Some types of life insurance, like whole or universal, can build up cash value that you can use to pay for a home, college, or a caregiver.1
- How does life insurance work?
In exchange for premium payments, life insurance helps protect your loved ones financially by providing a tax-free payment to them if they should lose you.2 There are many varieties of life insurance which you can choose based on your needs, but there are three common types: term life insurance, whole life insurance, and universal life insurance.
- What is whole life insurance?
Whole life insurance is a type of permanent life insurance created to provide lifetime coverage, and usually has higher premium payments than term life insurance. Besides paying out lump sum payments to your loved ones if you pass away, whole life insurance can provide dividends and can also build up cash value that you can access at any time for any reason.3, 4
- What is disability income insurance?
Disability income insurance helps replace a percentage of your regular income if you’re too sick or injured to work. It can also supplement long-term disability coverage that you may have through your employer. And employers can offer disability insurance that helps their employees get back to work sooner.
- Next Steps
Products to consider
- How much disability insurance do I need?
- Disability insurance for business owners
- Nine things you should know in case you get sick or injured
Dr. Feranmi Okanlami was a star athlete and orthopedic surgery resident when an accident left him paralyzed. Watch his inspiring story of perseverance and determination and learn how Guardian long-term disability insurance helped him recover and thrive.5
“I have worked with Guardian, an organization that committed to my personal and professional recovery, to highlight a simple yet powerful truth: disability does not mean inability,” said Dr. Feranmi Okanlami.
Whether you’re having a baby and need to prepare for maternity leave and covering the cost of raising children, or you’re preparing for life after your children move out, we’ll work with you to plan for and take care of your new and changing family. Protecting your income with life insurance or disability insurance — and making sure you are covered at work for children with special needs — can help your family thrive no matter what happens.
- What do new parents need to know about life insurance?
Most of the big moments in life — marriage, having a baby, caring for adult family members —will also change your financial picture. A life insurance policy can cover you, your spouse, and your new child. Your workplace benefits probably provide term life insurance plans that expire in set amounts of time. You could also look into permanent life insurance such as whole life, which never expires and helps you to build a long-term cash-value asset.6
- How does a family financial strategy work?
Having a financial strategy can help protect your income so you can continue to pay essential bills like mortgages, caregivers, and transportation. It also provides flexibility, whether you are adopting, protecting a child with special needs, or caring for older family members. Certain investments can help provide a guaranteed income that lasts a lifetime.
- Next steps
Joleen Mainz spent her whole life caring for others. In her darkest hour, she needed to trust others to care for her. Learn how she went from tragedy to recovery, with help from Guardian life and disability insurance.
“We had done everything we possibly could to take care of our family, and we felt a sense of peace,” said Joleen Mainz.
College can rewrite the future and take your child’s life to new places. To prepare, you’ll need to start saving today. Options like 529 plans and whole life insurance policies each have unique advantages that can help.7
- What are 529 plans?
529 plan accounts were specifically designed by the government to encourage college savings. Money is set aside from your already-taxed income, but the interest that collects isn’t taxable. And the money you eventually withdraw won’t be counted as taxable income if it’s spent on education.
- Can life insurance help with college?
Family can gift money tax-free to pay for a whole life insurance policy. This insurance can accumulate a cash value — money students can use to fund their education.
- Next stepsFind a financial representative
Products to consider
- Five smart ways to save money for your child’s education
- The balancing act: How to save for both college and retirement
- How can life insurance help with elder care?
- Finances and elder care: what do I need to know?
Talking with your parents now will save you time and money, and let you tackle potential problems ahead of time. Spending money on legal advice may be the last thing you want to do if your parents are of limited means. Knowledgeable advice, though, can be critical in assessing issues, making vital decisions, and putting paperwork in order.
- Does insurance help children with special needs?
A critical illness insurance policy can help cover the whole family. Children are covered for a wide range of illnesses and conditions including Cerebral Palsy, Cystic Fibrosis, Down’s Syndrome, Muscular Dystrophy, Spina Bifida, Type 1 Diabetes, and others. There’s no additional cost, and no health questions are required.
- Next steps
Products to consider
- Finances and aging parents: What to talk about, and how to do it
- Aging parents and finances: Planning for each stage