Consumers have so many choices when it comes to life insurance policies, and it can be difficult to narrow things down and find the right option for you. It’s important to find a provider you can trust and a policy that will support your beneficiaries after your passing. One company that you may be considering is Garden State Life Insurance. Here’s what you need to know about this life insurance company before purchasing a policy.
Table of Contents:
- About Garden State Life Insurance
- Types of Life Insurance Offered by Garden State
- Riders Available from Garden State
- Unique Features of Garden State Life Insurance
- Garden State Life Insurance Application Process
About Garden State Life Insurance
Garden State Life Insurance was founded in 1956 and was originally based in New Jersey, hence its name. However, the company has moved several times, as it has been purchased by many larger life insurance companies over the years. The company is currently based in Galveston, Texas.
While it was once a subsidiary of GEICO, it is now a subsidiary of American National Insurance Company. Garden State Life Insurance is a very small company with less than 50 employees and sells life insurance directly to consumers.
| Garden State Life Insurance Contact Info | |
|---|---|
| Address | 2450 South Shore Boulevard Suite 401 League City, TX 77573 |
| Phone | 1-800-638-8565 |
| Website URL | https://www.americannational.com/ |
Types of Life Insurance Offered by Garden State
Garden State Life Insurance does not have its own website. Therefore, there aren’t many details about their specific policy offerings available. However, we can get some idea of the policies they offer from their parent company, American National Insurance Company. Here are the types of life insurance American National lists on their website.
Whole Life
As the name implies, whole life insurance policies are designed to last for your entire lifetime. Whole life policies are more expensive than term life policies. However, many customers like the peace of mind they provide, knowing that they won’t expire. American National and Garden State’s whole life insurance policies have fixed benefits and premium costs that stay the same for the entire life of the policy. Some policies also come with dividends.
Term Life
For many people, term life insurance policies are the best option for affordable and reliable coverage. Term life policies only last for a specific period of time, rather than lasting for your entire life. Customers can choose policies that last 5, 10, 15, 20, or 30-year terms. Many people plan this so that their policies line up with major life events like paying off a mortgage or children becoming financially independent.
To get the best rates on term life policies, customers should purchase them at a younger age. Some of the American National/Garden State plans allow for flexibility, so you can convert to a whole life policy later on or even access your benefits early if you’re diagnosed with a chronic illness. If you’re interested in customizing your term life policy, you’ll want to ask your life insurance agent about the riders they have available.
Universal Life
Universal life insurance policies are similar to whole life insurance policies in that they are designed to last for your entire life and don’t expire. However, they offer a bit more flexibility than whole life policies. You have the option to adjust both your benefit amount and your premium payments at various points throughout the life of the policy.
You also have the option to borrow against your death benefit as a loan, although you will need to pay it back before the policy is cashed out. Universal life insurance policies tend to come with many more riders for customization than other types of policies. For those who want to use their universal life insurance policy as a wealth-building tool, there are indexed universal life insurance policies available. These policies have a cash value component that is tied to the S&P 500 and accrues interest based on the market’s performance.
Guaranteed Universal Life
This is one of the most affordable life insurance policies available, and it can be a very good option for older adults who need a policy to cover funeral expenses. Guaranteed universal life insurance policies have much smaller death benefits than other types of life insurance and typically have affordable policies as well. These policies are guaranteed issue, which means you can’t be denied coverage based on your age or medical history. Many older adults struggle to find affordable health insurance coverage, so a guaranteed issue policy can be a good option in this scenario.
Riders Available from Garden State
Riders are add-ons for your life insurance policy. You can use riders to customize your policy so it best fits your needs. Garden State and American National life insurance do offer some riders for both term and permanent life insurance policies. These riders do come with additional fees. If you are interested in riders for your life insurance, be sure to talk to your agent to see what options are available for you.
