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Plan ahead for those you leave behind with a guaranteed life insurance policy

Get lifetime coverage with guaranteed payout upon death, with no medical underwriting required. Get up to £150,000 of cover from £5.52 a month*
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*Based on £150,000 of level-term cover for 25 years for a 30-year-old non-smoking male with no pre-existing medical conditions (March 2024)
Last updated
December 20th, 2023

What is guaranteed life insurance?

Guaranteed life insurance is a form of whole-of-life insurance, which means that the policy provides coverage for the entire lifetime of the insured individual, as long as the premiums are paid.

One of the significant features of guaranteed life insurance is that it often requires no medical underwriting.

This means that the applicant does not need to undergo a medical examination or answer detailed health questions to qualify for the coverage.

As a result, it can be an option for individuals who may have health issues or pre-existing conditions that could make it difficult for them to obtain other types of life insurance.

Which policies come with guaranteed insurability?

Depending on the insurer, you could add guaranteed insurability to the following types of life insurance:

Level term: choose a set payout and pay premiums for a fixed term

Decreasing term: choose a payout that reduces each month until the end of a fixed term

Whole-of-life: choose a set payout that pays out whenever you die, with no fixed term

What kind of payout do I need?

A lump sum

This can help pay off your mortgage or other financial commitments, give loved ones a cash sum to help with living expenses, or just as a gift.

An income

This can help your beneficiaries pay regular bills like mortgage repayments or rent. However, the income usually stops at the end of the policy's term.

What kind of payout do I need?

A lump sum

This can help pay off your mortgage or other financial commitments, give loved ones a cash sum to help with living expenses, or just as a gift.

An income

This can help your beneficiaries pay regular bills like mortgage repayments or rent. However, the income usually stops at the end of the policy's term.

How do I find the best guaranteed life insurance policy?

You can choose from a wide variety of life insurance policies, with an array of options to fit your personal needs. To find the life cover that suits you best, think about the following:

Assess your needs

Determine how much coverage you need. Consider your financial obligations, such as outstanding debts, mortgage, education expenses for dependents, and future income replacement for your family.

Research providers

Check their policy offerings. Ensure they offer guaranteed life insurance policies and review the features, coverage options, and terms of the policies they provide.

Compare policy features

Guaranteed life insurance policies provide coverage for the entire lifetime of the insured, but some policies may have limitations in the early years. Also, evaluate the death benefit amount to ensure it meets your family's financial needs.

Consult an advisor

If you need to, reach out to insurance professionals who can provide personalised advice based on your needs and circumstances.

Who can claim on a guaranteed life insurance policy?

Anyone can make a claim on a life insurance policy, but to be entitled to the payout, they must be named as a beneficiary on the policy.

Usually, it’s the people closest to the person who dies who deal with any financial matters. If there are no surviving family members, it might be a close friend who starts the claim.

If you need to start a claim, find out which insurance company holds the life insurance policy, and then call them.

When you call to make a claim, the insurer will usually have trained staff to deal with your situation sympathetically, making it easier to start a claim soon after the policy holder’s death.

Life insurance companies don’t generally outline a timescale, meaning you can start a claim after a few weeks or even longer if you need the time.

FAQs

How much does guaranteed life insurance cost?

The cost of guaranteed life insurance is based on your age, how much cover you want, the term of your policy, and your medical history.

Find out how to cut the cost of life insurance

Does guaranteed life insurance always pay out?

Guaranteed life insurance only pays out if your cause of death is covered in your policy and if you die during the term of the policy. 

Discover how life insurance works

Can I still get life insurance if I have poor health?

Yes, you can still get life insurance if you have poor health. However, not only is it more difficult to find cover, but you’re also likely to incur higher premiums than someone in better health.

Can I have more than one life insurance policy?

Yes, you can have more than one life insurance policy. However, a single policy offering the exact cover you need may prove cheaper.

What's the difference between whole life and guaranteed life insurance?

The main differences between whole life and guaranteed life policies are related to how long you're covered for and what's paid out. Guaranteed life insurance lets you set a maximum age the policy runs to - say, 90 years, while whole of life is fully open ended. Guaranteed life insurance also offers a concrete payout, rather than the potential for investment gain, so is more suited to protection than as an investment vehicle.

Explore our life insurance guides

Find out more about how life insurance works and whether it's right for you
Which life insurance policy is right for you?
Which life insurance policy is right for you?
How to cut the cost of your life insurance
How to cut the cost of your life insurance
How to claim on a life insurance policy
How to claim on a life insurance policy

About the author

Salman Haqqi
Salman Haqqi spent over a decade as a journalist reporting in several countries around the world. Now as a personal finance expert, he helps people make informed financial decisions.

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