Life insurance review by Guardian in 2024.

Since 1860, Guardian Life Insurance has been assisting individuals in safeguarding their loved ones. Its competitive pricing and extensive range of riders have earned it a place on our lists of top term life providers and most affordable life insurance. Additionally, Guardian offers whole life policies up to age 90, making it an excellent option for seniors.

To purchase a policy from Guardian, you must work with an agent, which may not be ideal for those seeking a digital-first experience. Additionally, Guardian does not offer auto or home insurance, so there are no bundling discounts available.

Guardian Life Insurance pros and cons

The key benefits and drawbacks to Guardian Life Insurance.

Pros

New life insurance policies are typically capped at age 75 or 80 by most providers.
Healthy applicants aged 50 and younger can apply for no-medical-exam policies worth up to $3 million through Guardian.
Since 1868, Guardian has been paying out annual dividends and is set to distribute nearly $1.4 billion to policyholders in 2024.

Cons

You can obtain a term life quote online, but to purchase a policy, you must speak to a Guardian agent.
Weekdays during normal business hours are the only times when customer service agents are available, which can make it challenging to obtain answers or submit claims.
Guardian does not provide bundling discounts for life insurance, unlike some providers who lower rates when you purchase two or more types of insurance.

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Types of Guardian life insurance

Term and permanent life insurance policies are available in all 50 states and Washington, D.C. through Guardian, but the availability of individual products may vary.

Term life insurance

Term life insurance coverage lasts for a specific duration, usually between 10 and 30 years, after which it expires. Guardian Life provides term life policies to adults aged 18 to 75 with coverage terms of 10, 15, 20, or 30 years. The death benefit can range from $100,000 to $5 million.

You can obtain a policy with a death benefit of up to $3 million without a medical exam if you are 50 or younger and in good health. Several competitors limit no-exam coverage to $1 million or less.

Age restrictions apply to Guardian's term insurance policies. Policies are available for individuals aged 18 to 55 for 30-year term policies and up to age 75 for 10-year policies.

The unique aspect of Guardian policies is the convertibility advantage: Policyholders have the option to transform a term life policy into a permanent policy within the first five years, without any medical examination and at no additional cost.

Whole life insurance

Unlike term life insurance, whole life policies provide cash value that can be accessed during your lifetime and allow you to borrow against it.

Certain whole life policies from Guardian have an age limit of 90, while most insurers only issue new whole life insurance to people under 75 or 80 and policies start at $25,000 of coverage.

Guardian offers joint life insurance that covers two individuals and can protect assets from taxes or cover a spouse who otherwise can't qualify for a policy. The cash value of Guardian's EstateGuard plan increases after the first person dies, and policyholders can add coverage in the policy's early years.

Policyholders with whole life insurance receive annual dividends. Although there is no assurance, Guardian has been paying dividends annually since 1868 and will distribute approximately $1.4 billion to its customers in 2024.

Universal life insurance

Universal life insurance provides cash value that grows over time, and it remains in effect throughout your entire life. However, premiums and payouts are adjustable, and the cash value growth is dependent on interest rates and market conditions. Therefore, it's crucial to closely monitor your policy to maintain its good standing.

Universal life insurance from Guardian includes both standard and variable options, allowing you to invest the cash value in subaccounts linked to the stock market. Guardian's universal life policies are accessible to applicants ranging in age from 18 to 85.

Guardian Life riders

Several riders are available from Guardian to customize your coverage and address specific concerns.

Term life insurance riders

A terminal illness can trigger an accelerated death benefit, which allows you to access some of your death benefits before passing away.
In the event of accidental death or dismemberment, the cash benefit to beneficiaries increases.
A charitable benefit can increase your death benefit by 1% up to $100,000, allowing you to donate to a charity of your choice.
Guaranteed renewability ensures coverage as long as you continue paying premiums and can be useful if you have a serious illness and no other coverage options.
You can convert a term life policy into whole life insurance for no additional cost and without a medical exam within the first five years. Additionally, an optional extended conversion rider allows you to extend the timeframe by up to 30 years.
If you become disabled while the policy is in force, your premiums will be covered for a flat fee. If you convert your policy, you can opt for the Waiver Plus rider to cover whole life premiums.

