Regardless of your age or your employment status, life insurance can be an integral part of your overall financial planning. Why? The proceeds that are received from life insurance, which beneficiaries can obtain free of income taxes, can be used for a multitude of purposes: the payoff of debts, the supplementing of income for ongoing expenses, or for ensuring that other promises are kept, such as paying for the future college education of a child or a grandchild.
When you are in the process of purchasing life insurance, there are several things to keep in mind. These include making sure that you have the proper type and amount of insurance coverage. It is also essential that you review the insurance carrier that you are considering purchasing your coverage through, to determine whether it is secure and stable financially and that it has a good, positive reputation for paying out its policy holder claims. One insurance company that meets these criteria is Guarantee Trust Life Insurance Company.
The History of Guarantee Trust Life Insurance Company
The mission of Guarantee Trust Life, or GTL, is “to be recognized as a highly competent, mid-sized mutual insurer, who by bridging timeless virtues with current best business practices, is useful in marketing targeted life and health products across the country.”
Guarantee Trust Life has been in the business of offering its products and services to individuals, families, and businesses for more than 80 years. During that time, the company has grown and expanded.
Today, Guarantee Trust Life offers a broad range of products that can help its customers to build and protect wealth. The company provides an attractive and trusted value proposition to its policy holders and it distributors, while at the same time encouraging and supporting personal growth and civic involvement from its employees.
Ever since the company's initial founding, it has benefitted from the direction of one family whose leadership and management continue to provide it with a clear vision of who Guarantee Trust is, and where the company is going in the future.
For more than eight decades, the Holston family has directed the operations of Guarantee Trust Life. The company believes in integrity, which includes doing business the right way. Guarantee Trust has a consistent track record of delivering on its promises successfully, and in preserving the trust that its partners, employees, and policy holders place in it.
Guarantee Trust Life Insurance Review
Guarantee Trust Life posted record operating gains in the year 2016, making the company's overall financial condition the strongest that it has ever had in its 80+ year history. The company grew surplus by ten percent and assets by eleven percent, while growing its reserves by 12 percent, and achieving net premium of approximately $219 million.
As of year-end 2016, Guarantee Trust Life held more than $500 million in total assets, of which $523 million is invested. The company has $445 million in total reserve for life insurance policies and contracts, as well as for its accident and health policies.
The company also holds more than $77 million in net surplus – making it a prime candidate for being able to pay out its current and future policy holder claims. Guarantee Trust Life offers its products to 49 of the U.S. states, as well as in the District of Columbia. The primary headquarters of Guarantee Trust is in Glenview, Illinois.
Insurer Ratings and Better Business Bureau Grade
Due to its stable financial footing, Guarantee Trust Life has been rated as a B++ (Very Good) by A.M. Best Company. Also, even though Guarantee Trust is not an accredited company via the Better Business Bureau (BBB), the company has been given a grade of A+ by the BBB. This is on an overall grade scale of A+ to F.
Over the last three years, Guarantee Trust Life has closed out 19 customer complaints – of which three were closed out within the previous 12 months. Of the total 19 customer complaints, 11 had to do with problems with the company's products/services, four had to do with advertising/sales issues, two were related to billing/collection issues, and another two had to do with delivery problems.
Life Insurance Coverage Offered Through Guarantee Trust
Guarantee Trust Life provides a variety of different life insurance coverage options. Unlike many other insurers that provide essential, individual term and/or permanent coverage, Guarantee Trust offers some other types of niche life insurance coverage alternatives. These include:
- Critical Provider
- Juvenile Life
- MultiLife – Group Term Life Insurance
With the critical provider coverage, policy holders have the option of obtaining a ten or a twenty-year level, renewable term life insurance policy, along with a critical illness accelerated benefit rider. These plans offer death benefit coverage only, with no cash value build up – which can help to ensure that the premium is kept affordable. This is particularly the case when the insured is in good health at the time of policy application. The critical provider plan can be issued to qualifying individuals who are between the ages of 0 and 60.
These policies will pay a benefit upon the death of the insured or will pay out a “living benefit” if the insured is diagnosed with a covered health condition while his or her policy is still in force. If this is the case, the critical provider plan will pay out a lump sum benefit directly to the insured. These funds may be used to cover direct and/or indirect costs that are associated with the insured's condition, as well as any other needs that the insured sees fit. The money that is received can help to replace lost income, to pay bills that are not covered by one's health insurance plan, and/or even to take a recuperative vacation.
