Protecting your family’s financial future: Essential insights for choosing the right life insurance for you
(Andy Gordon, Head of Life Insurance, Financial Protection and Retirement Solutions, and Jessica Vanscavish, Head of Disability, Absence, Life, and Supplemental Health, Group Benefits, Guardian)
- The loss of a loved one is a tragedy we’ll never be fully prepared for, but there are tactics to consider that can ensure a family is protected financially in the face of personal loss.
Recent research from Guardian found that eight in ten Americans are concerned about being financially prepared in the event of a premature death. At the same time, however, LIMRA reports that life insurance ownership in the US has been declining over the past 40 years.
Life insurance is a key tool for financial protection, but many individuals may be putting off the purchase or don’t have enough coverage. Some don't think they need it because they have no current financial dependents, others are juggling competing financial priorities, and some may not even know where to start. Regardless, there can be serious risks to not considering a policy earlier in life.
To help guide your search and ensure you find a policy that protects you and your family’s well-being, here are a few factors to consider.
Finding the right coverage
Most working adults receive life insurance through their employers. In fact, Guardian research shows that nearly two-thirds of working adults who currently own life insurance got their coverage through work.
While employer-provided coverage offers an important financial foundation, many individuals underestimate the financial impact their premature passing could have on their loved ones. Consider, for instance, factors such as bringing in income, paying off a mortgage, funding a child’s education, or building retirement savings.
Given this gap, it’s worth reviewing your life insurance coverage early on and considering if additional individual life insurance may be effective to help ensure your family is fully protected if the unexpected happens.
Understanding your needs
Regardless of whether a policy is purchased through their employer or individually, there is a disconnect between what many people think they know about life insurance and what they actually do. According to Guardian, only 41% of people say they understand their family’s life insurance needs, including:
- How much coverage to purchase.
- What benefits are included.
- How life insurance can be used.
Having a basic understanding of the different life insurance options can help ensure individuals are choosing the right policy for their needs given that there are different types of life insurance to consider, such as term versus whole.
Many Americans purchase term life insurance by default because it’s straightforward. However, this may not account for changing life stages and financial needs. In some cases, whole life insurance may be a better long-term solution.
Whole life insurance can go beyond income replacement in the event of death. It can also be used during one’s lifetime to address what Guardian has found to be some of Americans’ most pressing financial concerns, including saving for retirement. Understanding what you want from your policy will help you make an informed decision that supports your long-term financial wellness.
Getting guidance
Consider working with a financial professional to obtain the right policy for you. While having an employer-provided policy creates a solid foundation, a financial professional can help you assess your full financial picture and recommend any additional coverage.
Ultimately, life insurance is most effective when the coverage amount allows you to plan appropriately for the future, both for your family’s confidence and your own lifetime needs. By understanding what life insurance you may already have from work, reviewing your current situation, and getting guidance where needed, you’ll be able to confidently determine the right life insurance strategy that best supports your financial goals.
To learn more, visit www.guardianlife.com/reports/prepared-and-protected.
8397795.1 (09/2027)
- Las afecciones cardíacas pueden afectar a cualquier persona, en cualquier lugar y, a menudo, sin previo aviso. Ana Florencio, de 59 años, lo experimentó ella misma, cuando lo que comenzó como un día normal se convirtió rápidamente en uno de los momentos más aterradores de su vida.
- Novice chefs and everyday meal preparers finally have their answer to avoiding tears and smelly hands from chopping garlic and ginger. When it comes to the secret ingredients behind impressing your family, friends and office party peers, one can literally say the missing ingredient is now in the bag. 


- In the United States, severe weather events continue to increase on an annual basis, and with that comes the growing threat of power outages. During National Preparedness Month in September, experts recommend developing a plan to stay safe during a storm-induced power outage, including determining the best backup power options for your home and lifestyle.
- For most kids, the back-to-school season means catching up with friends, shopping for supplies, and falling back into familiar routines – military kids face a different reality. They’re often walking into yet another new school, in yet another new city.
- With the fall season here and parents settling into back-to-school routines, now is an ideal moment to ensure preschoolers are getting the best care and education possible for the year ahead. For many families, this means seeking programs that offer more than just a few hours of pre-K, and that align with family schedules and budgets.
-
“Animal Control” by Jonathan R. Miller
“Maya Blue: A Memoir of Survival” by Brenda Coffee
“Night of the Bear” by Alan Cockrell and Richard Hess
BookTrib’s Lit Picks: 36 Free First Chapters from the Hottest Books of 2025
- From safer football helmets to groundbreaking laws that protect inventors, this year’s Intellectual Property Owners Education Foundation (IPOEF) award winners prove that one idea, when protected, can change everything.
- Cybercriminals send
- While no one plans to have a baby early,