The Basics of Life Insurance

Life insurance coverage is your opportunity to provide for and protect the people you love most. By putting a plan in place to cover expenses that would occur in the event of your death, you can help secure their long-term financial future.

These funds can help your loved ones pay living expenses, stay in their home and pay off debts, including final expenses. It can also help send a child to college or leave a legacy.

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What are the three main types of life insurance?

Term life insurance

Whole life insurance

Universal life insurance

Term life insurance

This coverage lasts for a limited time. It’s very easy to get a quote and buy term coverage, and it’s typically more cost-effective than permanent whole or universal life insurance. When your coverage term ends, you're no longer protected — you either have to apply for a new policy at a higher cost (because you’re older) or go without. However, many term policies (such as those from Guardian) may let you transition to a permanent policy in the future. You may also be able to get a policy through your employer at a budget-friendly group rate.

Whole life insurance

This is permanent life insurance coverage that can provide guaranteed protection for the rest of your life. A whole life policy offers a guaranteed death benefit along with a living benefit — its cash value —that can be used for things like policy loans or whatever the policyowner wants or needs. Whole life policies don't expire as long as your regular premiums are paid. Policies from a mutual life insurance company (such as Guardian) may also provide dividends, which can further build cash value.

Universal life insurance

Universal life is permanent, flexible insurance coverage. It includes the opportunity to adjust the premium and the death benefit, as well as accumulate cash value on a tax-deferred basis.

3 main Types

Types of Life Insurance
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Term life insurance

This coverage lasts for a limited time. It’s very easy to get a quote and buy term coverage, and it’s typically more cost-effective than permanent whole or universal life insurance. When your coverage term ends, you're no longer protected — you either have to apply for a new policy at a higher cost (because you’re older) or go without. However, many term policies (such as those from Guardian) may let you transition to a permanent policy in the future. You may also be able to get a policy through your employer at a budget-friendly group rate.

Whole life insurance

This is permanent life insurance coverage that can provide guaranteed protection for the rest of your life. A whole life policy offers a guaranteed death benefit along with a living benefit — its cash value — that can be used for things like policy loans or whatever the policyowner wants or needs.² Whole life policies don't expire as long as your regular premiums are paid. Policies from a mutual life insurance company (such as Guardian) may also provide dividends, which can further build cash value.

Universal life insurance

Like whole life insurance, this type of policy provides permanent protection and generates cash value that can help protect your financial future. However, universal life insurance can give the option of adjusting your payment amounts within a specific range, and these flexible premium payments can help you better deal with changing circumstances.

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