This article is for informational purposes only. Guardian may not offer all products discussed. Please consult with a financial professional to understand what life insurance products are available for sale.

2020 Insurance Barometer Study Reveals a Significant Decline in Life Insurance Ownership Over the Past Decade (limra.com)

Average Life Insurance Rates for June 2023 - NerdWallet; based on data provided by Quotacy for a 40-year-old buying a 20-year, $500,000 term insurance policy, which is the most common term length and amount sold, prices vary by applicant

The Human Life Value method of estimating life insurance needs:

Average Life Insurance Rates by Age, Term & Coverage of June 2023 - Policygenius

Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial professional and refer to your individual whole life policy illustration for more information.

Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.

https://www.policygenius.com/life-insurance/life-insurance-price-index/june-2023/; average cost of male and female rates for $250,000 of annual coverage, non-smoker

https://www.policygenius.com/life-insurance/life-insurance-price-index/june-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.