Whole life insurance riders

Accessing a portion of your death benefit during your lifetime is possible if you have a chronic or terminal illness, without any additional cost.
In the event of accidental death or dismemberment, beneficiaries receive a cash benefit.
A charitable benefit can increase your death benefit by 1% up to $100,000, allowing you to donate to a charity of your choice.
You can adjust dividends based on the S&P 500 Price Return Index, with a cap and floor.
Continued coverage is guaranteed as long as premiums are paid on time, making it a helpful option for those with life-threatening or terminal illnesses and no other coverage alternatives.
Additional coverage that can increase the death benefit and cash value of your whole life policy.
If you become unable to work due to illness or injury, your policy will remain in effect and you will not have to pay premiums.

Guardian life insurance rates

The cost of a 20-year, $500,000 term life insurance policy from Guardian for healthy non-smoking males and females may vary greatly depending on individual factors such as age, health, and lifestyle.

Guardian Life customer satisfaction

While Guardian fell short of the average in J.D. Power's 2023 U.S. Individual Life Insurance Study, it received fewer complaints than other insurers, as per the National Association of Insurance Commissioners.

The Better Business Bureau assigned an A rating to Guardian based on customer complaints and public information about its interactions with policyholders.

A.M. Best gave Guardian a financial strength rating of A++, its highest rating, indicating its ability to pay out benefits to policyholders.

Other types of Guardian insurance

Although Guardian does not provide homeowners or auto insurance, it offers a range of other financial products.

Disability insurance: Offers financial support if you're unable to work due to injury or illness. Guardian was ranked among the top disability insurance companies.
Dental insurance: Offers individual and employer dental insurance policies.
Vision insurance: Offers individual and employer vision insurance policies.
Accident insurance provides financial compensation for injuries or fatalities resulting from accidents, in addition to covering expenses not included in health insurance, such as transportation and lodging costs.
A lump-sum cash benefit is provided by critical illness insurance to cover expenses related to a stroke, cancer, or other qualifying medical conditions.
A supplemental policy that compensates for expenses not covered by regular health insurance during a hospital stay, including expenses for out-of-network care, transportation, and child care.

How does Guardian compare to other life insurance?

Guardian vs. State Farm

Although Guardian is accessible in all 50 states, State Farm is not offering new policies in Massachusetts or Rhode Island. Nevertheless, both companies provide similar options, such as joint life insurance, and you must work with an agent to purchase any policy from either company.

The cost of a 20-year, $500,000 term life insurance policy from Guardian for a 30-year-old male nonsmoker in excellent health is $35 per month, while State Farm offers the same policy for $28.29 per month for either a man or a woman. However, State Farm also provides auto and homeowners insurance, which allows for a bundling discount.

State Farm provides final expense coverage to cover funeral costs and other end-of-life expenses, and in 2023, they were ranked highest on J.D. Power's customer service survey for the fourth year in a row.

Guardian vs. Nationwide

Guardian provides no-exam policies up to $3 million, which is twice Nationwide's limit. However, while you can purchase Nationwide's Life Essential plan online, you must work with a Guardian agent to obtain a policy.

A 20-year term rate policy with $500,000 coverage costs $24.18 a month for a 30-year-old male nonsmoker and $19.61 for a female nonsmoker. In comparison, the same policy with Guardian would cost $35 a month for a man and $27 for a woman. Additionally, Nationwide offers a discount if you bundle life insurance with a home or auto policy.

Nationwide offers life insurance in 47 states and has been ranked second in customer service by J.D. Power in 2023.

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How do I buy life insurance from Guardian?

You can purchase life insurance by entering your contact info on the Guardian website or by locating a financial professional in your area by entering your zip code.

The Guardian customer service can be reached at 888-482-7342 from 8 a.m. to 6 p.m. ET on weekdays and from 8 a.m. to 5 p.m. ET on Fridays.

You can submit claims, view your bill, and make payments online for term life insurance on the Guardian website, but you cannot purchase a policy there.

You can manage payments and chat with a representative on the Guardian app.

Is Guardian Life Insurance right for me?

If you prioritize customer service, higher age limits, and annual dividends, Guardian is definitely worth considering. Additionally, it offers no-medical-exam coverage up to $3 million, which is higher than almost all of the companies we've reviewed.

If you prefer managing your online business or keeping your insurance policies with one company, Guardian may not be the best option.

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