Life insurance for the way you live
Protect what matters to you, today and tomorrow
As your life continues to grow and change, so should the way you protect what matters most. That’s why it’s important to have life insurance coverage that takes care of who and what you love, no matter where you are in your journey. Your company's annual benefits enrollment period is a great time to make sure you have the right coverage in place.
How much life insurance protection do you need?
The amount of life insurance you need will change with your life
Getting married, growing your family or getting a new job are all good times to review your life insurance needs. Even if you already have some life insurance, it’s important to make sure you have enough. A general guideline is to have coverage equal to seven to ten times your annual salary.1
That might sound like a lot, but consider this: It can take years for a family to financially recover from the loss of a loved one.2 Even if you already have some life insurance, are you sure that it could meet your financial needs?
If you pass away and don't have life insurance, final expenses and other costs could be a burden on those around you. For example, the average cost of a funeral is $8,000–$10,000.4 And if anyone, like a parent, has co-signed for loans or other types of debt you have — including some student loans — that person could be responsible for the debt, or related taxes.5
Working parent
You need a death benefit large enough to replace your income and cover family expenses for a given amount of time, usually until your kids are out of the house or your mortgage is paid off, but it could be longer.Stay-at-home parent with a young family
When a parent chooses to care for children full time rather than pursue a career, they have life insurance needs, because their labor has economic value. If a stay-at-home parent passes away unexpectedly, how would their spouse pay for child care or other services that a single working parent might rely on to help keep the household running? Life insurance can help.Homeowner
If you have a mortgage on your house and something should happen to you, life insurance can help to ensure that your family can continue to live their lives in the place they call home.
Hoping to head into retirement within the next five to 10 years? Congratulations! Maybe you plan to travel, or shift your professional life into consulting or part-time gigs. As you reflect and recognize how far you’ve come, you may also want to look more closely at the legacy you’d like to leave.
If you pass away and don't have life insurance, final expenses and other costs could be a burden on those around you. For example, the average cost of a funeral is $8,000–$10,000.4 And if anyone, like a parent, has co-signed for loans or other types of debt you have — including some student loans — that person could be responsible for the debt, or related taxes.5
Working parent
You need a death benefit large enough to replace your income and cover family expenses for a given amount of time, usually until your kids are out of the house or your mortgage is paid off, but it could be longer.Stay-at-home parent with a young family
When a parent chooses to care for children full time rather than pursue a career, they have life insurance needs, because their labor has economic value. If a stay-at-home parent passes away unexpectedly, how would their spouse pay for child care or other services that a single working parent might rely on to help keep the household running? Life insurance can help.Homeowner
If you have a mortgage on your house and something should happen to you, life insurance can help to ensure that your family can continue to live their lives in the place they call home.
Hoping to head into retirement within the next five to 10 years? Congratulations! Maybe you plan to travel, or shift your professional life into consulting or part-time gigs. As you reflect and recognize how far you’ve come, you may also want to look more closely at the legacy you’d like to leave.
More information to help you decide what's right for you
1 This is Guardian's Rule of Thumb based on experience and may not apply universally to every individual and their unique set of circumstances.
2 Life Insurance Statistics, Data and Industry Trends 2023, Forbes, June 21, 2023.
3 11th Annual Workplace Benefits Study, Guardian Life, 2022.
4 "Funeral Costs: How Much Does an Average Funeral Cost?" Parting, September 13, 2022.
5 Does a person’s debt go away when they die?, Consumer Financial Protection Bureau, May 16, 2022.
6 2022 Insurance Barometer Study, LIMRA and Life Happens, 2022
7 Life Insurance Statistics, Data and Industry Trends 2023, Forbes, June 21, 2023.
Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.Guardian’s Group Term Life Insurance is underwritten and issued by The Guardian Life Insurance Company of America, New York, NY. Products are not available in all states. Policy limitations and exclusions apply. Optional riders and/or features may incur additional costs. Generic Policy Form # GP-1-LIFE-15. The state approved form is the governing document. For NY, the Policy Form # is GP-1-LIFE-12-NY.
1 This is Guardian's Rule of Thumb based on experience and may not apply universally to every individual and their unique set of circumstances.
2 Life Insurance Statistics, Data and Industry Trends 2023, Forbes, June 21, 2023.
3 11th Annual Workplace Benefits Study, Guardian Life, 2022.
4 "Funeral Costs: How Much Does an Average Funeral Cost?" Parting, September 13, 2022.
5 Does a person’s debt go away when they die?, Consumer Financial Protection Bureau, May 16, 2022.
6 2022 Insurance Barometer Study, LIMRA and Life Happens, 2022
7 Life Insurance Statistics, Data and Industry Trends 2023, Forbes, June 21, 2023.
Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.Guardian’s Group Term Life Insurance is underwritten and issued by The Guardian Life Insurance Company of America, New York, NY. Products are not available in all states. Policy limitations and exclusions apply. Optional riders and/or features may incur additional costs. Generic Policy Form # GP-1-LIFE-15. The state approved form is the governing document. For NY, the Policy Form # is GP-1-LIFE-12-NY.