Accelerated Death Benefit
This rider is available for term and universal life insurance policies. An accelerated death benefit gives you access to your benefit while you are still alive if you are diagnosed with a terminal illness. You can use these funds to cover medical expenses, support your family, replace lost wages, and handle any of the other expenses that come during a challenging time like this.
Disability Waivers
This rider will waive premiums for your life insurance coverage if you are deemed disabled and can no longer work. This ensures that you can keep your life insurance coverage even without income.
Children’s Level Term Riders
This type of rider provides coverage for your children along with your own life insurance coverage. Although you never anticipate anything happening to your children, this type of coverage can give your whole family some peace of mind. This rider assigns death benefits to the child with level premiums for the length of the term.
Guaranteed Cash-Out Rider
This rider is available for universal life insurance policies. This rider gives the policyholder the option to forfeit their policy at various points in exchange for full or partial value of the premiums paid over time. This could be a good option for customers who need insurance coverage now but anticipate their financial status changing at some point and may not need it later on.
These are just some of the riders that may be available for your life insurance policy. Not all riders are available for every customer. Your insurance agent can walk you through all the riders that are available to you before your policy is finalized.
Unique Features of Garden State Life Insurance
Garden State Life Insurance is a very small insurer with a small team and almost no online presence. There isn’t much information available about this company or what makes them unique. Most of the information we do have about them comes from their parent company, American National Insurance Company.
Garden State Life Insurance is a direct life insurance company. This means that most of their policies are sold using direct marketing strategies. Agents get in touch with potential clients directly and help them find the right insurance policy for their needs. They do not have offices and they do not work with independent agents. Instead, they have a small team of insurance professionals that sell their policies. They do most of their sales via online correspondence and phone marketing.
Financial Ratings
Financial ratings are very important to consider when selecting a life insurance policy. It’s very important to make sure your insurer can consistently pay their claims and is financially stable. They should be able to weather tough economic times and still be able to pay out their claims. Since Garden State Life Insurance has been around since 1956, they have had many decades to become financially stable and pay their claims successfully.
There are many agencies that look at the financial stability of insurance companies, with AM Best being one of the most popular. Garden State Life Insurance currently has an AM Best rating of A, and they were most recently assessed in 2020. While this is not the highest rating possible, it does indicate that Garden State Life Insurance is financially stable.
Reviews of Garden State Life Insurance
Because Garden State Life Insurance is so small, there are not many reviews available for them online. They are not currently accredited with the Better Business Bureau. While they have no complaints with the Better Business Bureau, they also do not have any positive reviews with them.
Just because this company doesn’t have any reviews does not necessarily mean that they are a bad life insurance company. However, it does mean that you should be very wary when shopping for policies with them. Be sure to ask your agent plenty of questions and read your policy very carefully to make sure that you are comfortable with the coverage that you are getting.
Garden State Life Insurance Application Process
Garden State Life Insurance gets most of its business through direct marketing. This means their agents reach out to potential customers and find sales that way. As far as we can tell, there isn’t a way to apply or get a quote directly online or over the phone.
Garden State’s parent company, American National, does have contact information available on their website. This website has a portal that will help you find an agent. If you are interested in Garden State life insurance specifically, contacting an agent with American National will likely be the easiest way to get it. Once you are in contact with an agent, they will assess your needs and help you find a policy that is right for you.
Beyond this, the application process for Garden State life insurance appears to be similar to that of other insurance companies. You will likely have to fill out an application form with some basic personal information. Depending on the type of policy you are interested in, you may need to provide information about your medical history or even undergo an exam. Once your policy is in place, your agent will let you know how to manage premiums and claims.
Final Word – Is Garden State Life Insurance Legit?
Garden State Life Insurance is a legitimate company that has been in business for over six decades. While there isn’t a lot of information available about them, they do have a good financial rating and are owned by American National Insurance, which is a reputable company.
When looking at life insurance policies, it’s always best to get quotes from multiple companies before making a final decision. This makes it easier to find the policy with the best value. If you’re struggling to find a life insurance policy, consider reaching out to an agent who can help you.
