The Guardian Life Insurance Company of America is among the largest life insurance companies in the nation. Based out of Manhattan, it currently has about 8,500 employees in the whole United States and a huge network of more than 3,000 commercial insurance brokers in over 70 different agencies worldwide. With all those numbers, there is no doubt that the Guardian life insurance company can surely claim to be a leader in the industry. And with the company's recent acquisition of Metlife, it can even be said that the Guardian life insurance company now has four major players in the game.
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As the leading insurance company of New York, the Guardian life insurance company also claims that it is well on its way to being the "unambiguous leader" in insuring life. The company also boasts of several innovative features, including its ability to sell policies online through its Web site or through toll-free phone services.
And it would seem that the Internet is where the company intends to lead the market in years to come. The Web site shows how the company plans to continue innovating as it adds policies to its range of products: the policies sold by the Guardian Life Insurance Company of America are actually sold directly by customers to agents of the company, or directly to Metlife itself.
The policies sold by this insurance firm are not limited to any one type of insurance. It sells policies for all types of individuals, including term life, whole life, accident, disability, critical illness, and dental insurance. However, customers need to get in touch with a representative of the company if they want to get a particular policy. The agent can help the customer decide whether a policy suits his needs.
But what does the Guardian Life Insurance Company have to offer the consumers?
There are many advantages offered by the policies sold by this firm. For one thing, the policies come at low premiums. Furthermore, policies bought from the Guardian are backed by excellent customer service. And finally, the company offers a very convenient online purchasing system.
How do the policies work? When an individual applies for a policy, the company takes the consumer's information and finds out the policyholder's health status and other vital data. Then it commissions a group of agents to contact the insurers and find out the best rates possible.
After getting the quotes, the consumers can choose the best policy that they want. They pay a premium for this. The premium amount increases annually. This ensures that the insurer makes good profits. The consumer then pays the insurance company for the commission that he or she earned from the sale of a policy.
What kind of problems does the insurance company face?
One of the major problems is the time taken for processing claims. The company has to wait for the police, doctors, and other professionals to investigate before it can process the claim. Furthermore, the policies do not cover pre-existing conditions. This means that the customers cannot make a claim for conditions that were diagnosed before the policy was bought.
Another problem faced by the Guardian Life Insurance Company is the time taken for the policy to be active. Usually, about six months are needed for the policy to become active. This has led to many people canceling their policies before it is due to expire. The company has therefore developed a new procedure that allows the policyholder to renew the policy with little delay.
An additional problem faced by the company is the way the consumer has to pay premiums. Because the company has to compensate the agents for charging them, the company charges an arm and a leg for the policies. This makes it difficult for the consumer to pay the premiums and therefore, cancel the policy before its expiry.
Many people buy policies from the Guardian Life Insurance Company because they are a well established company and they are reputed as a financial services provider. However, the policies sold by this company are not cheap. These policies are usually for term coverage. This means that the premium is relatively high and the death benefits low.
It is difficult for anyone to cancel a policy even when the policy expires. The Guardian Life Insurance Company has developed a special procedure that enables the policyholder to renew the policy without the need for the help of an agent. This is unlike the procedures followed by most companies. When a person wants to cancel a policy, he has to go to the agent concerned, explain the decision, and request a renewed policy. This time he or she has to make the payment directly to the agent and cancel the old policy.