The Guardian life insurance company is a relatively new outfit, having started in 2021. The thing that sets it apart from the other well-known life assurance providers is that the Guardian does not sell a policy, but rather refers people to a counselling service or an advisory board. So what are its pros and cons? This article will attempt to outline the key points of Guardianlife and see if they meet up to some of the claims made by the company.
If you want to see - Problems Associated With Guardian Life Insurance Company
The first thing that the Guardian life insurance company claims to offer our services for the older, disabled and sick. While it is true that it does provide cover for many aspects of life, it is probably fair to say that it doesn't have the scope or depth as that of some of the others. That said, the company does provide a number of policies that are suitable for different situations and therefore can be bought to fulfil particular needs.
There are also some policies available that give additional cover for children, more commonly known as guardianship cover. This is one area where you may find some people unhappy with the Guardian life cover, because the limit set on the policy means that care costs can soon mount up. Despite this, however, it is still worth looking at the additional cover provided and seeing if it is sufficient for your particular situation.
The Guardian also claims to be the one out of the whole lot of life assurance providers that focuses solely on older people. Although it is true that the age group it caters to is slightly older than the average, this is not a demographic that is growing. This makes it a good company for senior citizens looking to supplement their retirement income or those looking to ensure that their children have a financially secure upbringing. It is a good company for people who may need some income protection and who have retired already. On the other hand, the insurance premiums charged by Guardian life may prove a little too pricey for many of these people.
Another of the Guardian life insurance cons pointed out by A.M. Best and Co. is the cost of premiums. They claimed that the majority of people in this category are already paying too much for their cover. This may not be the case, but the high cost of premiums can be one of the cons to consider.
Then there is also the coverage of accidental deaths. As the name suggests, this type of plan pays out should an adult die suddenly from an accident. The majority of people who look into Guardian life insurance are people who have a fear of dying before they reach the age of 65. So if this is the case, then the accidental death benefit is not a particularly big con.
Then again, maybe the biggest and most apparent Guardian life policy con surrounds the idea that you will pay for your premiums in full. As the policies are generally paid monthly, this is hardly going to be a problem. However, the policy holder may also lose the opportunity to cash in any life insurance dividends at the time of passing on. In terms of benefits, this is also an unlikely con.
One of the few things that the critics did agree on was that the coverage provided by the policy may be limited. For instance, there is usually no provision for paying off any mortgage or loan arrears once the policy holder has passed away. The amount paid out will depend on the type of insurance cover that you have chosen. If you only have a small amount of money coming in each month, then the premium amount may not be high enough.
It has been argued that Guardian life insurance is a good thing because it provides some social security to the family of the insured. Also, the policy will create an estate which could be used to settle any debts that the beneficiary may have. However, these pros and cons must always be weighed up against the amount of money that one can spend with this insurance policy. You really need to decide whether you can afford the insurance premiums on your own or whether you would like to take out a policy.