Why get life insurance?

Life insurance can help your family financially if you die, providing money for them directly or paying off an existing loan in full so your family don't have to.

A "whole of life" policy will pay your family a lump sum or regular amount when you die and doesn't have an expiry date as long as you continue to pay the premiums.

You can also get policies with limited terms that will only pay out if you die before they expire. They're often cheaper and used to pay back a mortgage or loan if its balance hasn't been cleared.

Our Guide, How to Compare Life Insurance Quotes, looks at the different types available in more detail.

What is a guaranteed insurability option?

When you take out insurance, you never know what could change in your life in the future. If you become a parent or get married, you might decide that you need more cover than you currently have.

With a policy that offers a guaranteed insurability option, you're able to increase your cover easily and with no waiting period. You won't need to start a new policy and there are usually no medical questions to answer.

The insurer will usually specify a list of life events; if any of these occur, you'll be able to increase your cover within a set time limit. They often include:

  • Changing jobs, being promoted or retiring

  • Getting married or divorced

  • Becoming a parent

  • Moving house

  • Receiving a cash gift or inheritance

There are usually limits to how many times you can increase your cover and by how much. There will be a maximum total cover amount as well as restrictions on the percentage you can increase your cover each time.

Other types of guaranteed insurance

There are also "guaranteed acceptance" life insurance policies that will insure you without a medical examination, regardless of any health conditions. They will often not pay out if you die in the first year or two of the policy and may impose age restrictions, only offering cover to those aged 50-80, for example.

You can also find policies with guaranteed premiums, as opposed to reviewable policies that can increase the premium. This means that the amount you pay for your policy each month is fixed and won't go up, although you may pay a little more for this peace of mind.

There are life assurance policies that pay out a guaranteed cash sum when you die. Making sure it pays a particular amount can help if you want the policy to cover particular costs like a funeral or inheritance tax. You can find guaranteed options in our whole of life insurance comparison.

Compare guaranteed life insurance policies

Our comparison only lists insurers who include a guaranteed insurability option, meaning you can easily and quickly increase your cover if your circumstances change.

It's important to find a competitive policy by looking at as many options as possible, then finding several that will offer the level of cover and flexibility that you need.

Use our comparison to find these, then pick the cheapest of the policies that fit your needs.