Insurance & Investments / Life Insurance

WHOLE LIFE INSURANCE

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A guaranteed asset to help you reach lifetime goals

Life events can pull you in directions that you could never have anticipated. Fortunately, life insurance was designed specifically to protect you and your loved ones against the unknown.

Whole life is a type of permanent life insurance that provides a comprehensive way of protecting your financial needs. You’ll be getting life insurance that never expires, provided you make the required payments (called a premium), and you’ll be building a permanent asset to help you live life to the fullest. 

What’s Whole Life Insurance?

The most robust type of permanent insurance, whole life is ideal if you want to stay covered for life to protect your loved ones, while accumulating cash value. Your cash value is the portion of money you can use during your life to pay for certain expenses, like dealing with the unexpected, paying for education, or funding a more secure retirement.

Why consider whole life insurance:

  • Lifelong guaranteed life insurance. With whole life, you’ll be assured of a guaranteed premium amount that you have to pay. This means the amount you pay can’t be increased. You’ll also know that your loved ones/beneficiaries would receive a guaranteed, lump-sum payment if you weren’t around to take care of them. And if you choose, your business could also be a beneficiary.

  • Cash value accumulation. While staying covered for life, you can also build a significant cash asset that’s not dependent on the rise or fall of the market at any time.  You can borrow against the cash value portion if you need money for other things in the future: a down payment for a home, college funding, or a business loan. 

  • Potential dividend payments.  Guardian is a mutual life insurance company, and this means that you may receive an amount of money based on our profits called a dividend. While not guaranteed, the payments have historically been made every year since 1868. 

  • Tax benefits. Whole life has many tax benefits, one of which is the tax-advantaged buildup of cash value. This means that you defer paying tax on the dividends you’re accumulating. Over time, that can add up to a considerable amount of cash value. 

  • Tax-sensible asset for loans. If you need to borrow against your cash value - for an emergency or any other purpose - the loan may not count as income for taxation, as long as your policy remains active.

Optional enhancements to improve your life

While whole life insurance is a comprehensive product, a series of optional features are available to extend the protection even further. Called riders, these are simply additions to your contract, usually for an additional amount added to your premium. Some examples include our riders that cover various aspects of care for critical or terminal illness or disability

 

The Living Balance Sheet® (LBS) and the LBS Logo are registered service marks of The Guardian Life Insurance Company of America (Guardian), New York, NY. © Copyright 2005-2014 The Guardian Life Insurance Company of America.

All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

Policy benefits are reduced by any outstanding loans and loan interest. Dividends, if any, are affected by policy loans and loan interest. If the policy lapses, or is surrendered, any 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 distribution from the policy may also be subject to a 10% federal tax penalty.

Guardian, its subsidiaries, agents or employees do not give tax or legal advice. You should consult your tax or legal advisor regarding your individual situation.

Dividends are not guaranteed.  They are declared annually by Guardian’s Board of Directors.