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Guardian Life Insurance Review

Guardian life insurance company

One of the first things any new life insurance agent will learn in this industry is that no matter how great a particular life insurance company is, it cannot be the “best” for everyone.

That’s why at IBUSA, we choose to work with dozens of different life insurance companies, including Guardian Life. While Guardian Life may not be the best fit for everyone, it’s hard to imagine a better option in some situations, especially if someone is unsure whether to purchase a term life insurance policy or a whole life insurance policy.

But before we delve into that topic, let’s start by introducing Guardian Life Insurance and exploring how it has achieved success to date.

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About Guardian Life


The Guardian Life Insurance Company of America has a rich history that dates back to before the Civil War. It is now a Fortune 500 mutual insurance company, making it one of the largest and oldest in the United States.

Based in New York, Guardian Life offers life insurance, health, dental, vision, and disability insurance, retirement planning, mutual funds, and other investment options.

With 29 million customers across various product lines, Guardian Life is a well-established company that also provides and helps administer employee benefits.

Guardian Life boasts exceptional financial strength thanks to its relatively conservative investment philosophy and high capital reserves. As of 2019, the company had almost $80 billion in assets under management and $700 billion worth of in-force life insurance.

In 2019, Guardian paid out nearly a billion in policyholder dividends and generated almost $10 billion in policyholder premiums. The company markets its life insurance policies through a network of agents nationwide.

While many insurers offer online purchasing and simplified-issue policies, Guardian Life does not. Some of its life insurance offerings are only available to employees through employer-sponsored plans. This review will focus on the products available to individual consumers.

Guardian Life Financial Ratings

A.M. Best: A++
Fitch: AA+
Moody’s: Aa2
S&P Global: AA+
Comdex Ranking: 99

When it comes to financial ratings, it’s hard to beat Guardian Life, which ranks among the highest-rated life insurance companies in the United States. While there may be a few companies with better scores, the difference is minimal.

Guardian Life has achieved the highest possible ratings from A.M. Best and S&P, while Moody’s and Fitch have given it the second-highest scores available. The likelihood of Guardian failing to meet its policy obligations is very low.

In addition, according to the National Association of Insurance Commissioners, Guardian receives significantly fewer consumer complaints compared to other insurers of similar size.

Guardian also scored well above average in customer satisfaction, earning recognition from J.D. Power for its outstanding customer service experience.

Products Offered by Guardian Life:

  • Term Life Insurance
  • Whole Life Insurance
  • Universal Life Insurance
  • Long-Term Care Insurance
  • Annuities, Mutual Funds, and other investment options
  • Retirement Planning and Wealth Management
  • Employee Benefits Administration

Life Insurance Policies Offered by Guardian Life

Guardian Level Term:

The pros and cons of Guardian Life Term Insurance is this. It is great if you want convertible term insurance that can be converted to a solid permanent life insurance policy down the road.

But the negative is that you will pay for that benefit, because Guardian’s term life insurance rates are much higher than many of its competitors.

Guardian Life’s level-term life insurance offering is available to new policyholders between the ages of 20 and 75.  Initial policy terms are 10, 15, 20, or 30 years, though longer terms aren’t available for older applicants.  The 20-year term, for instance, is only available through age 65.

After the initial term concludes, Guardian Life gives term policyholders the right to renew coverage annually until age 95.  No medical exam is required for renewal, but premiums increase significantly after a policy’s initial term.

Term policies include a standard conversion option allowing policyholders to convert a term policy to a whole life.

Ordinarily, the conversion option only lasts for the first five years after a policy is issued.  However, applicants who want a conversion option that stays effective longer can add a rider that extends the option for a longer period but requires an additional premium.

In most cases, the minimum coverage amount is $250,000, and coverage levels can go as high as $5 million.  If a policyholder opts to partially convert term coverage to whole life, the remaining term coverage must be at least $100,000.

Guardian has yet to join the no-exam movement that has become a major factor in the life insurance industry. While a few individual applicants can qualify for an exam waiver, the majority will need to undergo a standard medical evaluation as part of the application process.

Guardian Whole Life Insurance:

Guardian offers six different premium-payment variations built around a fairly standard whole life insurance structure.

Guardian’s Whole life policies provide the benefits ordinarily associated with whole life:  level premiums, guaranteed coverage for life, cash-value accumulation, and fixed-interest tax-deferred policy growth.

Participating life insurance policies are also eligible for dividend payments, which Guardian has faithfully paid out every year since 1868.  Coverage levels start as low as $25,000 and go as high as $5 million.

For eligible whole-life policyholders, Guardian also makes available an “index participation feature,” which allows the policyholder to tie the growth of paid-up additions to an equity index, such as the S&P.

Paid-up additions allow you to buy paid-up life insurance, which helps increase your cash value and death benefit.  Paid-up additions can be purchased through dividends and increase a policy’s death benefit and cash value.

Policyholders can schedule premiums so that a policy is paid up when the insured reaches age 65 (“Life Paid-Up at 65”), 95 (“Life Paid-Up at 95”), 99 (“Life Paid-Up at 99”), or 121 (“Life Paid-Up at 95,” effectively for life).  When a policy is “paid up,” the coverage remains in place, but no additional premium payments are required.  10 Pay Whole Life and 20 Pay Whole Life options, where premiums are scheduled to last ten or twenty years, respectively, are also available.

