Guardian Disability Insurance Review

guardian disability insurance logo

Guardian Life Insurance Co. is a mutual insurance company based in Manhattan.

Not only is it one of the largest mutual life insurance companies in the United States, but it is also among the highest-earning corporations.

Since its incorporation in 1868, Guardian Life has offered life, dental, vision, and, of course, disability insurance.

Guardian Life Disability Coverage Options

guardian disability insurance logoThe Guardian Life offers disability insurance to cover a wide range of situations

That way, policyholders can rest assured they are covered financially, for everything from a heart condition to a workplace accident.

There are four options for short- and long-term disability plans.

Individual Disability Insurance

The first is individual disability insurance. The plan replaces income when a policyholder is too sick or injured to go to work. Guardian Life pays a percentage of the policyholder’s salary, which can potentially cover bonuses, retirement contributions, and student loans. The policy stays with the owner, too, even if they change jobs.

The individual disability insurance plan is for working individuals who support a family with their income. This option is especially pertinent to high-income earners who want to bolster the coverage that their employer offers. This policy may also be worthwhile if an employer does not provide any form of disability insurance.

Disability Insurance for Business Owners

Second, there is disability insurance for business owners. This plan gives business owners the assurance that their business is protected in case of their injury or illness or that of their employees. If a short or long-term disability occurs, Guardian Life will step in to cover the operating expenses, wages, and other business costs.

The policy includes the ability to buy out partners who cannot work because of disability. This option helps small business owners tremendously, particularly for those that cannot afford to miss time at work. That way, the business can continue to run, even when they are temporarily absent.

Group Disability Insurance

Another option is the group disability insurance, which is the employer offers to workers. Here, the employees get basic coverage for approximately half of their income, if they are injured or become ill while on the job.

The group disability insurance provides security for employee income and will safeguard forty to sixty percent of the base salary after taxes.

Guardian Life Disability Insurance Supplement

Finally, customers can select a supplemental individual disability income insurance. What this means is that your employer can offer additional coverage. This bonus cover would be paid on top of an existing disability insurance policy.

Customers can tailor these plans to both short- or long-term coverage. Depending on their occupation, income, family situation, and other factors, one of the three options may provide a distinct advantage for your current and future needs.

Available Riders

Guardian Life also offers additional riders including:

  • Basics or Enhanced Partial—both features cover disabilities that result in loss of income.
  • Future Increase Option—the policyholders can increase their coverage without any medical underwriting.
  • Cost of Living Adjustment—increases the monthly benefits during the claim period.
  • Catastrophic Disability—provides additional monthly benefits if the disability is severe.
  • Extended Benefits—policyholders have the option to extend their benefit timeframe or to increase the coverage.
  • Student Loan Protection—pays up to $2,000 a month to cover student loans.
  • Retirement Protection—replaces the contributions that a policyholder would otherwise make to their retirement savings.
  • Unemployment Waiver of Premium—these premiums are waived if the policyholder is unemployed because of disability.
  • Social Insurance Substitute—if the policyholder qualifies for Social Security, the monthly benefit may be reduced.

Rating of Guardian Life

As a Fortune 250 global financial services company, The Guardian is a marquee name in insurance.

Its robust disability insurance products and financial strength have made The Guardian one of the leading providers in the country to date. Its products are competitive for high-income earners and those in the medical field.

In a Consumers Advocate analysis of disability insurance providers, The Guardian ranked as the third best company overall. Its 7.5 out of 10 evaluation finished behind only The Standard and Ameritas.

The high score is attributable to the company’s “outstanding financial strength ratings” and a “commitment to its policyholders.”

The Consumers Advocate bases its ratings on four criteria: policies and coverage, flexibility, financial strength, and reputation/customer experience. Guardian Life scored perfectly on financial strength. It scored 9.0, 9.0, and 9.5 out of 10 respectively for the other three categories.

Customer Satisfaction

Consumers Advocate notes that The Guardian’s “complaints and unfavorable feedback are minimal when considering the size of the enterprise and the scope of its services.” Similarly, The Guardian only received 14 complaints against it regarding personal accident and health insurance products, according to NAIC. Its complaint ratio is 0.7, which is below the national median.

The Better Business Bureau (BBB) accredited the insurance behemoth in 1957. Currently, The Guardian holds an A+ rating with the organization, which is the highest possible mark. Visitors to the BBB will also find 32 customer reviews that yield an average of one star out of five.

Pricing

The Guardian offers four distinct options for disability insurance. The price will vary depending on which option you select and the corresponding feature. The rate you may also fluctuate depending on personal factors, such as gender, age, occupation, state of residence, and income.

Because of The Guardian’s financial strength and size, it can remain competitive with other insurance providers. The Guardian markets its products to high-income earners as well as those in the medical profession. To learn more about the price of The Guardian’s products, get a quote from them online.

Guardian’s Financial Strength

  • A.M. Best—This agency provides credit ratings on an A to F scale with the addition of the letter S for suspended. The Guardian received the highest possible score of an A++. This mark means The Guardian has a “superior ability to meet their ongoing insurance obligations.”
  • Moody’s—As one of the major credit-rating agencies, Moody’s found The Guardian to have high financial strength. The agency gave The Guardian an AA or A2 rating, which is the second-highest possible. Therefore, consumers can be confident in the security of The Guardian’s finances and ability to repay any obligations.
  • Standard and Poor’s—Like the other credit-rating agencies, Standard and Poor’s rated highly with an AA+, also known as “very strong.” The Guardian additionally received a Stable Outlook for its financial future. Standard and Poor’s cited a “competitive position supported by one of the industry’s most productive captive-agent distribution systems” and “strong operating performance” as the reasons for the strong rating.Comdex—They provide composite scores based on the ratings of major rating agencies. The Guardian Life received a
  • Comdex– score of 98 out of 100, which means it is stronger than 98 percent of other insurance providers. According to Top Life Insurance Reviews, only 13 other companies scored higher.

Guardian Life Disability Insurance

The Guardian Life is one of the most successful mutual insurance companies in the industry as it is poised to pay policyholders nearly a billion dollars in dividends.

When it comes to selecting a disability policy from The Guardian Life, you have unique options that can be customized depending on your personal needs and desires.

Backed with strong financial ratings and innovative products, people will find competitively priced options for their disability insurance at Guardian Life.

*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.