Life insurance for the way you live
Protect what matters to you, today, and tomorrow
Life insurance helps take 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 confirm that you have the right coverage in place.
How much life insurance do you need?
A general guideline is to consider having coverage equal to 7 to 10 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
76% of working adults who lost their spouse prematurely five or more years ago still feel they have not fully financially recovered.³
Times to consider getting life insurance
Life insurance can be an important part of your financial wellness as your life changes.
Starting out on your own
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 to $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
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The top three reasons reported for obtaining life insurance are to cover final expenses, replace lost income, and leave an inheritance.⁶
Life insurance is paid directly to your beneficiaries, generally not subject to income taxes, and the value is insulated from market volatility.
Purchasing life insurance through work is often more cost-effective because of the buying power of a group. What’s more, the process can be easier, especially if the coverage your employer is offering does not require health questions or a medical exam, and premiums are paid through convenient and automatic payroll deductions. Also, in many cases your company's life insurance plan may provide the opportunity to periodically increase your coverage during your annual benefit enrollment period.
Life insurance – especially when obtained through your workplace – is likely more cost-effective than you think. A recent study shows about 72% of Americans overestimate the cost of a basic term life insurance policy, and younger Americans are likely to believe it is three times the actual cost.7
Yes, you can take the coverage with you if you change jobs or retire. You will pay the premium yourself, typically on a monthly or annual basis, and it will be different than the group rate.
How to take advantage of your life insurance benefits at work
Review the benefits offered through your workplace and determine how much life insurance is available to you. If your employer provides life insurance as a benefit, consider this an easy and convenient way to gain additional financial protection for who and what you love.
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 Guardian 12th Annual Workplace Benefits Study, 2023.
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 2024 Insurance Barometer Study, LIMRA and Life Happens.
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.