Guardian is one of the very few life insurance companies that will issue whole-life coverage to HIV-positive applicants.  If an applicant with HIV is under age 60, responding favorably to treatment from a specialist for two years or more, and does not have any complicating conditions, he or she may be able to obtain permanent coverage.

EstateGuard Whole Life

This is a whole-life policy covering two insureds (usually spouses) that includes a survivorship feature.  The second-to-die whole-life policy is designed to facilitate the efficient transfer of wealth as part of an estate plan and allows increases to the coverage amount within the first few years after a policy is issued.

The death benefit pays out to the named beneficiary upon the death of the second spouse, though cash value increases upon the first spouse’s death.  The increase protects the surviving spouse in the event additional resources are needed for support later in life.

EstateGuard’s minimum coverage amount is $100,000, and coverage goes as high as $5 million, which can be further increased through an optional survivorship insurance purchase option.  New insureds can be anywhere from 20 to 90 years old.

A long-term care rider is available for an additional premium.  If selected, either insured can accelerate up to half of the policy’s death benefit to cover costs associated with long-term care.

Final Expense (whole life):

Guardian Life is not currently offering a final expense insurance policy option.  National Guardian Life Insurance Company, an insurer that specializes in final-expense policies, is not affiliated with The Guardian Life Insurance Company of America.

Guardian Current Assumption Universal Life:

Guardian’s standard UL policy is available for new insureds aged 18 through 85, in coverage amounts from $100,000 to $5 million.

As universal life coverage, policies divide premiums between cost of insurance (COI) and a cash-value account.  The COI, which can increase over time, is effectively a policy’s minimum required premium to keep lifetime UL coverage in place.

Policyholders can choose to pay more to increase cash value, which is why UL is often said to have a flexible premium structure.

Cash value earns guaranteed growth at return rates tied to the performance of Guardian’s general account assets, but guaranteed to be at least 2.5% annually.

Guardian’s universal life policies are also eligible for an index participation rider, which allows policyholders to link part of a policy’s cash value growth to an equity index, such as the S&P 500.

Unlike whole life policies, Guardian UL policies are not eligible for dividends.

Variable Universal Life:

Guardian Life’s variable UL policy is designed as a means of providing both a permanent death benefit and cash value with legitimate potential for growth.

Policy growth is measured based on the performance of market-linked investments the policyholder selects from among a basket of investment options provided by Guardian.

The investment options are comparable to mutual funds, allowing a policy’s cash value to benefit from strong market performance.  However, variable growth is not guaranteed, and policies can lose value if investments perform poorly.

Guardian’s variable UL policies are issued by a wholly-owned subsidiary, The Guardian Insurance & Annuity Company, Inc.

Survivorship Universal Life:

Like the whole-life survivorship policy, Guardian’s survivorship UL policy covers two insureds between ages 20 and 90 (usually spouses or business partners) and is designed principally for estate planning.

Upon the first insured’s death, the surviving insured has unrestricted access to the policy’s cash value.

When the second insured dies, the policy’s death benefit is paid to beneficiaries tax-free.

Amounts withdrawn from cash value can potentially reduce the death benefit.

The minimum coverage amount for Survivorship UL is $250,000 

Available Life Insurance Riders

Waiver of Premium for Disability:  If the insured becomes disabled for at least six months prior to reaching age 60, premium obligations are waived for the period while the insured remains disabled.  If disability occurs after age 60, the waiver lasts for two years or until the insured reaches age 65 (whichever is later).  The waiver of premium rider expires when the insured is 65.

Enhanced Accelerated Benefit Rider:  If an insured is diagnosed by a healthcare profession as having less than 12 months to live or a chronic illness with little prospect of recovery, a portion of the policy’s proceeds may be accelerated.  Any accelerated amounts are deducted from the future death benefit.

Long-Term Care Services Rider:  If the insured requires long-term care, the rider accelerates part of the death benefit as a monthly payment intended to help defray the associated costs.

Paid-Up Additions Rider:  If purchased, the policyholder has the right to buy fully paid-up supplements to the principle coverage.

Guaranteed-Insurability Option Rider:  When purchased, this rider gives the policyholder the right to purchase additional coverage at eight specific dates without any additional underwriting.

Charitable Benefit Rider:  If purchased, this rider increases a policy’s death benefit by 1%.  A charity selected by the policyholder is the beneficiary for the additional benefit amount.

Final thoughts…

Guardian Life Insurance Company of America is undoubtedly one of the top life insurance companies in the United States, offering a range of products and services that cater to the diverse needs of consumers. With its exceptional financial strength, high customer satisfaction ratings, and low complaint rates, Guardian Life may seem like the perfect choice for anyone in need of life insurance.

However, it is important to keep in mind that no single life insurance company can be the best fit for everyone. Every individual has unique circumstances, health profiles, and financial goals that must be taken into consideration when choosing a life insurance policy. Therefore, it is crucial to shop around and compare policies from various companies to ensure that you are getting the best coverage at the most affordable price.

While Guardian Life may be the right choice for some, it is always wise to do your due diligence and explore all of your options before making a final decision.

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