If you have ever shopped for a life insurance policy, then you may be well aware of just how important this type of coverage is to your overall financial planning. That is because, without it, you could be leaving your loved ones or other survivors at risk of financial hardship.
Before purchasing a life insurance plan, though, there are some different criteria that you will need to keep in mind. The type and the amount of coverage are certainly key. Yet, while most people are aware of these factors, what many are not aware of is that the company through which you purchase your life insurance can be equally important.
This is because the ratings of the life insurance companies you consider should be strong and stable financially – and it should be able to pay out its policyholder claims if and when the time should come. Otherwise, your loved ones could be left without the proceeds that they were counting on to move forward. One life insurer that has a long-standing reputation in the industry for paying out as promised is the Guardian Life Insurance Company.
The History of Guardian Life Insurance Company
The Guardian Life Insurance Company has been providing insurance coverage to its policyholders since 1860. This New York-based insurer began with a group of 21 business men, who started a company called the Germania Life Insurance Company of America with $200,000 in initial equity capital. At the time, this was double the amount of funds that was required by the state of New York for staring an insurance carrier.
With that, from the very beginning, Guardian Life Insurance Company – also known as “The Guardian” – proved its commitment to financial strength. Doing so has also proven beneficial to the company's policyholders throughout the years.
Over time, in the early 1900s, the company changed its name to The Guardian Life Insurance Company of America. It has also expanded over time through both the acquisition of other carriers, as well as by adding new products to its line of wealth expansion and protection mix. Presently, Guardian Life Insurance Company is considered to be one of the largest and financially strong mutual life insurance companies in the U.S.
Guardian Life Insurance Company Review
Due to both its size and financial strength, Guardian Life Insurance Company is listed on the Fortune 250 global financial services companies. The insurer provides a variety of different financial and insurance products that are offered via more than 3,000 reps throughout the United States.
At the end of 2015, The Guardian held roughly $82 billion in assets under management and approximately $565 of life insurance in force. Throughout 2015, the company paid out approximately $5.6 billion in insurance benefits to its policyholders and / or their beneficiaries.
As a mutual insurer, The Guardian also pays out dividends to its policyholders – and in the year 2015, the company declared more than $838 million, while that same year taking in roughly $19 billion in insurance premiums and deposits.
While Guardian Life Insurance Company provides financial stability to the policyholders that it serves, the company also provides support in other ways – such as through corporate citizenship and community involvement. Also, many of the company's employees volunteer their time via educational and community events in a wide variety of different areas.
Guardian Life Insurance Company Ratings and Better Business Bureau Grade
Due to its financial strength and stability, The Guardian Life Insurance Company has been given very high ratings from the insurer rating agencies (as of December 31, 2015). These include:
- A++ (Superior) from A.M. Best Company. This is the highest possible rating out of 15 total.
- AA+ (Very Strong) from Fitch. This is the second highest possible rating out of 21 total.
- Aa2 (Excellent) from Moody's. This is the third highest possible rating out of 21 total.
- AA+ (Very Strong) from Standard & Poor's. This is the second highest possible rating out of 22 total.
The Guardian Life Insurance Company also has a Comdex Rating of 98.
Also, The Guardian has been an accredited business through the Better Business Bureau since January 1, 1957, and it has been given a grade of A+ (on a possible grade scale of A+ through F).
The Guardian, throughout the past three years, has also closed 55 total complaints through the Better Business Bureau – 20 of which have been closed within the past 12 months. Of these 55 complaints, 36 had to do with the company's products and / or services, 13 dealt with billing and / or collections issues, four had to do with advertising and / or sales issues, and two were in regards to delivery issues.
Life Insurance Products Offered By Guardian
The Guardian offers a wide range of life insurance products to choose from. This can be a great way for clients to build a life insurance strategy to better suit their needs. It can also help clients to revise their coverage as their needs may change over time.
Coverage that is offered is both term and permanent. These products include the following:
Term Insurance Offered By Guardian
Term life insurance is coverage that provides death benefit coverage without cash value build up. Because of this, term life insurance can be fairly affordable. These types of policies – as the name implies – are offered for a certain period or “term.”
Many people consider term life insurance as “temporary” coverage because it can be purchased for a certain time frame and can, therefore, be bought to cover for certain needs, such as paying off the balance of a mortgage.
Many term life insurance policies will allow the insured to add additional riders in order to enhance the coverage. Also, some term policies will also allow the insured to convert the policy over into a permanent insurance policy (within certain guidelines) – often without having to prove insurability or take a medical exam.
Permanent Life Insurance Offered By Guardian
Permanent life insurance policies are also offered through Guardian. With permanent coverage, there is both death benefit protection, as well as a cash value or savings component. The cash that is in the cash value is allowed to grow without being taxed unless or until it is withdrawn. This is referred to as being tax-deferred.
There are several different types of permanent life insurance policies to choose from. One of these is whole life insurance. With whole life, both the death benefit coverage and the premium on the policies are guaranteed. Also, the cash value in the policy will grow at a set rate of interest. Whole life policies are intended to last for the “whole of the insured's life” – as long as the premium is paid.
There is also universal life insurance. A universal life insurance policy provides death benefit protection and cash value. However, these plans are considered to be more flexible than whole life insurance. This is because a universal life insurance policyholder may be able to choose how much of his or her premium dollars can go into the cash value component, and how much will go towards the death benefit.
Another offshoot of universal life is variable universal life insurance. Here, the cash value can be invested in equities such as mutual funds. This means that there is the opportunity for substantial growth within the cash portion of the policy. However, this also means that there can be more risk in the event of a market downturn.
Other Coverage Products Offered
Guardian Life Insurance Company offers many other products which can enhance and protect the financial lives of its customers. Just some of these include:
- Employee Benefits
- Disability Insurance
- Dental Insurance
How to Get the Best Life Insurance Premium Quotes
If you are looking for the best life insurance quotes, then working with an agency or a company that has access to more than just one single life insurer is typically the way to go. This is because doing so; you will be able to compare policies, benefits, and prices of multiple possibilities – and then determine which will be the best option for you.
When you are ready to proceed in looking for the right life insurance coverage for you – at the very best price – we can help. We work with many of the top life insurers in the market today, and we can assist you with obtaining all of the information that you need. All you need to do to get started is fill out the quote form on the side of this page.
Should you still have any questions, our experts are here to assist you, so please feel free to call. We can be reached by phone, toll-free, by dialing 888-836-7071. We know that finding the right life insurance coverage may seem to be a challenge – but now you have an ally on your side. So, contact us today – we're here to help.