you convert your policy.Guardian index participation feature (IPF): This rider lets policyholders link the performance of a whole life insurance policy’s cash value to a popular index, thus paving the way for more robust cash value growth when underlying investments perform well.Long-term care rider: This rider lets policyholders combine whole life coverage with an alternative to traditional long-term care insurance. This rider extends an additional payment to policyholders who utilize long-term care facilities during their lifetime.Paid-up additions (PUA) rider: Whole life policyholders can increase the policy’s cash value and death benefit by paying additional premiums.Renewable term rider: This rider gives families the security of a permanent policy with the option to increase the death benefit should something happen with a 10-year renewable term. If the term rider expires, your death benefit will default to the base policy limits.Term Conversion rider: This rider ensures the policyholder can convert a term life insurance policy to permanent coverage later on without going through a medical exam. Your monthly premiums and death benefit will change. This rider only guarantees the option to convert.Waiver of premium: This rider lets the policyholder maintain their coverage without paying premiums if they become totally disabled due to an injury or an illness.
Guardian Life Insurance FAQs
What type of life insurance does Guardian Life offer?
Guardian Life offers three life products: term, whole, and universal life. Within that net, it provides coverage for stay-at-home parents, HIV patients who meet specific criteria, and other traditionally difficult-to-insure groups.
Does Guardian Life pay dividends?
Whole life insurance policies from Guardian Life can pay dividends. However, it’s important to note that dividends are not guaranteed, and the amount is decided once each year by the company’s Board of Directors.
How much does life insurance cost with Guardian Life?
A $1 million term policy for a 30-year-old that lasts 30 years can cost as little as $119 per month for men and $96 per month for women. However, your policy rates may vary based on health, medical data, age, and other factors.
Compare Guardian Life Insurance
Learn more about how Guardian stacks up against the competition.
Guardian Life Insurance vs. MassMutual Life Insurance
MassMutual Life Insurance – Product Name Only is another top-rated life company that offers its policies through a network of insurance agents instead of online. However, MassMutual has a broader selection of policy types than Guardian Life. It offers term life, whole life, universal life, and variable universal life coverage, appealing to traditional buyers and those looking for aggressive investment options.
Like Guardian Life, MassMutual offers many other financial products, including insurance products, long-term care insurance, annuities, 529 plans, and other investment accounts. The critical thing that MassMutual doesn’t have is what sets Guardian apart from competitors in general. It offers innovative products designed for populations traditionally excluded from coverage. While MassMutual makes other efforts towards inclusion, its underwriting sticks to the industry norms.
Mass Mutual Life Insurance Review
Guardian Life Insurance vs. Ladder Life Insurance
Ladder Life – Product Name Only is an online insurance company offering up to $3 million term life policies with no medical exam required. Coverage is available in amounts up to $8 million if you are willing to undergo a medical exam, and prices start at just $5 per month. Of course, all of this is pending underwriting approval, and Ladder still asks medical questions and checks available medical documentation.
That said, Ladder is short on permanent options or options for long-term financial planning and wealth-building. Compared to Guardian, the online company doesn’t work with insurance professionals who can offer expert guidance to ensure you find the right product for your needs. Ladder’s target demographic is buyers looking for a quick and cheap option, which may cost you in the long run.
Guardian Life Insurance vs. Ethos Life Insurance
Ethos Life – Product Name Only is another 100% digital life insurance company aiming to get applicants approved in ten minutes or less. It claims most clients don’t need a medical exam and that $1 million in life insurance coverage can cost as little as $1 per day ($30/month).
Ethos also stands out from other online life insurance companies since it offers some permanent plans. For example, Ethos Life offers whole life insurance with guaranteed approval for applicants ages 66 to 85 regardless of their health history. Limits are low, though, covering modest funeral and end-of-life expenses.
The process is impersonal, leaving less knowledgeable buyers without crucial resources. Unlike Guardian, it does not offer more extensive permanent life options or easy conversions from term to comparable permanent policies later. The consequences of choosing Ethos Life may only become evident when it’s too late to qualify for a better policy.
Why You Should Trust Us: What Went into Our Guardian Life Insurance Review
We took a deep dive into Guardian Life’s offerings to write this review of Guardian Life. This meant exploring the types of policies offered, policy limits, and available riders. We also examine unique products and underwriting options like Guardian’s HIV policy.
We then at the company’s ratings and reviews from third parties, including the Better Business Bureau (BBB) and Trustpilot. We consider average ratings, complaints, and specific issues or strengths. Combined with ratings from organizations like JD Power and AM Best, this gives us a comprehensive view of competitors. Read more on our insurance rating methodology