The critical provider plans also can be converted over to a permanent form of life insurance. This means that there will be both death benefit protection, as well as cash value build up. There will also no longer be a “time limit” on the coverage, provided that the premium continues to be paid.
The cash that is in the cash value component of a permanent life insurance policy can grow tax deferred, meaning that there is no tax due on the gain of these funds unless or until it is withdrawn.
Guarantee Trust Life also offers the Great Start juvenile life insurance plan. While nobody ever wants to think about the passing of a child, the reality is that unanticipated illnesses and injuries can and do occur. If this is the case, having the financial protection that is needed can be helpful, and it can provide one less thing to worry about at an already stressful time in life.
The Great Start life insurance policy offers life insurance that can grow with a child over time. This modified premium whole life insurance policy offers not only death benefit protection but also a cash value that builds up money on a tax deferred basis over time. These funds can be used by the child in the future for things such as the down payment on a home, funding the cost of college education, purchasing a new vehicle, or any other want to need.
Also, because this is a whole life policy, the amount of the premium will be locked in – guaranteed never to increase, even as the child becomes older (and even if he or she were to contract an adverse health issue).
With the Great Start plan, life insurance coverage may be attained for $5,000, $10,000, or even $20,000. There is no medical exam as a part of the approval process, and there is no waiting period before coverage begins. There are only three simple health questions on the application for coverage – and, all children who are under the age of 25 have just one set premium. When the child / insured turns age 31, 34, and 37, they will have the option to increase the amount of their coverage. The Great Start plan can offer an excellent opportunity to lock in a low rate of premium now, and to make sure that a child has the life insurance coverage that he or she needs – no matter what.
There is also a MultiLife group term life insurance plan that is offered via Guarantee Trust Life. This plan covers two people, and it provides death benefit amounts that are as high as $500,000. If both insureds should die within a period of each other, the death benefit can help family members with the financial needs that they may have.
The MultiLife group term is an all-risk coverage, which means that the benefit is paid out by the insurance carrier for any cause of death – including illness or accident – with only just a few exceptions. The interval periods (i.e., the amount of time in which both insureds on the policy must pass away for the death benefit to be paid out) include 30, 180, and 365 days.
There is also a single life benefit of $15,000 that can be added to this plan for helping to cover the cost of a funeral and other final expenses if one of the insureds on the policy dies before the other.
The MultiLife plan can help with providing affordable life insurance coverage that can help with protecting loved ones who may depend on one or both insureds for their financial support.
Other Products and Services Available
In addition to life insurance coverage, Guarantee Trust Life also offers an extensive list of other goods and services from which to choose. These include the following:
- Hospital Indemnity
- Critical Illness
- Cancer Heart Attack and Stroke
- Short Term Care
- Accident Coverage
- Group Gap
- Association Gap
- Group Accident
- College and University Sports Coverage
- College and University Accident Coverage
- K – 12 Student Accident, Sickness, and Athlete
- Child Care Facility Accident Coverage
How to Get the Best Premium Rates on Life Insurance with Guarantee Trust
If you are in the process of looking for life insurance coverage through Guarantee Trust Life – or from any other insurer – it can be helpful to work in conjunction with an independent life insurance agent or broker. That way, you will be able to compare the available policies and premium prices more carefully. Once you have located a price point, you can settle on which one will be the best for you.
When you are ready to see which life insurance policies and premium rates are open to you, we can help. We are an independent life insurance brokerage, and we can help you with finding all the essential details that you need for making a wise buying decision. We can do this for you very quickly and easily – all directly from your computer – and without you having to meet in person with a life insurance agent. Therefore, if you are ready to proceed, all you need to do now is just merely click here and fill out the quote form.
Should you find, after reviewing our website, that you still have any additional questions or concerns about life insurance from Guarantee Trust Life, or from any other life insurance company, then please feel free to reach out to us directly and speak with one of our insurance experts. We can be reached via phone, toll-free, by calling 888-836-7071.
We understand that the purchase of life insurance coverage can be a bit confusing. There are so many different plans and companies to choose from – and you want to make sure that you are going in the right direction. This can be done much easier if you have an ally on your side. So, contact us today – we're here to help.