Definition: Life insurance guardians are individuals or legal entities who act as agents for other people in situations where there's no will, estate planning document, or incapacity law. In this situation, life insurance guardians act as an agent on behalf of another person (the insured), which means that they have the power to make decisions about the insured's affairs without the insured's consent. The purpose of life insurance guardians is to ensure that a loved one has adequate financial protection when the insured cannot take care of their own affairs. Life insurance guardians can also help distribute assets after the insured's death if there are no valid wills or other legal documents in place. Life insurance guardians typically act as agents for a specific family, employer or other entity. They may be appointed by the insured or through their estate planning documents. The purpose of life insurance guardians is to provide financial support and protection for an important member of the family or organization.
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